Am I reading this right?

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I bought a house with solar panels and have just been given the info on them. I cant get my head around this? Is it really saying I will.only save £40 a year!

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Someone who is a low energy user, whose home is empty most of the day because everyone is at work, will not have huge savings on their electricity bill because they are simply not utilising the solar power.
Solar iBoost+ to two immersion heaters on 350L thermal store.
100% composted food waste
Mini orchard planted and vegetable allotment created.
Do you know when the system was installed? Would it have been so long ago (or so recent) that it wouldn't have qualified for the Feed In Tariff? If not, is someone still receiving Feed In Tariff payments for what is now your property?
If it's not already happening in some form and there aren't already Feed In Tariff payments, you should probably look into whether your system can get payments under the Smart Export Guarantee.
On a more positive note, with such a small system it should be easier to use more of what it generates, so you could get your usage rate up to 50% for example and you would then be saving £80 a year not £40.
The calculation above assumes a price of 13p/Kwh for your electricity. You may want to recalculate with the price you are currently paying.
As others have said, you need to get a better idea of how much of the generation you are actually using. And of course make sure you are making the best of the system. e.g. running washing machines, dishwasher, iron etc. at the sunniest times of the day. But avoid having them heating up at the same time - so use sequentially. It's up to you are far you go with this - some members of these boards use low wattage kettles to minimise the amount of electricity they pay for. If you can wait 6 minutes for a litre of water to boil for your pot of tea, then you will eventually cover the cost of the kettle (around £10) and start to benefit.
If you are not receiving FIT payments then depending on the set up it may be possible for a reasonable price to replace old panels with newer ones. This could generate up to 50% more electricity. However while this would improve the numbers overall the additional benefit may not be worth the additional cost.
Install 2: Sept 19, 600W SSE
Solax 6.3kWh battery
4kWp S Facing 17.5deg slope (dormer roof).
BEV : Nissan Leaf e+
Solar Immersion installed May 2013, after two Solar Immersion lasting just over the guarantee period replaced with Solic 200... no problems since.
13 Feb 2020 LUX AC 3600 and 3 X Pylon Tech 3.5 kW batteries added...
One of the objects of the FIT scheme (and equivalent ones around the world) was to do a bit of 'pump priming' in order to reduce the initial costs. With its help, my payback period had reduced to approx 10 years by 2011 so I placed my order. In fact prices dropped further and efficiencies improved by the time I actually got the kit and eventual payback period proved to be more like 8 years.
4kWp S Facing 17.5deg slope (dormer roof).
BEV : Nissan Leaf e+