Free Electricity for 2 years!

DaddyCool007

Being absolutely sick of the up and down energy market I decided to take action. Using all the fantastic tools and advice give by Martin I set off in search of an answer.

Having an East to West facing roof I though I couldn't have solar panels, but I can!!

I got a quote for 12 panels, 6kW inverter and a 10kWh battery for under 10k, took out an interest free credit card on purchases for the first 2 years and bought my panels on that.

Now my electricity bill is -5% (the grid pays me). Over the next 2 years I will put money into an ISA in readiness to pay it all off before any interest hits.

Come to think of it I will also get interest from the ISA, this only gets better, thank you Martin.

Exodi

How long is your expected return?

You mention you paid 'under £10k' for the system, and you've had free electricity for 2 years and that over the next 2 years you will put the money into an ISA to pay it all off before interest free period ends.

Is that to imply that the system is projected to have paid for itself in 4 years? That would put your average monthly electric bill pre-solar panels at ~£200p/m?

Is the -5% just currently? Inevitably you're taking from the grid in the winter.

Sorry for questions but I've been thinking about solar panels for a while, but it always seems to hard to get clear answers on how much people are saving on average or calculating the rate of return. Of course people like to highlight that they aren't paying anything during the summer.

debitcardmayhem

https://forums.moneysavingexpert.com/discussion/6680988/free-electricity-for-2-years

I hope you didn't pay close to10k , and you got good quality kit and warranty and workmanship. Welcome to the forum.

DaddyCool007

Solar panels are generally sold based on a 7 year payback. My panels have a 25 year guarantee and my AI Inverter and battery (top spec)have a 15 year guarantee so in my opinion a seven year return is acceptable. I aim to move house within 5 years and I am advised that the panels will increase the house saleability and value. I was paying around £1700/yr for electricity before the panels and now prices are going up again.

I export to the grid but when possible I charge my EV.

I have a company EV as well that I use to store excess production of electricity, current company car mileage is 15p per business mile so at 3 miles/kw i can turn a free kwh into 45p.

I am happy with a 7 year payback but with the EV factor I am heading towards 4 to 5 years.

What I have done is get my panels now, they are neutralising my electricity bills, I am immune to the rises, If I need electricity from the grid I charge my battery at night using 8p/kwh energy.

I couldn't leave the decision any longer.

Oscarmax

They are not exactly free you have basically paid for your electric in advance, well that is the way I viewed in when we brought our panels. Up until the recent price rises and Octopus cut their export tariff from 15pence a kWh our electric including charging up the PHEV was less than zero, after the changes we are paying around £50 + per year including the standing charges.

Exodi

DaddyCool007

Solar panels are generally sold based on a 7 year payback. My panels have a 25 year guarantee and my AI Inverter and battery (top spec)have a 15 year guarantee so in my opinion a seven year return is acceptable. I aim to move house within 5 years and I am advised that the panels will increase the house saleability and value. I was paying around £1700/yr for electricity before the panels and now prices are going up again.

I export to the grid but when possible I charge my EV.

Sorry I was hoping for some data, I know what the marketing says about solar panels and the estimated payback calculators. I'm a tad cynical as marketing can tend to be very optimistic *cough* EV range *cough *. I'd prefer the data from someone that has them installed rather than a calculator that might assume direct sunlight for 24 hours a day.

QrizB

Welcome to the forum, and on board the solar train! Choo Choo!

I was paying around £1700/yr for electricity before the panels

That's a lot of electricity. Assuming £200 per year for standing charges and 25p/hWh, you must've been using 6000 kWh/yr. Are you an all-electric household with a heat pump? Or simply a heavy user (I note the EV)?

My panels have a 25 year guarantee and my AI Inverter and battery (top spec)have a 15 year guarantee

I've had my panels since 2012 and they're still working well. OTOH I've had to replace my inverter once in that time.

I aim to move house within 5 years and I am advised that the panels will increase the house saleability and value.

The jury is still out on that. We see fewer people saying "I'd never buy a house with solar panels, they're so ugly" but they're still a significant fraction of house buyers.

born_again

https://forums.moneysavingexpert.com/discussion/comment/82115504#Comment_82115504

Plenty a u-tubers who have done this & provide figures over a full year.

EVM, Mr EV, Speak to the geek to name but 3

QrizB

How did this thread end up in the "other fuels" sub-forum? Weird.