Hi phizz, we have a dozen solar panels that cost ?6000 to install just over 5 years ago. We can?t pin down accurately what we save in day-to-day running costs, because my stepson and his girlfriend were living with us and chose to move out at about the same time as the panels were installed, so our electricity use dropped anyway, but we reckon the saving is around ?15?16 a month . . . which doesn?t sound much. However, on top of that is the so-called ?feed-in tariff? (FIT), through which surplus electricity generated goes into the grid, and our electric company pays for it, sending us a cheque every 3 months (the amount they pay us per unit is fractionally greater than the amount they charge per unit). Anyway, this brings us in about ?450 a year, so the total amounts to about ?630 per year ? somewhat more than 10% of the cost. So you could regard it as a good investment that brings in > 10% on the cost*, or you could write off the cost and say that we get free electricity (well, perhaps until April). Also, of course, we feel that it?s environmentally good (though to be honest I?ve no idea of the environmental cost of manufacturing the panels in the first place). Plus, of course, things change, and the FIT has, I believe, changed.
*A couple of days ago I received the munificient interest of 0.042% on a bit of dosh I have in an ISA . . . the same day I got a threatening text from the (same) bank threatening to charge 35% p.a. on a small overdraft on our current account ? which means the bastards charge interest at a rate 833x what they pay it out. Why don't the Government do something about this?