Martin Lewis Advocates Solar Power, but Urges Caution on Debt-Based Panel Offers
Martin Lewis Advocates Solar Power, but Urges Caution on Debt-Based Panel Offers
Martin Lewis, the face behind the Money Saving Expert website, recently discussed the advantages of installing domestic solar PV (Photovoltaic) panels on the Jeremy Vine show on BBC Radio 2. He emphasized the benefits, such as annual savings of around £100 on electricity bills and an average Feed-in Tariff (FIT) payment of £800. While endorsing 'free' solar installations offered by some green energy firms and suppliers, Lewis warned against schemes that function more like loans, requiring payment for the panels and installation.
What does Martin Lewis Have To Say About Solar Panels?
Overall, Martin Lewis does recommend solar panels, but he has a few warnings about which way you choose to get them installed.
According to Lewis, excess electricity generated can be fed back into the national grid, and the payment for this exceeds the cost of obtaining electricity from the grid. This surplus electricity can result in a total gain of around £900 annually, making the £12,000 investment in panels and installation financially lucrative over the 25-year guaranteed FIT period.
However, Lewis acknowledged potential risks, such as the need for panel maintenance and the possibility of future reductions in the FIT. He cautioned against companies offering 'free' panels but retaining the FIT payments, as well as those employing a debt-based system where the homeowner finances the installation costs.
Highlighting the newness of solar technology and the limited feedback available, Lewis stressed the investment-like nature of solar panel adoption, indicating inherent risks and uncertainties. Issues like roof structural support, the importance of using MCS certified companies and installers, and the eligibility criteria for FIT, including home energy efficiency measures, were also discussed during the show.
Despite the potential benefits, Lewis emphasized the need for careful consideration due to the evolving nature of solar technology and its long-term commitment. To estimate potential savings and earnings from solar PV panels, you can use our cost calculator estimate tool.
In summary, while Martin Lewis supports the adoption of solar power, he advises consumers to tread cautiously, especially when considering 'free' panel offers and debt-based financing, emphasizing the importance of thorough research and awareness of potential risks.
What about solar panel government grants?
Solar panels for homes can be accessed with new government grants, such as ECO4, HUG2, and more.
These can be hugely beneficial, however, the requirements to access these grants are limiting. To qualify, you must have a low EPC rating, a low household income or be a recipient of benefits, and be in specific postcodes. To find out more and see if you qualify, click here to learn more about solar panel funding.
Government's Commitment to Sustainable Energy:
Martin Lewis, a strong advocate for sustainable energy, highlighted the government's commitment to incentivize solar power through the Feed-in Tariff (FIT) for 25 years. This commitment provides homeowners with a stable and long-term source of income, making solar panel installations an attractive option for those looking to contribute to a cleaner environment while enjoying financial benefits.
Financial Incentives:
Lewis emphasized the tangible financial gains associated with solar PV installations. Homeowners stand to save approximately £100 annually on their electricity bills, coupled with an average FIT payment of £800. This dual benefit not only promotes energy independence but also offers a substantial yearly return on investment, contributing positively to household finances.
Economic Gain Over Time:
Lewis broke down the financial aspect of solar PV installations, showcasing the potential £900 total gain per year. While acknowledging the initial investment of £12,000 for panels and installation, he illustrated how this expense could turn into a significant economic gain over the 25-year period, reinforcing the notion that solar power is not just an environmentally friendly choice but a financially savvy one in the long run.
Environmental Impact:
Beyond financial gains, Lewis reiterated the environmental benefits of solar power. By generating electricity from a renewable source, homeowners contribute to reducing carbon emissions and mitigating climate change. This positive impact on the environment aligns with broader efforts to transition toward sustainable energy solutions, creating a sense of fulfillment for individuals adopting solar technology.
Government Support for Renewable Energy:
While acknowledging the potential for policy changes, Lewis highlighted the government's overarching support for renewable energy. The FIT, designed to encourage the adoption of solar technology, reflects a commitment to fostering a sustainable and eco-friendly future. This support adds an extra layer of assurance for individuals considering solar PV installations, emphasizing the government's dedication to a cleaner energy landscape.
Technological Advancements:
Despite being a relatively new technology, solar panels have seen significant advancements. Lewis acknowledged the progress made in the last 40 years, noting that solar panels are now a viable and efficient alternative to traditional electricity supplies. This acknowledgment of technological improvements instills confidence in the reliability and effectiveness of contemporary solar PV systems.
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