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The Facts and Figures
Just Who Can You Trust?
A salesman / supplier will always tell you the benefits of having the product that they are marketing but will they always tell you the negative aspects of the product too, so that you can make an informed decision before deciding if the product is right for you . The marketing paraphernalia and the website that the company owns may imply in loose terms certain benefits, but the key phrases to look out for are terms such as: could, should, intend, may, possible, expected and can, to name but a few as these words suggest nothing is guaranteed.
When looking to purchase solar panels it is always worth taking independent advice and obtaining a quotation from the Energy Saving Trust website which can be found at www.energysavingtrust.org.uk/Generate-your-own-energy/Cashback-Calculator
We used this website to generate quotations for 5 different properties based within the UK where the size of the system, the angle of the roof and the Energy Performance Certificate banding varied to give a cross section of scenarios . In calculating the difference between what we perceive as being the gross profit and the net profit we have also made an allowance for replacing the inverter at a cost of £1,420 at today's prices (based on a Kaco Powador 5002 and the website did not disclose if such price was for supply and fitting or just supplying the equipment) and also having the panels cleaned 4 times a year at £30 per visit. The reasoning for including the figure for the inverter is that the Energy Saving Trust warn on their website that the inverter is likely to need replacing at some point throughout a 25 year period. The reasoning for the window cleaning cost is that any consumer would need to ensure that their panels were performing to the optimum capacity and any dust , debris or soiling from birds may affect such performance. The figures are also based on the current rates being quoted by the various authorities and do not take into account electricity prices in the future or changes in the tariff's due to being linked to RPI. In addition the figures take no account of any possible decline in output due to natural wear and tear of the equipment installed or any future taxation that maybe imposed by future governments. To view the results we obtained please click on the following link Solar Power Estimates (195kb)
The results we obtained were quite amazing and the end column specifies how long it will take for the average consumer to break even in terms of years based on their original investment. These figures, however, do not take into consideration any additional time spent recovering any monies paid for replacement inverters or cleaning. The Energy Saving Trust website suggests that 51% of all homes would be graded as having an Energy Performance Certification of level D or higher which by default would suggest that 49% of homes would be quantified as being level E or lower . Our interpretation of the data that we have obtained would suggest that anybody whose home has an EPC of level E or lower could well lose money by installing Solar Panels and may not be able to recover their money for approximately 30 years plus. In respect of consumers having an EPC of level D or better the implication on the results we obtained is that the minimum break even period would be 16 years.
Our research also indicated that the sum of £7,200 invested over 25 years at a net interest rate of 3% per annum may return a profit of £5,403.55 approx . For £10,000 invested the profit may be in the region of £7,504.93 and for £12,800 invested it may be in the region of £9,606.31 . These figures were calculated by using a calculator that was freely available on a regulated businesses website and should not be construed as ourselves offering financial advice.
In addition we would draw your attention to the information quoted on www.iammoving.com website which suggests that on average 11% of the population move home every year which would suggest that on average we all move home every 9 years approx . If this data was proven to be correct then very few people would ever live in their home long enough to make any money on their investment. The people that actually would make money are the people whom subsequently purchase a property where Solar Panels have been purchased outright by the previous owner . It is also worth taking into consideration that if in order to purchase solar panels you needed to take out finance then unless the finance is being made on an interest free basis then any interest that you end up paying may also impact on the savings you are making and extend the break even period.
If you feel that your Solar Panels have been mis-sold and that you would like to make a claim please note that we do not charge any upfront fees for our service and the only fees we will charge you are 28% + VAT of any benefit that is obtained on your behalf.