Yes, You Can Afford Solar!

“It sounds wonderful, but can we afford it?” That’s the kitchen table debate taking place about a lot of things these days. We know it’s a debate taking place when families talk about the cost of solar panels, because often one of our team is at that table with them.

Installing solar panels is an asset that will pay off for homeowners (and the environment). Like lots of assets, though, the initial investment can seem a bit scary. Even investments we recognise will be “good for us in the long run”, can feel like the “long run” is a long way off.

Fortunately, that’s not the case with solar panels.

The cost of solar panels in Ireland

Getting a solar panel system up and running costs between €7,500 – €12,000 depending on a family’s energy needs. As we explain here, that purchase price will be reduced by a generous grant from the Irish government, bringing the amount for homeowners to pay down to between €5,000 – €10,000.

Does that still sound hefty? Then factor in the savings.

How much can you save with solar panels?

We estimate that one of our smaller systems, e.g. 2.6 kWp, saves consumers €850 per year on their energy bills – while our larger systems can increase savings to as much as €1,400 per year. With those savings, a solar panel system “pays for itself” in only 6 to 7 years.

The savings also make it smart to look ahead when planning your solar panel installation. Solar PV isn’t a home appliance – it’s a micro-generation system providing stable renewable energy to your home. When deciding what size system to install, don’t skimp on generating capacity if at all possible. Remember, in a few years, you’ll likely be replacing that fossil-fuel-guzzling car with a shiny new EV and/or electric bikes. Wouldn’t it be great to be able to charge them in your own driveway, using electricity generated on your own rooftop?

The life span of your solar panel system

Looking around our homes, we all see items we’ve poured lots of cash into that are now either deteriorating, broken, or have outlived their lifespan. Lots of things – possibly including the fancy smartphone you’re viewing this page on – also have what’s called “built-in obsolescence”. That’s a nasty habit some companies have “of making or designing something in such a way that it will only be usable for a short time, so that people will have to buy another one.”

That’s just not the case with solar panels either. Besides that, notions like “built-in obsolescence” are completely at odds with the sustainable, renewables-based green economy the solar industry supports.

Solar panels installed today come with a 30-year warranty – and in practice, we find that many will last 40 years or more. That means they’ll be generating electricity long after your solar investment has paid for itself.

Even things like the inverter – the device that converts the direct current (DC) a solar panel generates to the alternating current (AC) used by your fuse board – are covered by a ten-year warranty.

Total cost of ownership of solar panels

At SolarSmart, we live in the real world, where investing €5,000 – €10,000 means something to customers. Even when they know the investment will pay its way soon. Even when they know the product is built to last.

That’s why this year we’ve ramped up our “after sales” service to help our customers keep their systems running at optimum capacity. That service means more savings and an even longer working life for your solar panel system. Our annual maintenance and support contract costs only €199 per year and includes bi-annual system check-ups and panel cleaning by a team of expert technicians.

In order to be ethical consumers, there are lots of times, and lots of ways, we need to think about how we spend our money. Sometimes that means a bit of self-restraint. Or re-using, recycling and re-purposing.

Sometimes that means investing in the future – and that’s where solar comes in. In total, if you’re going for a larger system, say 6 kWp, you will be investing €20,000 for the cost of the solar panel installation and upkeep of your system. But over a span of 30 years, you’ll be saving so much more than that… You’ll likely double the return on your investment.