DISCLAIMER: Our partners no longer take appointments for homeowners looking to benefit from the Feed-in Tariff, which is due to end on 31st March 2019
Am I Too Old for Solar Panels?
You are never too old for solar panels! In fact, many people are installing solar panels later in life, as the Feed in Tariff (FiT) scheme may offer a stable subsidy to your pension. With the recent changes to the pension scheme, you may even be able to take out a lump sum when you reach retirement age to fund the initial costs of installing solar panels. This lump sum is tax free and, if invested in solar panels, could secure further tax free returns over 20 years. Solar panels are a great investment for retirees as they require very little maintenance.
Investing in solar panels at the beginning of your retirement could secure you a better standard of living. Recent studies have shown that pensioners are having to pay close to £1500 a year on energy bills. Solar panels have been known to halve electricity bills, especially for those in retirement age who are likely to use appliances during the day when the panels are producing free electricity. This leads to more money throughout the year to spend on enjoying your retirement.
When Do Solar Panels Start to Make a Return on Investment?
The exact amount of time it will take to make a return on your investment is difficult to calculate. The return on investment will depend on the size of your solar panel system and your individual energy usage. Based on an average system and usage data it should take around 8-10 years to start making a profit on your investment.
Considering FiT payments are fixed and tax free for 20 years, that is a significant amount of time to then build profit. Remember that you will be benefitting from up to 50% savings on your energy bills during this time which could make a massive difference, especially if energy bills continue to rise as they are predicted to.
Inheriting a House with Solar Panels
If the worst should happen, you need not worry that solar panels were a wasted investment or that the government or solar companies will now benefit from them.
The way the Feed in Tariff works is that the payments are passed on to the new homeowner if the house is sold or inherited. This makes solar panels a great way to invest in your family’s future as well as your own.
If you leave a house with solar panels installed to your family in your will, they could benefit one of two ways. From living there and benefiting from any remaining Feed-in payments and continued lower energy bills. Or if they decide to sell the house, then they will benefit from the higher property value that solar panels can bring.
Having been left confused by the too-good-to-be-true figures quoted by a door-to-door solar salesman, I used The Eco Experts site with the hope of accessing alternative independent quotes from trusted installers. Within fifteen minutes of registering my details on the site, I had a very helpful call from one of the three installers recommended to me. Within an hour, the other two had called to arrange visits. I have placed an order with a local independent installer. The information was impartial and honest, there was no pressure to buy, and the quote was 45% cheaper than the original door-to-door salesman had tried to sell me.