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Shedding light on the finances of solar panels

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By illuminem briefings 🌎

· 2 min read


illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below:

🗞️ Driving the news: In response to rising energy bills and environmental concerns, UK homeowners are increasingly turning to solar panels
The Energy Saving Trust notes that a typical 3.5kW solar system costs around £7,000, promising savings on electricity bills and a more sustainable energy source 
The recent surge in installations reflects a growing interest in renewable energy solutions

🔭 The context: The financial viability of solar panels varies based on energy consumption, location, and other factors 
Efficiency improvements and government incentives like the Smart Export Guarantee (SEG) have made solar more appealing 
However, potential customers face challenges from unreliable installers and the changing landscape of government subsidies

🌍 Why it matters for the planet: Solar energy offers a cleaner alternative to fossil fuels, reducing carbon emissions and household reliance on grid electricity 
The increase in solar panel installations reflects a broader shift towards renewable energy sources, crucial for combating climate change

⏭️ What's next: The future of solar in the UK hinges on technological advancements, government policies, and the global supply chain 
While the sector has faced setbacks, such as the end of the Feed-in Tariff (FiT), new incentives and the decreasing cost of technology suggest continued growth potential

💬 One quote: "The solar sector is very innovative and fast-moving," (Sugandha Srivastav, a lecturer in environmental economics at Oxford University)

📈 One stat: Solar panel installations in the UK increased by one-third in 2023 compared to the previous year, with 183,000 installations reported by MCS, a renewable energy certification scheme


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