The UK solar industry has been left reeling from the Government's proposals to slash solar subsidies by more than half. But despite the changes to the feed-in tariff (FiT) scheme, leading online resource Solar Guide is optimistic that the once booming market will be able to weather the storm, boosted, not least, by a reduction in the price of the technology.
According to Solar Guide, solar PV prices have come down considerably over the last 12 months, making solar far more affordable than it has ever been before. The news should hopefully help to maintain faith in the renewable technology, despite the recent solar subsidy set back.
For homeowners looking to reduce their energy bills by investing in solar electricity, the average price per kWp of a solar PV system has dropped by 39%. According to figures compiled by Solar Guide, in December 2010 the average price consumers could expect to pay for a solar PV installation was GBP 4,445.95 per kWp. In October 2011, that price dropped by 38.63%, to GBP 3,206.96.(i)
With the cost of fossil fuels continuing to rise rapidly, investing in a solar PV system makes sense, not least because:
-- The cost of installing the technology has reduced by 39%.
-- You'll be able to enjoy cheap or free electricity.
-- Solar PV is good for the environment.
-- You can make money by generating your own electricity through the feed-
in tariff.
David Holmes, founder of Solar Guide said: "Solar subsidies from the feed-in tariff have made investing in solar panels economically viable for so many people. While the Government's proposal to slash solar subsidies by more than 50% has hit the industry hard, the fact that we've seen solar PV prices dropping by as much as 39% should provide the industry with a much needed boost.
"Our figures really do speak for themselves. While fossil fuel costs are rising solar PV prices are falling. Which means solar is fast becoming more and more affordable. And that's good news, not just for energy consumers but for the economy and the planet, too. So it's a win-win situation all round."
Solar Guide, one of the UK's leading online resources for solar industry news and views, is the go to place if you're looking to install a solar PV system.
For more information on solar PV systems, to obtain quotes or to find a solar installer in your area, visit www.solarguide.co.uk .
(i)Figures based on 256,776 online quotations from December 2010 to November 2011. Data sampled at 28 November 2011.
SOURCE: http://www.marketwatch.com/story/solar-becoming-more-affordable-pv-prices-now-39-cheaper-says-solar-guide-2011-11-30
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