The Energy price Landscape
It’s no secret that energy bills in the UK have soared at an astronomical rate and most homeowners are now struggling to keep up. In April 2022 household energy bills increased by 54% which was followed by an October increase of 27%. This sizeable change in monthly spending has tightened the pockets of all homeowners across the country and has been enough to convince many to look for alternative solutions to reduce their monthly outlay. We discussed the energy price cap rise in length in our previous blog.
However the October increase wasn’t the end – in fact we expect to see a further increase of 20% in April 2023 (https://commonslibrary.parliament.uk/research-briefings/cbp-9491/)
After the April increase that would mean that in the space of 1 year the country has seen household energy bills rise by 101%.
One well known way to reduce energy bills is by utilising solar power. The energy from the sun is harnessed by Solar PV panels and stored in a solar battery. You can then use the energy generated by your Solar PV Panels instead of energy from an external provider. This in turn helps to reduce monthly bills drastically and can even make you money!
Did you know that if you generate excess energy you can actually sell it back to the grid and make money? For more details on how to do this you can read our blog here.
The Solution
With the landscape looking increasingly bleak – mortgage lenders have began to take initiative and offer their borrowers a solution to help cut their energy bills going forward. Barclays for example outline the following on their website:
‘With energy usage a top priority for many households, three quarters (75 per cent) of homeownersintend to make energy efficiency-related changes to their homes, with the vast majority (90 per cent) hoping to make improvements within five years. Despite these intentions, new research from Barclays reveals that the cost is a prohibitive barrier, with homeowners favouring smaller-scale lifestyle changes over larger, structural ones.’
(https://home.barclays/news/press-releases/2022/11/barclays-pilots-greener-home-reward-to-support-energy-efficiency/)
In order to combat the aforementioned barriers – Barclays have introduced their ‘Greener Home’ reward scheme to support energy efficiency which offers a cash reward of up to £2000 to residential mortgage customers that make selected energy efficiency related improvements. It’s important to clarify – you don’t need to take out a new mortgage to receive this benefit!
Therefore – by installing solar energy in your home you could be in line to received a cash reward of up to £2000 to help subsidise the initial outlay! It’s an absolute no brainer to invest in Solar today and take advantage of such a powerful scheme.
Next Steps
Other large banks such as Halifax and Lloyds are also running their own versions of the reward scheme and therefore it’s imperative that you check with your mortgage provider to see if they offer something similar. Solar PV installation is a sensible investment in both the short and long term to reduce your energy bills as we discussed in a previous blog but with a potential large cash subsidy it becomes the easiest decision you’ll make this year.
It’s vitally important to act fast though as some of the schemes require you to register your interest before may and book in your Solar PV installation before November!
If you’d like to find out more about Solar energy and how it can help reduce your bills or if you’d like to discuss a Solar PV installation for your property then please call our office today and speak to one of our experts on 0800 772 3361. And if you do choose to sign up to a Greener Home reward scheme like Barclays we’d be more than happy to discuss your options.
At Spectra Solar we pride ourselves on being an educational installer – we attempt to guide you to the correct decision for you and your household (even if that isn’t us!). If you’d like to discuss your solar pv options then please get in touch today and our expert team will help to guide you correctly with your first steps in the often complicated landscape of Solar Panel Installation.