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Unlock savings with solar panel grants before 2027
Miles Proctor - Solar Energy Expertpe
Last updated: 19th June 2024
Thousands of homeowners are already reaping the benefits of solar panels.
Understanding the solar panel government incentive
The UK government is championing energy-efficient solutions for households through the Energy Company Obligation (ECO4) scheme:
VAT removal on solar panels: The VAT on solar panels has been reduced to 0%. This tax relief significantly lowers the cost of installing solar panels, making it more affordable for homeowners to transition to renewable energy sources.
Energy efficiency focus: ECO4 prioritises energy efficiency improvements for UK households, aiming to upgrade the least energy-efficient homes. This helps households save more than £2,300 for the average 2-3 bedroom house (3kW to 4kW system + battery) in total installation costs.
Encouragement of renewable technologies: By supporting the installation of solar panels and other renewable technologies, ECO4 helps households reduce their reliance on non-renewable energy sources, contributing to the UK’s net-zero carbon emissions goal by 2050.
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The benefits of solar panels
No matter what time of the year it is, you can generate tangible cost savings long-term through solar panel technology. Solar panels can drastically reduce electricity bills by up to 70%, provide energy independence, and significantly cut your carbon footprint by approximately 1.5 tons annually. Homes equipped with solar panels tend to have higher market values. By generating your own power, you become less reliant on the grid, which can be particularly advantageous during energy price fluctuations. With this government incentive in place for a limited time, reducing the initial installation cost, now is the perfect time to invest towards a sustainable future.
Eco Home Group: Your renewable energy partner
- Customised renewable energy plans
- Seamless installation process
- Comprehensive maintenance and support
- Competitive pricing and financing options
- Long-term savings and environmental impact
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The VAT rate has been reduced from 5% to 0%.
The average initial cost of solar panels has decreased by 31%, dropping from £9,671 to £6,672 since 2014. For more details on the declining cost of solar panels, visit Which?.
You can find the report from the Department of Business, Energy and Industrial Strategy here.
Households in the South-east of England can save up to £220 annually on their electricity bills. For a detailed breakdown of solar savings by region, visit energysavingtrust.org.uk.
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