According to a recent survey by Swyft Energy, homeowners contemplating the installation of solar panels could potentially enjoy net savings exceeding €24,000 over a quarter of a century, post-installation expenses. The study, further reveals that the average 12-panel solar system, has a payback period of seven years.
It was observed that due to an approximately 53% increment in the average Irish electricity market rates since 2021, coupled with newly introduced export tariffs and removal of VAT, the recoupment period has seen a near 50% reduction from 12 years in 2021.
Adrian Casey, Swyft Energy’s CEO pointed out that the calculations depict potential net savings of about €24,327 over an upcoming 25 years for regular Irish households who opt for solar PV panels.
The current Index reveals that surplus power can be re-sold to the national electricity grid. Energy providers presently offer minimum purchase rates of 20 cents per kilowatt for power exported to them by homeowners.
Speaking on the topic, Martina Hennessy, CEO of mortgage broker firm doddl.ie, noted that the addition of solar panels could help ease monthly repayment burdens for borrowers. She stated that financial institutions are keen on consumers adopting more eco-friendly methods in their properties.
As per the Sustainable Energy Authority of Ireland, regardless of the different impacts that the addition of solar panels might have on a Building Energy Rating (BER) for each property, the authority unequivocally recommends them as a means to improve BER ratings. Furthermore, Hennessy added that green mortgages can be availed not only by new purchasers but also by existing mortgage holders looking to switch.
Over 60,000 homes in Ireland have already transitioned to solar power so far. Resident of Ballintemple, Co Cork, Mr Pat O’Sullivan, praised the move saying, “With solar panels’ VAT rate reduced to zero, opting for them was an undeniable choice. We installed a twelve-panel system along with a five kilowatt battery at an expense slightly above €10,000 in our 2,500sq ft A1-rated home which traditionally consumed an approximate 5,500 kilowatt hours per annum. Our consumption has remained consistent, but we now save more than €1,800 annually.”