According to energy minister, Greg Barker, anyone approaching retirement should consider putting some of their savings into solar panels because they will deliver a better financial return than a pension.
Installation costs for solar panels have dramatically reduced in the last few years. According to the Department of Energy and Climate Change, the typical domestic installation costs around £4,500, compared with £13,000 in 2010. This means that typical rates of return on domestic solar panels are between 5 per cent and 8 per cent a year, government figures show.
Installation costs for solar panels have dramatically reduced in the last few years. According to the Department of Energy and Climate Change, the typical domestic installation costs around £4,500, compared with £13,000 in 2010. This means that typical rates of return on domestic solar panels are between 5 per cent and 8 per cent a year, government figures show.
Financial advisers have in return
warned that while solar panels have their merit, they should not take the place
of your pension when planning your retirement.
Laith Khalaf, head of corporate
research at Hargreaves Lansdown, said: “There is nothing wrong with the idea of
installing solar panels, but it is not a way to save for retirement. Rather,
they are something you spend your retirement savings on.”
It would be unwise
to substitute a pension for solar panels but the lure of a nil-bill home during
retirement cannot be depreciated.
Every year,
pensioners all over the UK struggle to pay their bills and investing in solar panels could be a way around this. If more
people invested in solar panels as part of their retirement plan, in addition
to a pension, they’d be self-sufficient and better off.
The government offers to guarantee the price at which users can sell their excess electricity in order to promote domestic solar power. The guaranteed price was cut in 2012, but the government continues to provide a subsidy.
The minister's financial argument is part of an attempt to improve the image of renewable energy sources, which are unpopular with some voters and many Conservative MP's. However, what he says about the benefits of investing in domestic solar energy during retirement or at any age cannot be overlooked. For more information and advice on solar panels.
For more information and advice on solar panel installation, please visit our website first4solar.co.uk or contact us on 0845 036 882 or fill out our form for a free remote site survey. Special Offer in April : 2 Solar Panels when you purchase any Solar PV system! Plus we pay the VAT!
The government offers to guarantee the price at which users can sell their excess electricity in order to promote domestic solar power. The guaranteed price was cut in 2012, but the government continues to provide a subsidy.
The minister's financial argument is part of an attempt to improve the image of renewable energy sources, which are unpopular with some voters and many Conservative MP's. However, what he says about the benefits of investing in domestic solar energy during retirement or at any age cannot be overlooked. For more information and advice on solar panels.
For more information and advice on solar panel installation, please visit our website first4solar.co.uk or contact us on 0845 036 882 or fill out our form for a free remote site survey. Special Offer in April : 2 Solar Panels when you purchase any Solar PV system! Plus we pay the VAT!
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