Property expert Phil Spencer is increasing the number of solar panels on his home, citing concerns over rising energy bills and the long-term financial benefits of renewable energy. Spencer, who is a brand ambassador for Wickes, noted that his Hampshire home already had solar panels installed when he purchased it several years ago.
"It was a real comfort to me to be able to be shown how much they generated per year, so I could see money coming in," Spencer told This is Money. He added that he is "always encouraging people nowadays" to consider solar power, emphasizing that beyond the initial purchase, homeowners must consider ongoing costs like heating.
Spencer's decision comes as energy bills are forecast to increase again, with wholesale gas prices rising due to a volatile market and historically low gas storage levels across Europe. According to Wood Mackenzie, European gas storage is at 54% capacity, significantly below the typical 70% by this time of year.
Research commissioned by Wickes indicates that 15% of UK homeowners currently have solar panels, and 53% of prospective buyers actively seek homes with solar power integration. Spencer, who plans to remain in his home for 10 years, estimates that his solar panels will pay for themselves in approximately seven years.
"I'm going to be in the house for 10 years, the solar panels will pay back in about seven - so it works," he stated. He further noted that buyers are increasingly conscious of running costs, making solar panels a more popular feature.
However, Spencer advises against solar panel installation for those not planning to stay in their homes long-term. David Draper, CEO of Wickes Solar, echoed this sentiment, emphasizing that the suitability and benefits of solar panels depend on various factors. These include roof size and orientation, shading, household energy consumption, and the potential addition of battery storage.
Draper also pointed out that solar panels can positively impact a home's Energy Performance Certificate (EPC) rating, which may, in turn, affect property value, though this is contingent on individual properties and market conditions. He recommended seeking professional advice to understand the specific performance and cost expectations for any given property.
Experts at Wickes suggest several tips for maximizing solar panel efficiency:
Regularly monitor for new sources of shade, such as growing trees or hedges, that could block sunlight.
Maintain garden greenery to prevent it from casting shadows on the panels.
Track energy generation to quickly identify any drops in production.
Consult a specialist if a sustained decrease in energy output is observed.
As the cost of traditional energy sources becomes more unpredictable, the interest in sustainable home solutions like solar power is growing in the UK.