Is solar power more cost effective than home insulation? - thumbnail image

Is solar power more cost effective than home insulation?

Among the many advantages that come from solar energy, environmental impact being the most obvious, the question remains as to whether solar power is actually cost effective and if it’s more cost effective than other environmentally friendly methods such as home insulation.

Research shows that since 2000, solar has grown an average of 49% annually. The overall cost of solar panels greatly depends upon individual factors like the size of the system and the component types. Keep reading to find out just how cost-effective solar power is and if it’s more efficient than one of its main rivals – home insulation.

The cost of installation

With solar panels, depending on the size of your home or the building and the number of panels needed, the initial installation cost amounts to approximately $15,000-$25,000 or more. Although this seems like a massive upfront investment to make, solar energy in itself is a long-term investment with a payback period of between 6 to 9 years. However, using a solar panel system is likely to save you hundreds on your electricity bill for a huge number of years.

Again, depending on the size of the building and the amount of insulation needed, the average cost for the installation of home insulation for a typical three-bedroom semi-detached house would be between £8,500 and £15,000. This is significantly cheaper than the installation of solar panels, but are they as effective?

Efficiency

If you’re looking to use solar power as an alternative to a traditional power source, you’ll want to estimate the average power consumption in your home or business as a starting point. Once you know what the average usage is you’ll be able to work out how much solar energy will need to be produced to have an effective source of power for your business or home, as well as what type of system will make that amount of production possible. Your Thrift Energy solar PV installer will give you a quote and their professional opinion before you make the purchase to ensure you’ll get the most out of your solar panels.

Although home insulation is guaranteed to save you from wasting energy, it’s not an alternative to solar energy in that it doesn’t produce any energy itself, it just preserves it. If however, you’re interested in using solar energy as a supplementary energy source as opposed to a replacement, you might find that using home insulation in conjunction with your solar panels is the best option. There are a range of different home insulation materials and installation tactics that can be used to fit your needs depending on the size, shape and age of your building.

Closing thoughts

In summary, solar panels are more likely to be cost effective in the long run when compared with home insulation – if you’re prepared to fork out for the initial installation costs. If you’re not in the position to be able to pay for solar panel installation, home insulation is still an extremely effective yet considerably cheaper option that you might want to consider. Lucky for you, we offer potential funding solutions all of our energy saving measures! If in doubt, just speak to our friendly team.

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