Energy company ScottishPower today revealed that homeowners with solar panels could save up to £1267 a year in England and Wales or £1,001 a year in Scotland - potentially 91%-73% on their energy bills.
The company also confirmed it is almost tripling its Smart Export Guarantee (SEG) rate, for those with ScottishPower installed solar panels, and more than doubling it for those with 3rd party panels.
Under the Smart Export Guarantee (SEG) tariff, customers get paid for any electricity they export to the Grid via their own home solar generation.
This means that on top of bill savings through reduced Grid consumption, export payments could be as high as could be as high as £618 a year (£433 in Scotland) (up to 15p for every unit of power exported).
As the UK moves towards net zero, decarbonising our homes will be a crucial way to reduce the country’s overall carbon footprint.
Having solar panels reduces energy use from the Grid as home appliances run off the renewable energy harnessed from the sun. Having a home battery installed and linked to the panels can also allow households to store excess energy for later use too.
Research has also found that installing both solutions could also increase your home's value by around £1,350 to £5,4003.
Andrew Ward, CEO of ScottishPower Retail said: “We know that decarbonising our homes is not only good for the planet but will also provide long-term savings for our customers too.
“Solar panels allow customers to generate their own electricity and get paid for any excess that can be exported back to the grid.
“I’m delighted we’re able to almost triple the rate of return through our SmartGen+ Tariff for customers who’ve purchased their solar panels from us, and would encourage anyone with solar installed, or who might be thinking about having either solar panels or a battery installed, to make sure they are maximising the savings that may be available.”
With ScottishPower’s SmartGen tariffs, customers with ScottishPower-installed solar panels can benefit from 15p per kWh for every unit of power they export. Previously, this was 5.5p. Those with third party panels can benefit from a more than doubled rate of 12p per kWh.