The Taylors

The Taylors from Peel, install 10 solar panels and a 10 kWh battery system, the cost of electricity is currently 30 pence per kWh.
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Initial Investment:
The Taylors invested £10,000 in a solar panel system and an additional £5,000 in the 10 kWh battery storage system. This included the cost of panels, installation, battery, and necessary equipment. According the insurers Admiral the Taylors have increased the value of their property by at least the cost of the install.

Energy Savings and Generation:
With their solar panels and battery system, the Taylors generate and store electricity during the day and rely on the grid at night. Assuming they generate 5,000 kWh of solar energy annually and use 3,000 kWh from the grid (since not all their energy needs are covered by solar), their annual energy cost without solar panels would be £2,400 (8,000 kWh x £0.30 per kWh).

Export Tariff:
The Taylors can also sell any excess electricity they produce back to the grid at a rate of 9 pence per kWh. If they export 1,000 kWh back to the grid they receive an additional income of £300 per year.

Increased Home Value:
Similar to the previous example, studies suggest that homes with solar panels and battery systems tend to have higher resale values. The Taylors' property value increases by an estimated £15,000 due to their solar and battery installation.

Here's the annual breakdown of the Taylors' savings and income:

1. Electricity Savings: £1,200 per year
2. Export Tariff: £300 per year
3. Increased Home Value: £750 per year (assuming a 20-year payback period)

So, in the first year, their total savings and income would be approximately £2,250 (£1,200 + £300 + £750). Over 20 years, their total savings and income would amount to approximately £45,000.

Please note that these figures are estimates and can vary based on factors such as system efficiency, energy consumption patterns, local electricity rates, and government incentives. However, solar panels combined with a battery storage system can offer homeowners substantial long-term financial benefits and help reduce their reliance on the grid, especially during daylight hours when solar generation is high.

By having solar panels and a battery system installed, the Taylors significantly reduce their electricity costs and enjoy substantial financial savings, making their investment a wise choice for their family and the environment.

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