Can Microgeneration Save Money On Your Home Utilities
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Can Microgeneration Save Money on Your Home Utilities?
Summary
With electricity prices on the rise, many people have switched to cheaper suppliers. Excitingly, some providers now pay homeowners for surplus energy they generate and sell back to the grid.
The Growth of DIY Electricity Generation
The trend of generating your own electricity is gaining momentum, with an estimated 80,000 UK households partially or fully powering themselves using rooftop wind turbines and solar panels. This number is expected to increase as major retailers start offering these systems.
Costs and Financial Options
Installing a typical wind turbine costs around £3,000, while larger systems that allow you to sell surplus energy can range from £4,000 to £18,000. Affordable loans and government grants are available to support those interested in pursuing self-sufficiency. Grants can cover up to 50% of solar panel installation costs and 30% for other equipment, provided your home is already energy-efficient. If you don’t qualify for a grant, a low-interest loan might be a viable option.
Is Microgeneration Worth It?
There is ongoing debate over whether microgeneration will ultimately save money. The initial setup costs are significant, and it might take years to see financial benefits. However, the installation of a meter can help you track both your energy consumption and the amount sold back to suppliers.
Earning from Excess Energy
Suppliers like NPower and Powergen are leading the way in compensating households for surplus energy, but others are following suit. Even if you don't generate surplus energy to sell, you'll still save on energy bills. For instance, a 1.4 kW wind turbine generating 2,000 kWh annually can supply around 60% of the average UK home’s energy needs, saving approximately £200 each year.
Long-term Investment in Sustainability
Microgeneration isn't a quick solution for rising electricity costs. However, it represents a viable option for those committed to a self-sufficient lifestyle and willing to invest for the long term. The opportunities are growing, making it a popular choice for forward-thinking homeowners.
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