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The Irish Independent Swyft Energy Solar PV Index shows that a standard 12-panel system can completely pay for itself in seven years.
The repayment period has dropped by almost half – it was 12 years in 2021.
Experts said this was due to the fact that average Irish electricity market prices are 53pc higher than in 2021. The removal of Vat on solar panel installation has also meant the pay-back time has reduced.
Chief executive of Swyft Energy, Adrian Casey, said: “The figures show that, on average, Irish householders could make net savings of €24,327 over the next 25 years by installing solar PV (photovoltaic) panels now.
“This is very welcome news when you consider that inflation is still squeezing everyone’s budgets, despite having fallen recently.”
Mr Casey said the latest index also highlights how any house can become “a mini-power station”, generating an income for its owners.
Unused power can be sold back to the national grid and energy suppliers currently pay rates starting at 20c a kilowatt hour for electricity exported to them. More financial benefits are delivered if a household solar PV panel system includes a battery.
By charging this at the lowest cost night rate, the average 25-year net savings climb from €24,327 to over €30,000.
“The index spells out in black and white the direct savings – but solar panels can also lead to other financial benefits,” Mr Casey said.
“One clear opportunity is their ability to improve a house’s BER (building energy rating), which can unlock access to green mortgages.”
These mortgages offer lower interest rates for properties with a BER between A1 and B3.
Mortgage broker Doddl.ie said solar panels can help borrowers cut the cost of monthly repayments.
Managing director Martina Hennessy said lenders actively encourage homeowners to make their properties more sustainable.
“Although the impact on a BER of adding solar panels is different for every property, the Sustainable Energy Authority of Ireland specifically recommends solar panels as a way to boost BER ratings,” she said.
More than 60,000 Irish homes have made the switch to solar, all of them helping Ireland to meet its target of generating 8GW of electricity using solar PV by 2030, Mr Casey said.
Swyft Energy customer Pat O’Sullivan, of Ballintemple, Co Cork, said: “Following the reduction in the Vat rate to zero, solar panels became a no-brainer.
“We have a 2,500sq ft A1-rated house (no gas), which used on average 5,500 kilowatt-hours per year.
“We installed 12 panels and a five kilowatt battery at a cost of just over €10,000.
“We switched to a night electricity rate and programmed the underfloor heating and hot water, washing machine, dishwater, to start at 2pm and finish at 8pm – our usage has remained the same, but the savings are over €1,800 per year.”
“Solar power is an investment in our future financially, with a good return over its lifetime.”
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