Covering the Cost of Solar Panels

Thinking of installing solar but not sure how to cover the costs? Lucky for you, in some cases, there are grants available to help fund this worth while investment.

With the rise of energy prices, solar panels are becoming increasingly popular for homeowners and business owners: more than 1.28 million households across the UK have solar panels. We understand for the average household income, solar panels are a considerable investment at first, but trust us when we say, in the long run, you will break even on that investment and continue to save money on your energy bills. The price of installing solar panels across the UK and Ireland can range, depending on location and design, anywhere between £4,000 and £10,000 (with a battery). Although this is an intimidating price at first, your newly installed solar panels could potentially save you up to £1,900 per year, meaning you could break even on your investment within eight years and continue to save on your energy bills! (This is based on a domestic fitting, it is worth while to note, commercial designs can be a great deal more).

There are several schemes available across the UK to help cover the cost of your solar panel system. Each have their own qualifying factors, for example if you receive government benefits, in some parts of the UK, you could be eligible for a grant to help fund the upfront costs. Or, if you are a business owner in NI, you could be eligible for a grant up to 150K to help buy and install energy efficient equipment.

Solar Grants available in the UK

According to an article in The Independent (updated May 2024). The below table shows the grants currently available to homeowners across the UK, unfortunately, there are no grants available in NI for homeowners.

UK Government Schemes

(all data from The Independent)

Each grant and scheme have their own eligibility requirements, depending on where you live, the type of property, financial requirements or if you live in a building with poor energy efficiency. It is best to ensure you meet the requirements before completing an application for any of these schemes or grants, in depth info can be found on each grant/scheme website.

Grants available in NI

At this present time there are no grants available to homeowners in NI. However, Invest NI have a grant available to NI businesses. The Energy Efficiency Capital Grant is set to help NI businesses reduce their energy costs.

Businesses can receive grants of up to £150,000 to purchase and install energy-efficient equipment. The support rate covers the entire eligible project costs and varies according to the company's size:

• Large businesses: up to 30%

• Medium businesses: up to 40%

• Small and Micro businesses: up to 50%

Eligible projects for the grant include:

• Heating and cooling systems

• Motors and drives

• Compressed air systems

• Lighting

• Onsite renewable energy generation
  

To qualify, businesses must meet the following criteria:

• Be a registered company located in Northern Ireland

• Have been trading for a minimum of 2 years

• Carry out the project at premises registered for business rates with Land and Property Services

• Own the premises or have a rental agreement lasting longer than the project's payback period

Please note that some businesses may be excluded.

To be eligible, projects must meet the following criteria:

• Have a minimum eligible expenditure of £4,000

• Demonstrate energy and carbon emission savings, which vary based on the project type

  Achieve a payback period between 1 and 8 years. Projects with a longer payback period may be considered if they offer substantial energy and carbon savings.
  

Further information can be found on the Invest NI website.

We hope this blogpost has helped you understand your options when it comes to installing solar panels. If you have any questions, please reach out to premier on any of our social channels, linked above.