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5 ways to Maximise Energy Savings with Solar Panels: A Comprehensive Guide

Introduction:
In recent years, the adoption of solar panels has surged due to their potential to save money on energy bills. By harnessing the power of the sun, homeowners can generate their own renewable energy and reduce their reliance on the traditional electric grid. In this comprehensive guide, we will explore the various ways in which solar panels can help you save on your energy bills, providing detailed insights and calculations for each method.

1. Generating and Utilising Solar Energy:
At its core, solar panels allow you to generate green energy directly at your home. By installing a photovoltaic (PV) system, you can produce electricity from sunlight and use it to power your household appliances, lighting, and other electrical devices. While solar energy may not cover 100% of your energy needs, combining solar panels with battery storage can accommodate a substantial portion.

To put the potential savings into perspective, let's consider the average electricity consumption of a UK home, which is around 3,100 kilowatt-hours (kWh) per year. With a 4kW solar PV system and battery storage, you can generate approximately 3,600kWh of energy annually, offsetting around 76% of your total consumption. Based on the current electricity prices, this could result in average savings of £1,524 per year (£127.8 per month) on your energy bill.

2. Storing Cheaper Electricity:
One of the notable advantages of incorporating a home battery storage system is the ability to take advantage of off-peak electricity rates. Many energy providers offer special tariffs, such as the Octopus Go plan, which provides lower rates during specific hours. By charging solar panels dorset during off-peak hours and using the stored energy when the unit rates are higher, you can optimise your energy consumption and reduce costs.

To illustrate the potential savings, let's consider a 9.5kWh battery charged at the current off-peak rate of 12p per kWh (as of November 2022) through the Octopus Go tariff. In this scenario, it would cost you £1.14 to charge the battery fully. However, if you were to consume the same amount of energy at the standard unit rate of 35.06p per kWh, it would cost you £3.33—nearly three times the cost. By leveraging off-peak rates and battery storage, you can significantly lower your energy expenses.

3. Solar-Powered Hot Water:
In addition to electricity, solar energy can also be utilised to heat your hot water, providing additional savings on your energy bill. By integrating an immersion diverter, such as the myenergi Eddi, surplus solar energy that would otherwise be exported to the grid can be diverted to heat your hot water tank.

Typically, a 4kW solar panel system exports approximately 10-20% of its generated energy. By using this surplus energy to heat your hot water, you can save around £122.40 per year on energy costs. This not only reduces your reliance on fossil fuel-based water heating methods but also maximises the utilisation of your solar energy.

4. Solar-Powered Electric Vehicle (EV) Charging:
As electric vehicles become increasingly popular, homeowners are exploring cost-effective ways to charge their EVs. Solar panels offer an ideal solution by enabling you to charge your electric car using clean, renewable energy from your own PV system.

To estimate the potential savings, let us consider the typical annual mileage of 8,100 miles and an average energy price of 34p per kWh. Charging an EV at home can cost between 9.1p to 14.2p per mile, depending on the specific electric vehicle. This adds an additional £750 to

£1,150+ to your annual energy bill. However, by utilising solar power to charge your EV, you can avoid these expenses and further reduce your energy costs.

5. Selling Surplus Energy Back to the Grid:
Another exciting aspect of solar energy is the ability to earn money by selling surplus electricity back to the National Grid. When your solar panels and battery storage generate more energy than you consume, the excess energy is exported to the grid. Through programs like the Smart Export Guarantee (SEG), energy providers offer compensation for this surplus energy.

On average, a 4kW solar system generates around 3,600kWh of electricity per year. Assuming you export up to 10% of your solar generation (approximately 360kWh), you can expect to receive around £54 per year from SEG payments. Octopus Energy currently offers one of the best SEG rates, paying 15p per kWh of renewable energy sent back to the Grid. This additional income can help offset your remaining energy bill, providing further savings.

Conclusion:
Solar panels present an array of opportunities for homeowners to save on their energy bills. By generating their own renewable energy, utilising battery storage, and optimising energy consumption for heating, electric vehicles, and surplus energy export, individuals can significantly reduce their reliance on traditional energy sources. It is important to note that the specific savings mentioned in this guide are based on average scenarios and may vary depending on various factors. To get an accurate estimation tailored to your circumstances, it is advisable to consult with solar energy professionals who can provide customised solutions and calculations.
By embracing solar power and leveraging its various benefits, homeowners can not only reduce their carbon footprint but also enjoy long-term financial savings while contributing to a more sustainable future.


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