With the recent energy price rises dominating the industry spotlight, it’s no wonder there has been a significant change in customer behaviour. Gas and electricity rates have increased again this winter, with each of the ‘big six’ announcing hikes to their costs.
As such, Quotatis has seen a significant rise in consumer enquiries over the last couple of months, as homeowners look to reduce those expensive bills and instead generate their own power with solar panels.
It seems that despite cuts to the lucrative feed-in tariff scheme, consumers haven’t been put off by an investment in renewables.
Head of Marketing at Quotatis, Tom Crosswell, said: “There’s no doubt that with more energy price rises this year, more homeowners have felt the effects on their finances. There are then two options: Either live with the expensive bills or do something about it.
“This is why solar panels have become so popular. They offer 20 years of earnings and over 25 years of savings. They’re certainly a worthwhile investment.”
Energy prices have doubled since 2004 and experts are predicting that they’ll double again by the time 2020 rolls around. Despite Labour’s pledge to freeze energy prices if they come into power, this is no guarantee and homeowners are realising they’ll need to find a solution themselves rather than rely on politicians.
Tom Crosswell added: “Solar power was incredibly popular back in 2011 when the incentive schemes were first launched, but unfortunately the industry has seen a bit of a decline since. It’s now our job to educate consumers about why solar panels are the right option and ensure they’ll make an investment.
“This message has already started to reach customers with the increase in enquiries, but there’s still a lot more to come.”
With solar panels, the average home can expect to see around a 10% annual return on investment. This is with the current 14.9p/kWh feed-in tariff rates which could be reduced in 2014. However, an installation before the cut-off point would guarantee the higher rates for two decades.
There are currently 100,000 solar installations completed each year, which is well below the projected 300,000. The Green Deal has failed to take off, which was also predicted to improve consumer uptake in renewables.