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Energy bills reduced for more than four in five homeowners after installing solar panels

  • Savings of up to £400-500 a year could be made by transitioning to a solar powered home
  • Over half of people (57%) who have installed solar panels say energy bill savings are more than expected
  • Halifax, with Effective Home, are offering £1,000 discount on solar panel installations

New research from Halifax reveals that investing in solar panels leads to cost and energy savings for homeowners.

According to the survey of 2,000 homeowners, rising energy bills are now their number one concern, with almost half (49%) of Brits citing this as a key challenge – and the strongest trigger for making energy improvements to their properties (39%).

Over half (56%) say they have recently adapted their home, through measures such as adding insulation, double glazing or solar panels.

Those who have installed solar panels report strong benefits, with almost all (89%) of those who have them being glad they’d installed them, a similar proportion saying they would recommend them to their friends and family (83%), and over four in five (84%) saying they’d seen a reduction in their energy bills.  Further, over half (51%) have seen an improvement in their home’s energy efficiency through an updated EPC with an improved rating.

Savings of around £400-500 per year could be made on energy bills by transitioning to solar power, according to Energy Saving Trust estimates.

Those who install solar panels can also financially benefit from excess energy, receiving payments or giving energy back to the grid under the Smart Export Guarantee (SEG).

Halifax offers £1,000 discount on solar panel installation

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The research comes as Halifax launches a new £1,000 discount on solar panel installations with Effective Home, available until Monday 21st April. With the typical 3.5 kilowatt-peak PV solar panel system costing around £7,000 on average, this discount will help more homeowners transition to solar power.

To qualify for the discount, applicants must:

  • Register details with Effective Home through the Halifax website by 21st April 2024
  • Have a virtual solar survey by Effective Home
  • Pay a £500 deposit and book a technical survey of the property within 2 weeks of receiving the quote.

The £1,000 discount will be automatically applied to any quote from Effective Home, with no need for a Halifax mortgage or banking product to qualify.

Andrew Asaam, Homes Director, Halifax said: “With concern around the cost of energy bills  and the climate crisis intensifying, more of us are looking for ways to bring down our energy usage. Transitioning to solar power can be a fantastic option to help reduce bills over the long-term, especially when combined with a home battery or other energy efficient measures such as the right loft insulation and energy saving light bulbs.

“We want to encourage more homeowners across the UK to make the switch to solar energy but understand it can be a significant investment. That is why we are introducing a £1,000 discount, available to customers who apply before 21st April.”

Ben Williams, Chief Commercial Officer, Effective Home, said: “Our recent study underscores a growing interest among British consumers in adopting solar panel technology, although the anticipated expense associated with installation remains a significant barrier for many. Through our enduring collaboration with Halifax, we are pleased to introduce a discount scheme aimed at mitigating these financial hurdles. We believe this initiative will enable a greater number of homeowners to leverage the considerable advantages and cost savings that solar panels provide.”

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