Solar Power installation costs a century to pay back

According to the Royal Institution of Chartered Surveyors (RICS), solar panels are not a good way to fight climate change as the cost of these panels take about a century to pay back the cost the install them.

The new guidelines on producing energy efficiency by RICS said that roof panels utilized in solar power to generate hot water and electricity are not a cost-effective measure. Incidentally, it also would not be a economically feasible option in the lifetime of a consumer. In fact, in the worst case, the organization projects, it may take as long as 166 years in payback time if solar panels were utilized for heating water used in baths in order to slash electric and gas payments.

PVs or photovoltaic panels mentioned above as well as its alternative, the domestic wind turbines, will require between fifty to one hundred years in terms of payback time. RICS said in its Building Cost Information Service report, that the lifespan of solar devices are approximately 30 years. If that’s true, the cost of installation which amounts to anywhere from ₤3,000 - ₤20,000, would not be maximized. The institution said that a better way to save on energy bills would be to seal off vents and leaks and substitute energy efficient lightbulbs for tungsten ones.

Joe Martin who wrote the institution’s Greener Homes Prices Guide argued that although solar energy sounds like a good alternative to existing energy sources, it is really not economically viable. He added that the push for household renewable energy assumes that money is eventually made. And that’s not the reality, particularly in terms of existing real estate.