The panels only pay back householders in terms of energy bills savings in around 200 years, according to surveyors - who recommended fitting insulation instead.
It is not worth installing solar panels in your home, the Royal Institution of Chartered Surveyors (Rics) has said.
According to the organisation, it can take as long as 208 years for householders to recoup the £4-5,000 cost of installing the panels - with energy savings of just £24 per year being generated through harnessing the sun's rays.
Instead, homeowners were advised to put in cavity wall insulation, which also has significant environmental benefits through cutting the amount of fuel used for heating a home. It was revealed by Rics that investment on this product is paid back in savings within just three years.
Fitting a new, more efficient, boiler was also recommended by the surveyors.
BCIS executive director, Joe Martin, said: "We all have a role to play in helping to reduce our carbon footprint, be it through changes to our behaviour or by choosing greener alternatives. The reality is, however, that most people struggle with the cost, time, and effort it takes to make these changes."
He added: "We encourage governments and companies not just here in the UK, but all over the world to continue to invest more in the research and development of green technologies."
Comments (4)
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Angela Mannion
8th Sep 2008 10:48
Even if it is a 'waste of money' surely this is outweighed by benefit to the environment?? The tone in this article implies taht solar power is a waste altogether when the message should be - If you can't afford solar - get some insulation... Instead of ruling it out altogther! Joe is right - it is costly but the future cost of destroying our environment and consuming every last fossil fuel on the earth is surely greater?
Solar panels are also energy intensive to manufacture. With so little energy produced, they will have to be in operation for a long time to greenly generate what it took to make them.
Frances
10th Sep 2008 22:09
The RICS PV assumptions appear to be based on an electricity price of 5p per unit, or possibly even lower. They've already admitted publicly getting their solar hot water calculations wrong. I'm paying 14p per unit for my electricity. Npower are now charging even more than that for people on their standard tariff. You can do the sums on what that does to the RICS PV payback calculation of >50 years and that's before anything is added for payments for exported electricity which all the big suppliers are now offering. RICS also assumed ZERO energy inflation ever again?! Really? How can anyone assume zero electricity inflation for one year never mind in perpetuity? My electricity bill has gone up 40% this year alone and that follows four previous years of double digit energy inflation. Who would like a bet on the electricity inflation rate for the next ten years? You won't get many takers for 0% (apart from RICS apparently...)
warren
25th Sep 2008 13:05
I am converting my entire energy needs of the house to Solar power and pumping electricity back into the grid. But then again I live in Australia so that is a benefit all on its own. Regardless the payback period for me is 7 years. I do not account for power increases in the time frame. With climate change irreversible until Mother nature says so you might as well leave a positive legacy for your children. it is only going to get warmer in England. Who knows.. you Poms might ship wine to France as you did in the 14th Century if it gets any warmer, and Greenland might become Green again..
