Property guru Phil Spencer has revealed he plans to install more solar panels on his house, as energy bills are forecast to jump again.
The Location, Location, Location presenter says his house in Hampshire, which he purchased several years ago after making the move out of London, already had solar panels installed when he moved in.
‘It was a real comfort to me to be able to be shown how much they generated per year, so I could see money coming in,’ he told This is Money.
‘I’m always encouraging people nowadays – it’s not just buying the house. You’ve got to live in the house, you’ve got to maintain the house, you’ve got to heat the house. There’s no question of doubt that energy is becoming more expensive.’
According to research commissioned by Wickes, 15 per cent of UK homeowners currently have solar panels installed, while 53 per cent of current buyers will actively look for homes that rely in some way on solar power.
Against this backdrop, Phil, who is a Wickes brand ambassador, has weighed up installation costs versus ‘payback’ over the coming years on his own home.
He said: ‘I’m going to be in the house for 10 years, the solar panels will pay back in about seven – so it works.’
Property guru Phil Spencer has revealed he’s planning to install more solar panels on his home after weighing up installation costs over ‘payback’
Phil’s advice follows warnings of more expensive energy bills this winter amid a drop in gas storage levels, causing a rise in the price of wholesale gas.
Despite the heatwave currently sweeping Britain, there are fears the cost of energy will rise sharply in the colder months due to a volatile market caused by war in the Middle East.
Gas storage levels across Europe have reached an historically low level of 54 per cent, according to Wood Mackenzie. This means that 54 per cent of the total net storage capacity is filled.
Typically, by this time in the summer, they have been refilled to 70 per cent of their capacity.
As the cost of traditional energy becomes more volatile, Britons are looking into more sustainable ways to power their homes, with solar panel enquiries on the rise.
Phil said: ‘I’ve been really looking at our bills, where I think our bills are likely to go in the years ahead, the cost of insulation, and that is balanced against the money that we’re going to save and the length of time we’re going to stay in the house. It’s all about payback time.
‘It’s definitely becoming more popular with buyers because they are more conscious of the costs of running a house.’
However, there are some scenarios in which the property guru would not recommend installing solar panels on one’s home – notably, if the homeowner isn’t planning to stay in the house long-term.
David Draper, CEO of Wickes Solar, said: ‘Solar panels can help some households generate their own electricity and may reduce reliance on energy from the grid over time.
‘The potential benefits and savings will vary depending on a range of factors, including the size and orientation of the roof, shading, household energy usage and whether battery storage is installed.
‘For homeowners considering solar, it is important to look at potential wider benefits alongside potential energy savings.
‘Solar panels could have a positive impact on your home’s EPC rating, which may positively impact home value, although this will depend on the individual property and wider market conditions.’
‘As with any home improvement, homeowners should seek professional advice to understand whether solar is suitable for their property and what they could realistically expect in terms of performance and costs.’
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