Renewable energy costs

FAmily outside home with renewable energyAccording to the Energy Saving Trust, one third of people would pay more for a home that had been fitted with a renewable energy source such as wind, solar or hydropower.

Half also want to know if their home is suitable for renewable energy, so the interest in sustainable forms of energy is definitely increasing.

But the research also reveals that around half of respondents are put off investing in renewable energy such as solar panels and wind turbines, because of the upfront cost of installing them.

Renewable energy costs

That’s understandable; installing a solar water heating system, costs between £3000 and £5000, while a solar electricity system costs between £8000 and £14000.These can save you around £50 and £200 per year respectively, so payback is a long time. I guess at the moment, you don’t invest in a renewable energy system as a financial move, you do it because you want self sufficiency or you feel it is the right thing to do.

Sell back to the grid

The upside to renewable technology is that there is now the option of selling back any excess electricity you produce to the national grid for cash. In addition, the Energy Saving Trust has a range of grants for converting to most renewable energy.

Green and frugal

It’s worth checking out the Energy Saving Trust grants page to see if your eligible for help with installing renewable energies. If the cost is still too much for you, then take a look at our tips on going green on a budget. We have heaps of ideas for more eco friendly living which are frugal too! Check out our “Top ten frugal tips for a self sufficient lifestyle“, “eco friendly cooking – 5 tips“, and our “Thrifty Green Thursday” carnival post.

What about you – have you invested a lot of money in renewable energy? I’d love to hear your story!