The average price of electricity in Ireland in March 2024 was around €86 per megawatt-hour, which is cheaper than the energy prices in 2022 and 2023.

However, prices fluctuate, and recent years show us that energy prices can quickly skyrocket.

The average household in Ireland uses 4,200 kWh of electricity per year, and with the current rates with some of the leading energy companies in Ireland, this works out at around €1,750 per year.

And this is just the average – many households will have bills that far exceed this figure. Having solar PV panels installed on your home can take a big chunk out of those energy bills.

You can even make some money by selling surplus electricity back to the national grid.

The amount of money you can save with solar panels will depend on the size of the system you install and the maximum energy output of the panels.

The Sustainable Energy Authority of Ireland estimates that you could reduce your bills by one third with just 4 to 6 panels installed.

With a slightly larger system, you could slash your electricity bills by 50%, and based on current energy prices and the average usage this would mean annual savings of as much as €1,000 for some households.

These kinds of savings can more than offset the cost of solar panels, with an average payback period of just 6-10 years for most solar PV systems.

Grants offered by the Sustainable Energy Authority of Ireland (SEAI) are available for homeowners looking to install solar panels on their homes.

Solar panel grants have significantly reduced the initial up-front costs associated with the solar installation process.

The SEAI offers €800 per kWp up to 2kWp, meaning they provide grants of €1,600 for a small system of 2kWp solar PV panels. They then offer €250 for every additional kWp up to 4kWp, capped at €2,100.

This essentially means that most homeowners installing an average solar PV system can receive €2,410 from the SEAI.

Another factor which has helped lower the cost of solar panels is the new 0% VAT rate which came into effect on the 1st of May 2023.

The Irish Government envisages the 0% VAT rate reducing the average cost of the supply and installation of solar PV panels by €1,000 – around 11.5% less than they would have been previously.

So with the introduction of grants from the SEAI and the removal of VAT, households will pay around €3,400 less for an average solar system than before these incentives were introduced.

Once you have a solar PV system installed on your roof or on a ground mounted structure in your garden, there is not much else for you to do except enjoy the savings over the years.

Solar panels require very little maintenance except occasional cleaning. Cleaning the panels will remove any dust that has built up, as well as any leaves that might have blown onto your roof from nearby trees that might interfere with that all important sunlight.

Cleaning solar panels can be done professionally, and it is generally recommended that homeowners have their PV panels cleaned at least once per year to maximise their efficiency.

DIY is another option, and a soft cloth and soapy water or a hose can be used safely on solar panels, avoiding any harsh chemicals which could cause problems.

But apart from the occasional clean once or twice a year, your solar panels shouldn’t need much more care or attention, so you can just let them be to work their magic.

As well as being attractive to house hunters for the obvious reason that they will save them money on their electricity bills, installing solar panels will also increase the property’s Building Energy Rating (BER).

This energy efficiency rating, which is ranked from A1 (most energy efficient) to G (least efficient), must be available to any prospective buyers when homeowners wish to sell up.

Higher rated homes, i.e. homes that are more energy efficient, are much more desirable, as it generally means they will have lower bills.

An ESRI report found that each step up the BER ladder was associated with a 2% increase in the sales price.

If you’re thinking about installing solar panels on your home or business, it’s important to look at multiple options before taking the plunge.

Take a free assessment on what is the best solar power option for you personally today!