Today’s electricity price is typically around 14p/kW or more and rising. The average cost of on-site generation from solar PV is between 6p and 7p/kW (based on a 20 years cost and production forecast).
In the last 10 years, we have seen the use of coal in centralised power stations be reduced to almost zero and the energy that they produced have been replaced by the growth of wind farms and solar PV generators which now make up around 20% of the mix of electricity from the grid. Renewable energy supply is intermittent and we continue to rely on gas and nuclear generation to meet our “on-demand” energy needs.
Overall, we have seen our demand for grid-sourced electricity drop. One reason for this is that solar PV is now making a serious and significant contribution to the daytime energy demand for many businesses helping to reduce their overhead costs and carbon footprint. In the near future, we expect energy use to rise again with the move to more electric-based vehicles and all-electric housing and businesses.
Businesses that are still contemplating if solar PV could be right for them, there will be no better time than now to consider investing. Rising energy costs and low solar equipment costs mean that today’s attractive returns on investment will continue to improve for many years ahead.
If you are interested in investing in Solar PV or would like to receive more information, please contact Boston Renewables at firstname.lastname@example.org to discuss the opportunities available to you.
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