Martin Lewis reveals green way to save hundreds on your energy bills
Solar panels are becoming an increasingly common sight on UK homes, but many people are still unsure of how to install them or if their property is eligible FOR WHAT?.
Advice from Mr Lewis' Money Saving Expert service says that the high upfront cost of installing solar panels – which averages around £6,100 – means that homeowners should be sure about the move before they commit.
But the high cost can be worth it for the savings on energy bills – making them up to £350 cheaper a year, according to experts. At this rate, the break-even point is around 10 years, meaning anyone looking to move to a new property within a decade might want to consider it.
There is also a lot of support on offer for those looking to install solar panels. Several solar panel grants and funding schemes are available, particularly for low-income households, which can help them fund up to the entire cost of the project.
Can you save more money if you already have solar panels?
With more homes now being fitted with solar panels, a rising number of people are finding themselves living in houses that had the technology fitted when they moved in.
Around 1.5 million UK homes now have solar panels, research by energy company Sunsave has found. This is up 500,000 since 2022, with 5.5 per cent of properties now fitted.
Pre-installed solar panels give homeowners or renters an automatic saving on energy bills. However, there could be scope for even more money to be saved, Mr Lewis has found.
The key factor is whether the panels were installed before or after April 2019. If they were installed after, the owner will be on the Smart Export Guarantee (SEG) system. This sets the tariff for how much the household is paid for units of electricity they generate, and separately for how much they export back to the grid.
Many solar panel owners may mistakenly believe they are stuck with their current rate, but they are free to switch. Shopping around for a better deal can save hundreds a year, so it is well worth doing.
Those with solar panels installed before April 2019 will likely instead be on a 'Feed-In Tariff' (FIT) system. This pays a good rate for generating electricity (up to 7.39p per kWh), although it has dropped in recent years.
Mr Lewis advises that those on the FIT system can switch to the SEG system, but still keep the previous electricity generation rates while boosting export rates. This can raise the amount paid for generating electricity to a market-leading 30p per kWh, resulting in big savings.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Auto Car
43 minutes ago
- Auto Car
Four years after its UK launch, Hyundai is now betting big on Genesis with new dealer strategy
Close The surge in growth this century of the Hyundai Motor Group (HMG) means it is now the world's third largest car maker, behind only Toyota and the Volkswagen Group. The third brand in HMG alongside Hyundai and Kia is premium newcomer Genesis, and 'there is unwavering belief [within HMG] that it will be very successful,' says Ashley Andrew, Genesis UK managing director. 'Then you're just discussing the when and the how.' Strong stuff, yet as the likes of Infiniti, DS and probably even Lexus will testify, launching a premium brand is about as tough a test as you can get in today's car industry, particularly in Europe.
Telegraph
44 minutes ago
- Telegraph
We recommended this stock in 1964 and we're buying it again today
Questor is The Telegraph's stock-picking column, helping you decode the markets and offering insights on where to invest Investors are finally beginning to realise that the FTSE 100 is unjustifiably cheap. Its international focus amid a period of monetary policy easing across developed economies, plus several years of underperformance versus other major indexes, mean many of its members offer excellent value for money. In Questor's view, it is now only a matter of time before investors similarly realise that the FTSE 250 offers significant long-term growth potential. It has produced even more disappointing returns over recent years than the large-cap index, having risen just 30pc in the past five years versus a 55pc gain for the grossly underperforming FTSE 100 index over the same period. The mid-cap index's UK focus means it is set to be catalysed by the economic impact of the Bank of England's increasingly loose monetary policy, which leaves it well placed to move significantly beyond a record high that still stands 10pc above the index's current level. As a result, the Mercantile investment trust becomes the latest addition to our wealth preserver portfolio. The company aims to achieve long-term capital growth by focusing on UK small and mid-cap stocks, such as those listed in the FTSE 250, and has produced an annualised capital gain of 7.6pc over the past decade. This compares favourably with a 4.9pc capital gain for its benchmark, which is the FTSE All-Share index excluding the FTSE 100 and investment trusts. The company currently trades at an 8pc discount to net asset value (Nav). Although this is slightly narrower than the 10pc average discount recorded over the past year, it still suggests that investors can buy heavily discounted UK small and mid-cap stocks at a relatively attractive price. With a gearing ratio of 14pc, the company is well placed to capitalise on what this column believes will be a rising FTSE 250 index over the coming years. Certainly, relatively high leverage suggests that the company's share price is likely to be volatile, but given this column's long-term focus, sharp short-term fluctuations in market value are not viewed as a major cause for concern. Additionally, with the trust's largest holdings dominated by high quality companies such as food producer Cranswick, housebuilder Bellway and retailer Dunelm, its long-term prospects appear to be upbeat. The trust currently has noteworthy overweight exposure, compared with its benchmark, to the financials and consumer discretionary sectors. Given these are cyclical sectors whose performance is heavily influenced by the economy's prospects, this further suggests the company is positioned to benefit from an improving outlook for UK GDP growth amid a likely fall in inflation and further interest rate cuts. Alongside its capital growth potential, the trust offers income investing appeal. Although it currently yields a rather modest 3.1pc, which is 20 basis points lower than the FTSE 250's yield, its dividend growth rate is likely to be catalysed by increasingly buoyant operating conditions for its holdings. It also has an excellent track record of shareholder payouts, with dividends either maintained or increased in each of the past 33 years. While Mercantile has not featured in our wealth preserver portfolio until now, it has previously been tipped by Questor – in fact, it was recommended in our very first column. Since our more recent ''buy' recommendation in June 2023, it has produced a 24pc capital gain and outperformed the FTSE 250 index by nine percentage points. It has also risen by 6pc since being added to our income portfolio during August last year. To make way for the company in our wealth preserver portfolio, Currys, Admiral and RWS will now be removed. They have produced total returns of -6pc, 30pc and -75pc, respectively, since being added to the portfolio during June 2021. In Questor's view, using the capital raised from the removal of those three stocks to fund the notional purchase of Mercantile represents a logical long-term move. The trust's focus on UK small and mid-cap stocks means it should benefit from a period of sustained interest rate cuts that boosts earnings growth and prompts higher stock market valuations. Given the company trades at a sizable discount to Nav and has an excellent track record of benchmark outperformance, it offers a favourable risk/reward opportunity on a long-term view.
The Sun
44 minutes ago
- The Sun
All the one-off benefit payments due before the end of the year including families and people over State Pension age
MILLIONS receiving benefits are in line for one-off boosts to help ease the pain on budgets at certain pressure points over the coming months. As long as you are claiming qualifying benefits, you could receive several cash injections before the end of the year, 1 Here are all the one-off payments on the cards... Household Support Fund You can get help with the cost of living through the Household Support Fund. The pot is worth £421 million and distributed by local councils. Each authority has different qualifying criteria and gives support in different ways and for different amounts. It means that what you are able to apply for depends on where you live, as well as your financial situation. The money is usually given as cash transfer or through shopping or food vouchers. For example, in some parts of the country such as Portsmouth you can get as much as £1,000. Whereas households in other areas including Doncaster may be more likely to get up to £300 to support with gas, electricity and food costs. To find out, you'll need to look what your council offers and apply directly. DWP Christmas bonus Thousands of households on benefits receive a tax-free £10 cash boost from the Department for Work and Pensions (DWP). The tax-free £10 payment is paid to eligible households usually during the first full week of December. To qualify for the payment you must be present or "ordinarily resident" in the UK, Channel Islands, Isle of Man or Gibraltar. Households will also need to claim at least one of the 20 qualifying benefits within the same period. The bonus is for those who receive Universal Credit plus mone of the qualifying benefits. To claim your part of the Christmas cash, you'll need to be claiming at least one of the following DWP's benefits: Armed Forces Independence Payment Attendance Allowance Carer's Allowance Child Disability Payment Constant Attendance Allowance (paid under Industrial Injuries or War Pensions schemes) Contribution-based Employment and Support Allowance (once the main phase of the benefit is entered after the first 13 weeks of claim) Disability Living Allowance Incapacity Benefit at the long-term rate Industrial Death Benefit (for widows or widowers) Mobility Supplement Pension Credit - the guarantee element Personal Independence Payment (PIP) State Pension (including Graduated Retirement Benefit) Severe Disablement Allowance (transitionally protected) Unemployability Supplement or Allowance (paid under Industrial Injuries or War Pensions schemes) War Disablement Pension at State Pension age War Widow's Pension Widowed Mother's Allowance Widowed Parent's Allowance Widow's Pension If you're part of a married couple, in a civil partnership or live together, you'll both get the cash bonus - as long as you both are eligible. If you or your partner do not get one of the above qualifying benefits, then they could still get the bonus if they are over the state pension age by the end of the qualifying week. Winter Fuel payment The Winter Fuel Payment is made every year to help cover the cost of energy over the colder months. It has been changed in recent months so that fewer can claim. However, the cash boost, worth up to £300, is still valuable for those who quality - particularly those on Pension Credit. The cash is usually paid in November and December, with some made up until the end of January the following year. If you haven't got your payment by then, you need to call the office that pays your benefits. Households eligible for the payment are usually told via a letter sent in October or November each year. If you think you meet the criteria, but don't automatically get the winter fuel payment, you will have to apply on the government's website. The Child Winter Heating Assistance If you're based in Scotland, you could receive a child winter heating assistance payment of £255.80. You get child winter heating payment for a child or young person under 19 who lives in Scotland and who is entitled to: the highest rate of the care component of child disability payment (CDP) or disability living allowance (DLA), or the enhanced rate of the daily living component of adult disability payment (ADP) or personal independence payment (PIP). They must be entitled to the relevant disability benefit during the 'qualifying week', which is the week beginning on the third Monday in September (w/c Septmber 15 in 2025). You do not have to make a claim for the payment, but it should be paid by Social Security Scotland, usually in November. If you think you're entitled but have not received payment by the end of December, you should contact Social Security Scotland on 0800 182 2222. Warm Home Discount The Warm Home Discount is an automatic £150 discount off energy bills. As the money is a discount, there is no money paid to you, but you'll get the payment automatically if your electricity supplier is part of the scheme and you qualify. You'll have to be in receipt of one of the following benefits to qualify for one of the payments: Income support Income based jobseeker's allowance Income related employment and support allowance Housing benefit Universal credit Child tax credit Working tax credits Pension credit guaranteed Pension credit savings credit If you don't claim any of the above benefits, you won't be eligible for the payment. Cold Weather payment Cold weather payments are dished out when temperatures are recorded as, or forecast to be, zero degrees or below, on average, for seven consecutive days between November 1 and March 31. Eligible Brits are then given extra money to help heat their homes. You get £25 for each seven-day period where the weather is below zero Celsius on average during this time frame. You can check if your area has had a cold weather payment by popping your postcode into the government's tool on its website. You'll need to be on certain benefits to qualify, which are: Those in Scotland don't get cold weather payments but may be able to receive a winter heating payment instead. Student maintenance payments loans Student maintenance loans are paid to university students to help cover living costs such as rent. They are usually paid at the start of each new term, so you typically receive three payments a year. Maintenance Loans are paid straight into your student bank account in three (almost) equal instalments throughout the year. The amount you will receive depends on where in the UK you're from, whether you'll be living at home or not, your household income and how long you're studying for. The average Maintenance Loan is approximately £6,116 a year.
