What are the benefits and drawbacks of having solar panels?

Solar panels enable you to generate your own electricity. This means you will need to buy less energy from the grid, which in turn will significantly lower your energy bill. For many households, this translates into savings of hundreds of euros a year. From the moment your solar panels are installed, you immediately start saving on your energy costs.

According to the Flemish energy regulator, on average you consume 36% of the electricity you generate straight away. Unconsumed energy is fed into the grid in exchange for payment from your energy supplier. This is known as the injection tariff or feed-in tariff. It should be mentioned that this tariff is usually not very high, so it’s more beneficial to use the energy you generate right away.

For many people, reducing their energy costs is the biggest reason for having solar panels installed.

Solar panels are a renewable source of energy. They improve the EPC rating of your home, which in turn boosts the value of your property. Potential buyers are more interested in houses with solar panels, due to the fact that they have low energy costs and require less (or no) renovation to meet government EPC standards. This makes homes with solar panels very attractive on the property market.

This benefit is partly linked to the savings on your energy costs. Having solar panels not only reduces your energy bills, but also gives you some protection from sudden price increases in the energy market.

We have seen in the recent past that energy prices can skyrocket due to external factors such as wars and inflation. If you generate your own energy, you are less affected by such events.

If you also have electric heating in your home, or you have an electric car or are planning to buy one, this could be a major reason to go for solar panels.

Technological advances and economies of scale mean that the cost of buying and installing solar panels is falling, making the initial investment less of an obstacle. This makes it financially feasible for more and more people to install solar panels.

Solar energy is a renewable resource, meaning it doesn’t become depleted like fossil fuels. Having solar panels reduces your emissions of CO2 and greenhouse gases, enabling you to contribute to a better environment.

Solar panels also typically lead to an improvement in your home’s EPC rating. So if you’re planning to make energy-efficient renovations to your home, installing solar panels or a home battery (or both) is a smart investment.

Although solar panels have become cheaper in recent years, making them more financially accessible to more people, their purchase and installation is still a major expense. Depending on your energy consumption and the cost of your solar panels, it can take several years to recoup your investment.

Having solar panels might make you less dependent on energy suppliers, but the downside is that you are dependent on sunlight. The amount of energy you produce will be lower on cloudy days and in the winter months. In addition, the location of your property also matters. Buildings, trees or other obstacles can cast shadows on your panels and reduce their efficiency.

You can maximise you savings by using electricity when your solar panels are producing energy. You can adapt your use of your electrical appliances accordingly, but this is obviously not feasible for everyone.

You can also install more solar panels to capture more sunlight. Installing a home battery as well allows your generated energy to be stored for use at a later time. A home battery allows you to store electricity for several hours or even days.

Another drawback of solar panels is that they have certain technical requirements. For example, you must have enough space on your roof to install a solar panel system that generates enough electricity for your energy needs.

Good to know: you need around 2 sq.m. for each panel. You need at least four solar panels for your installation to be profitable.

Although solar panels are relatively low-maintenance, they do need occasional cleaning to maintain their maximum efficiency. If they get damaged or become defective, repairs may be needed, which may entail additional costs.

Some people feel that solar panels do not match the style of their house. While this is a matter of personal preference, it may be a consideration.

As you can see, solar panels have both benefits and drawbacks. Consider these pros and cons in relation to your own specific situation to help you make an informed choice.

The additional ‘Solar panels and battery’ service in KBC Mobile lets you work out the estimated yield and cost of your solar panels. If you are interested, you can obtain a no-obligation quote from a reliable contractor from the network of our partner ‘Impact us today’. They will contact you within five business days to set up an appointment.

The KBC Energy Loan is an instalment loan. Lender: KBC Bank NV, Havenlaan 2, 1080 Brussels, VAT BE 0462.920.226, RLP Brussels, FSMA 026256 A. Subject to your loan application being approved by KBC Bank NV.