Having just received my latest FIT cheque for £86.48 I have updated my calculations on how much I have saved since having the solar panels installed.
The panels cost about £7500 in total included parts and labour. These were put in July 2011 and since then we have been paid £1117.85 back in FIT cheques. We have also saved a considerable amount on our electricity bills, about £418 in total. This works out to a saving of around £23 a month in electricity as well as earning £62 a month generating it.
My rough calculations show that we will need to wait almost 6 more years and then we will have got back the installation costs and will be making pure profit. As the solar panels will continue to earn us FIT cheques for a further 17 years and we will continue to save electricity, this could turn out to be a great investment for us. The efficiency will reduce for the panels and so the FIT cheques and electricity savings are likely to reduce year on year a bit, but even if we can make £50 a month on average we will make over £10,000 profit in all, which is a great sum of money to have!