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Solar investment

  • 06-11-2022 12:57pm
    Registered Users Posts: 305 ✭✭


    If you had a lump sum of say €5000 would you invest in some sort of Solar system or would you be better to put the money in the bank and wait for prices to drop in the coming years?

    South and east facing roof.


  • Moderators, Home & Garden Moderators Posts: 4,435 Mod ✭✭✭✭graememk

    Yes. But don't get ripped off!

  • Registered Users Posts: 1,113 ✭✭✭DC999

    I'd deffo recommend solar. We're only live 3+ months. If you think how you can move from 3 bills to 1 (petrol, gas / oil, electricity), it's worth it. We've no petrol bills now (got an EV earlier this year). And heating house with a few electric rads at mo means our gas bill is just standing charges and cooking. Those rads are perfect while not too cold. So we're lucky to one have 1 bill down from 3.

    Our houses and lives in IReland and worldwide will be moving to more electric - think EVs, gas boilers going end of life later this decade here.... So earlier you invest in it, the faster the payback. And more price security you have now. Plus it's good for the earth to reduce emissions so will help if you've any worries on the climate crisis.

  • Registered Users Posts: 4,097 ✭✭✭con747

    I asked myself that question last year and decided that spending cash sitting in a bank depreciating because of inflation on a solar system was the best option. My money in the bank would be worth 10%+ less now if left in it. I know solar costs have increased due to supply and demand but even if you get a start now you can add on to it in the future if prices ever do drop. It's a hard choice but who knows if prices will drop the way it's going now.

    Don't expect anything from life, just be grateful to be alive.

  • Registered Users Posts: 6,021 ✭✭✭zg3409

    Get a few quotes and see on the prices.

    If you are home weekdays 10am to 2pm and are willing to put on dishwasher and washing machine at noon it can make great sense. Only really gives energy in the summer and lots of hot water in summer. Not much output in winter unless it happens to be sunny.

  • Registered Users Posts: 20,162 ✭✭✭✭ELM327

    With 10% inflation in 5 years your 5k start will actually be worth 3k in real terms. Whereas your PV will be saving you money.

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  • Registered Users Posts: 81 ✭✭AntonP

    … and now is the right time to get quotes for installation march / April when it starts to be worth it

  • Registered Users Posts: 3,068 ✭✭✭Ginger83

    I have 2 questions.

    1.Would you get much for €5k?

    2.Has anyone noticed that installers seem less interested in smaller systems?

    I'm considering pricing diy with a roofer fitting the brackets and a sparky connecting however this will mean no grant.

  • Registered Users Posts: 20,162 ✭✭✭✭ELM327

    The only worry with 5k is to make sure you get enough panels in to qualify for the full 2.4k grant.

  • Registered Users Posts: 3,068 ✭✭✭Ginger83

    Maximum grant would mean you are looking at 4kw+ which could mean 10 panels but OP's budget + max grant allows €7400 to play with.

  • Registered Users Posts: 305 ✭✭cwboy

    Might get a few quotes and see what I can get. With the feed in tariff I probably only need panels and the option to add batteries or electric car in the future.

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  • Registered Users Posts: 1,462 ✭✭✭poker--addict

    Installers I suspect love smaller systems. Ultimately the more jobs they complete, the more cheques for 2,400e they get from the exchequer. Larger jobs can run into 2 or 3 days to finish.

    This used to be a referral link 😎

  • Registered Users Posts: 3,068 ✭✭✭Ginger83

    I received a quote for a 4.1kw system with 6kw Solis hybrid inverter (requested) and wifi dongle €6500 after grant.

    I doubt there would be much saving going diy with no grant

  • Registered Users Posts: 43 paddy353

    Hi cwboy, would some sensors / power meters to track and forecast the return on any solar investment make sense for you? It could be a far cheaper alternative, and give you an accurate return on investment analysis.