Solar Panels
31 August, 2022NEW! Solar Panel Loan
We are delighted to bring all our members a new loan with a great rate of 5% (5.11% APR) for the installation of solar panels. Energy costs are increasing massively, solar energy is a green alternative & you can sell surplus power back to your energy supplier now!
Get a quote for our new loan here or apply now through your online banking.
The Irish government has a target of upgrading 500,000 homes to B2 Building Energy Rating (BER) standard, by 2030. Now is the time to apply for their energy upgrade grants – available for things like solar panels, wall insulation and heat pumps.
When it comes to solar panels, more than 24,000 Irish homes are already generating electricity from solar PV panels and researchers from the MaREI Centre in University College Cork have estimated that one million Irish homes have the potential to take up to six solar PV panels.
If you’re thinking of switching to solar energy, as well as availing of a government grant of up to €3,000, once your solar panels are installed you can sell your power back to the national grid from July 2022.
Below, we’ve compiled some helpful information on solar panel grants – including how you can apply for one and how much you could save.
SEAI Solar PV Grant
Homeowners can apply for a one-off grant for the purchase and installation of Solar PV panels and/or the purchase of a battery energy storage system for their home. Solar PV panels produce electricity. There is a different kind of grant for solar thermal panels, which produce hot water. To find out more about the different kinds of solar panels and how they work, read our complete guide to solar panels, here.
The Sustainable Energy Authority of Ireland (SEAI) administers the home energy grants, which includes funding for solar panels. To increase the energy rating of your home to B2, you may want to consider a deep retrofit which includes multiple home energy upgrades. Read our blog here to understand the energy rating of your home.
Solar PV Grant Amounts
The maximum grant amount you can receive for the purchase and installation of PV panels and a battery storage system is currently €3,000.
The SEAI calculates the grant based on the size of the panels. A kWp, or kilowatt-peak, is the amount of power produced by your solar panels.
- 2kWp or 6 Panels: €1,800. You can get a grant of €900 per kWp up to a maximum of 2kWp. This means if you purchase 2kWp or 6 solar panels, you can receive a maximum grant of €1,800. If you purchase a battery, you can receive an additional €600, bringing the grant to €2,400.
- 3kWp or 9 Panels: €2,100. You can also receive €300 for every additional kWp up to 4kWp. This means if you purchase 3kWp or 9 solar panels, you can receive a maximum of €2,100 plus €600 toward your battery, bringing the grant to €2,700.
- 4kWp or 12 Panels: €2,400. If you purchase 4kWp or 12 solar panels, you can receive a maximum of €2,400. If you purchase a batter you will receive an additional €600, bringing the grant to €3,000.
Solar Thermal Panel Grant
If you want solar thermal panels, which produce hot water instead of electricity, you will need to apply for a separate grant. The SEAI offer a maximum of €1,200 toward the purchase and installation of solar thermal panels. Check out the SEAI’s website for more information.
How can I Apply for a Solar panel Grant?
Individual Application
If you want to manage the grant application and project yourself, you can apply to the SEAI directly, through their ‘Individual Energy Upgrade Grant’ option. You will need to pay for the work upfront, and will be reimbursed the relevant amount.
There are certain criteria you will need to meet before getting a grant. For PV and thermal panels, they include being the owner of a property built and occupied before 2021, using new materials and work that meets a certain standard, using a contractor from the SEAI’s registered list and getting a BER after the work is done using a BER assessor from SEAI’s National Register.
You’ve now seen the financial benefits of solar panels, and you may have noticed more and more dotted across the roofs of Irish homes in recent years. But perhaps you’re still not sold on them? Are solar panels, in a country where it rains over 30% of the year, worth it? There’s a lot to understand, too – from the science, the return of investment, to installation and cost.
This blog will cover the basics of solar panels; how they work, the different types you can choose from, how they’re installed – and why they might just be worth the hype.
Do solar panels work in Ireland?
Yes. The sun’s energy can penetrate even on a very cloudy day. Solar PV panels work by absorbing daylight and converting it into electricity or heat, and daylight levels in Ireland are very good. We have similar daylight hours to Germany, one of the biggest solar producers in the world. Indeed, researchers in University College Cork have concluded that a quarter of all the electricity needed by Irish households could be produced by putting solar panels on domestic rooftops.
Around 75% of the annual energy from a solar PV system is produced from May-September The amount of electricity generated annually will depend on a range of factors, including the hardware chosen, the size of the system, the geographic location and the direction in which the panels are installed. According to the Sustainable Energy Authority of Ireland, a home solar PV system sized at 20 sq. m (~3kW) would generate around 2,600kWh of electricity a year if well-located, over 40% of the typical annual electricity demand of an Irish home.
Are solar panels worth it in Ireland?
With the recent hike in Irish energy prices, more consumers are turning to alternative energy solutions. But how much can you save by investing in solar? Variables like panel size and number, whether or not you install a battery and how much electricity you use, can affect the total amount saved.
You can use the SEAI’s Payback Calculator for Domestic Solar PV tool to work out how much you could save on your annual electricity bill by installing solar panels.
For example, a homeowner based in Dublin with panels installed on a south facing roof can save up to €329 per year on their energy bills, with an estimated payback period of 11 years. This does not include the additional savings which can be achieved by using storage technologies.
For the very first time, from June 2022, Irish consumers can choose to sell any surplus energy back to the national energy grid, which could further increase their savings.
Solar PV Panels vs Solar Thermal Panels
There are two main types of solar panels: solar photovoltaic (PV) panels and solar thermal panels. The main difference is that one produces electricity, while the other produces heat.
Solar PV panels are commonly used in Ireland and have photovoltaic materials, or solar cells, that convert light into electricity. PV panels can fetch a higher grant value than thermals, (approx. €3,000 vs €1,200) are cheaper to install, and are more easily maintained. Unlike thermal panels, they can help power every electrical appliance in your home and allow you sell surplus energy back to the grid should you want to.
Solar Thermal Panels use mirrors to direct sunlight toward a specific spot, where it is used to boil water. Thermal panels can be beneficial if you use a lot of hot water and have little or no roof space, as they are considerably smaller than PV panels. Sometimes, you can use both types of panels at the same time.
Solar Hot Water System
There are two ways to use solar panels to heat your water.
Solar Thermal Panels: The first, as we’ve mentioned, is to install a solar thermal panel, which will use sunlight to directly heat your water.
Solar Power Divertors: A solar panel power diverter takes surplus electricity from your solar PV panel and sends it to your immersion heater. Heated water can then be stored for many hours until it’s needed.
Using a Battery vs Solar Export Payments
Installing a battery allows you to store any surplus energy absorbed by your solar panels during the day. You can use it to run your household or charge your car, and you won’t have to rely on much energy from the grid – so you can be nearly self-reliant and fossil-free.
From June 2022, you will be able to profit from any surplus energy you generate from your solar panels, by selling it back to your electricity supplier. Prices for exported electricity can be negotiated between electricity suppliers and consumers.
Solar Panel Loan
Apply online or in branch for our new low rate loan & start saving money & the environment today!
