There are two financial benefits from owning a solar PV system on your home.
When you generate your own electricity, there are two things that can happen.
If you use the electricity yourself, you don’t need to buy that electricity from your supplier anymore. That means you’ll see a reduction on your electricity bill because you are buying less. Historically, you’d have saved 15p for every kWh of solar power used, but after the energy crisis of 2021, you’ll now be saving about 30p/kWh under the new energy price cap.
If you don’t use the electricity yourself, it will be exported back to the grid. Your electricity supplier will purchase that electricity from you and then sell it on to someone else! Your supplier has to buy this electricity from you.
Using the electricity yourself is usually more valuable than exporting it, so it’s best to use your generation in the home. Here’s how you can get the most from your solar.