Like most of the UK, you probably have concerns over the rising energy bills and are searching for a solution. With the UK in the midst of an energy crisis, homeowners are facing electricity price rises, leading many to wonder, “why have energy prices gone up?”
From domestic to global factors, there is a combination of reasons why costs have been driven higher than ever. Throughout this article, we’ll explain the key reasons behind the surge in prices and how you can use solar power to combat these issues sustainably and take more control of your energy bills.
Contributing Factors to High Energy Prices
1. Increased Demand for Gas
Natural gas is a major source of electricity generation in the UK, and global demand has surged. As there’s a limited supply, competition has driven wholesale gas prices up, directly impacting household outgoings.
2. Reduced Gas Storage Capacity
It’s been reported that the UK’s gas storage capacity is significantly lower than other European countries, and it only stores enough gas for 12 average days. This means we are more reliant on fluctuating global gas prices, leaving us vulnerable to price spikes during supply shortages.
3. Delayed Maintenance
You may think COVID-19 was a 2021 problem, but the pandemic caused significant delays in routine maintenance at energy facilities. Because of this, there have been disruptions to the supply, having a knock-on effect on energy prices.
4. Low Wind Energy Production
Another key to the UK’s energy supply is renewable energy, but the summer of 2021 saw unusually low wind levels. This meant that the electricity generated by wind farms was significantly reduced, and the shortfall had to be made up from gas-powered stations.
5. Dependence on Gas for Electricity
Around 40% of UK electricity is still generated from gas. This reliance means that when gas prices soar, electricity bills follow suit. While renewable energy sources are expanding, they’re not enough to fully replace fossil fuels.
The Benefits of Solar Energy
With energy prices showing no signs of dropping, homeowners are seeking ways to lower their bills and secure their energy future. Solar panels provide just that—a reliable, cost-effective, and environmentally friendly solution. Project Solar has already installed over 45,000 solar and battery systems, saving over 150,000 tonnes of carbon. Here’s how you can benefit by joining the solar revolution:
1. Save Money
By generating your own solar power, you can cut your electricity costs significantly. Many customers have reduced their energy bills by up to 70% with Project Solar, making their investment a smart financial one.
2. Reduce your Carbon Footprint
Solar panels provide clean, renewable energy, helping to reduce harmful carbon emissions and support a greener future.
3. Future-Proof Your Home
With a solar PV system, you can power your home, charge an electric vehicle (EV), and prepare for a more sustainable energy future. With a lifetime warranty available on selected Project Solar products, you can go green with absolute confidence.
4. High-Efficiency Solar Panels
Our 490W high-wattage solar PV panels maximise energy output, ensuring greater efficiency and savings. To put this into perspective, a single 490W solar panel can produce around 2 kWh per day, enough to power an energy-efficient fridge for over 24 hours or even charge your smartphone over 100 times.
Are Solar Panels Worth It in the UK?
With electricity price rises showing no sign of stopping, many homeowners are beginning to wonder whether or not solar panels are worth it. While our skies are grey and cloudy for the most part, solar energy is still a great solution here in the UK. If you’re wondering how much energy solar panels produce per day, a standard 4kW solar system generates around 16 kWh per day, which is enough to power the average UK home for most of the day.
Although there is usually a small upfront cost, you can still make significant savings in the long term, whether that’s by saving on your bills or selling surplus energy back to the grid. On top of this, they also add value to your property, so your investment will become a lasting legacy.
So, are energy prices going down? Unfortunately, the answer remains uncertain, but it’s unlikely. To reduce reliance on traditional energy providers whilst saving money in the long run, homeowners must consider alternative solutions like solar energy. Not only is it a smart investment, but it also protects your hard-earned money from being engulfed by your energy bills.
Do you want to take control of your energy future? Contact us today for your free quote.