Fuel prices rose to a world record price today, breaking $140 per barrel as the UK government unveiled their renewable energy strategy for consultation. If it rises to $150 per barrel our calculations show that solar water heating can be a genuinely economic option for people who will save high cost fuels such as electricity. “Is it worth it for me?” The calculation goes something like this. Invest £2000-£4000 on a solar panel installation, depending on brand and whether it is DIY or not. It should add something to the value of your home, perhaps £1000-2000. Now let it go to work while you go to work too. It will pay the rest off, with annual fuel savings which may be in the range of £100-£150 per year for users of peak rate electricity, or other high cost fuels. Because it is cheaper, mains gas users will probably need oil prices to reach about $170-$200 a barrel for solar to be a no-brainer for them. “Perhaps, just perhaps over-complex and potentially market distorting grants won’t be needed after all” comments Barry Johnston, managing director of Solartwin.com.
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