Over the last 10 years there has been a dramatic improvement in the technology used in solar panels. This has helped to drastically reduce the cost, leading to the installation of solar panels becoming a more mainstream option for homeowners. Solar Mate, a UK-based start-up aims to help the UK become more energy self-sufficient. They are doing this by making it easier for homeowners to install solar panels – matching them with trusted solar panel installers in their area.
How big is the solar market in the UK?
The global solar capacity was just over 1.5 terawatts in 2023 and this is expected to grow at a rate of 3% in 2024. The UK’s solar capacity is now 15.7 GW, yet, this is significantly lower than their European counterparts Germany, Spain and France. In the UK there are more than 1.4 million UK households that have had solar panels installed, however, this is only 4% of the addressable market. The UK still has an overbearing reliance on fossil fuels with solar only accounting for 6.8% of electricity generation in the last quarter of 2023.
The opportunity for Solar Mate
Although the last decade has seen significant growth due to the reduction in solar panel costs, the solar PV market is projected to grow at a compound annual growth rate of over 20% over the next five years. This presents Solar Mate with a tremendous opportunity to, not only help homeowners switch to solar but also support the reduction of carbon emissions.
Tom Baker, Co-founder of Solar Mate stated “Although the journey has just begun, it’s obvious that the opportunity in the UK is significant. Our aim over the next 5 years is to play a pivotal role in increasing the number of homes generating electricity from solar panels. If we can help increase the current number by 100%, we will be helping thousands of homeowners across the country become more energy self-sufficient. If we can achieve this then we will have made a major impact in the UK’s push to net-zero”.
How much do solar panels cost?
In the last decade solar panels have significantly reduced in cost. Your average 3-bedroom home can have a 4kWh system installed for around £7,000 – an 82% reduction from 2010. These reductions enable homeowners to make far greater savings on their annual electricity bills and reduce the time it takes to break even. When it comes to getting solar panels installed on your property, Solar Mate recommends getting at least three quotes from different installers before making a choice.
