The UK's independent energy regulator Ofgem has announced that from 1 October 2022, the default electricity price cap will increase to $4,183 (£3,549). The price is up 80 percent and 178 percent from April this year and last winter, respectively.
As the UK is about to nearly double the cap on household electricity bills in October, the local rooftop PV industry is seeing its strongest sales spree ever.
The British Solar Energy Industry Association reports that more than 3,000 solar panels are being installed on the roofs of British homes every week in recent days, a tripling from the summer of two years ago.
According to statistics from the British Solar Energy Industry Association, in the second quarter of this year, the power generation capacity of the British people's roofs increased by a full 95 megawatts, and the installation speed has tripled compared with the beginning of the year. Derbyshire electric company Alfreton Electrics revealed that a few months ago the wait to install rooftop PV was about a month, and now it could be two to three months.
At the same time, the tight market demand has also increased the cost of installing rooftop photovoltaics by 15%, but this increase is nothing compared to the doubled electricity bill. In the past, the "return to cost" time for installing rooftop photovoltaics has also been shortened from ten years to three to four years, and may even be shorter.
Kevin Holland, executive director of renewable energy company Solar Shed, said a typical solar system could save £1,200 a year on electricity bills at current prices.
Based on a further 80% increase in October and another 50% increase in January next year, the cost savings of the system will reach 3,240 pounds. If these households can't use up the electricity generated by their roofs, they can still sell it to the grid.
The European market is a frontal battlefield for mainstream photovoltaic companies, and it is also a region with strong profitability. The expansion of the photovoltaic market will be a long-term trend. Companies that are deeply involved in the European photovoltaic market are expected to obtain excess returns. It is recommended to pay attention to photovoltaic industry chain companies that are located in the European market.
It is reported that since the end of 2021, Spain, France, the Netherlands and other European countries have introduced government subsidies, tax and fee reductions, and accelerated grid connection approvals to encourage the development of distributed photovoltaics. Wood Mackenzie, a well-known research institution, believes that