New solar panel installations in the UK have reached a seven-year peak, according to an analysis by Coventry Building Society.
The report reveals that during the first eight months of this year, more solar panels were installed than in the entire year of 2022.
The data shows that a total of 13,520 solar panels were installed on homes throughout August 2023, bringing the total number of installations for the year to 115,326. This number has already overtaken the 111,713 installations recorded for the whole of 2022.
The last time installation numbers were this high was in 2015, when 179,137 panels were installed. The surge in installations occurred just before subsidy cuts were introduced in 2016.
The record year for installations was 2011, following the launch of the Feed-in Tariff (FIT) scheme in 2010, with 200,589 panels installed.
As of now, the total number of solar panels on UK homes is 1,232,500, marking a 15.3% increase from August 2022, when 1,068,867 panels were recorded.
Jonathan Stinton, head of Intermediary Relationships at Coventry Building Society, said: “Whether people are looking to reduce their energy bills or their carbon footprint, renewable energy solutions are becoming increasingly important to people. There’s been a definite surge in the popularity of solar panels over the past two years and given their benefits it’s likely that the demand is only set to continue.”
Stinton also acknowledged the potential barrier of the upfront costs of solar panels. “It’s important for homeowners to know that there are deals available which can help,” he said. “The green mortgage market is ever evolving, and homeowners can be reassured that lenders are investing in innovation and research to help make renewable energy options more accessible to everyone.”
Coventry Building Society is currently offering its customers an option to borrow additional funds at a lower rate for energy-saving home improvements. Under this scheme, customers can borrow up to £25,000, and the deal is available for both residential and buy-to-let customers.
