In October, over 11,500 solar panels were installed in UK homes, representing an 11% decrease from September, as reported by Coventry Building Society.
Despite this monthly decline, the total count of solar panels on UK homes has reached 1.3 million, a 15% increase from last year’s 1.1 million.
This year’s installations have already surpassed 2022’s total of 111,713, with the current figure standing at just over 140,000. However, the pace of installations slowed in October, falling behind the numbers for September 2023 and October 2022.
The yearly cumulative total of installations is at its highest since 2015, when 179,137 panels were installed prior to the subsidy cuts introduced in 2016. The record year remains 2011, with 200,589 installations following the 2010 introduction of the Feed-in Tariff (FIT) scheme.
Sophie Mason, environmental and sustainability lead at Coventry Building Society, said: “Even with a slight slowdown in installations, the high number of installations throughout 2023 show renewable energy solutions are becoming increasingly important to people.
“Some people may be looking to reduce their energy bills, whereas others may prioritise reducing their carbon footprint.
“The upfront cost is a potential barrier but it’s important to view it as a long-term investment and remember that there are schemes available which can help.
“The green mortgage market will continue to evolve because lenders know homeowners need these options, and because working towards a sustainable future is vital.”
The Society offers customers the option to borrow additional funds at a lower rate for energy-saving home improvements, with a maximum of £25,000 available for both residential and buy-to-let customers.
