With electricity prices continuing to rise, the case for renewable energy has never been stronger. The cost of living crisis has made many people more conscious of their energy bills, and while there’s still a perception that renewable energy is expensive, the reality is quite the opposite.

A recent study found that solar and wind energy are now the most affordable sources of new electricity in 82% of the world. In the UK, solar energy costs an average of £41 per megawatt hour (MWh) from new projects, compared to £114 per MWh for new gas power stations. This shift proves that renewables are not only the cleaner choice but also the most cost-effective in the long run.

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The Rising Cost of Electricity – What’s Driving It?

Energy prices have skyrocketed in recent years, largely due to the volatility of gas prices. The sharp increase in costs was particularly evident after Russia’s invasion of Ukraine, which led to a surge in wholesale gas prices and left households and businesses across the UK facing significant increases in their bills.

Tom McGarry, Deputy External Affairs Director, highlighted how renewables will play a key role in stabilising energy costs:

“The Great Grid Upgrade will help address the issue of rising energy costs. The main cause of the recent hikes in energy bills is the volatility of the commodity cost of gas, caused by the conflict in Ukraine. Having more renewables connected to the UK energy system will help overcome the price spikes we have seen recently, ensuring bills are more affordable in the long term.”

This means that as more people and businesses transition to solar panels, battery storage, and EV charging, the UK will become less reliant on expensive fossil fuels, making energy prices more predictable and affordable.

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How Renewable Energy Can Help You Save Money

Switching to solar panels, battery storage, and EV charging is one of the smartest ways to take control of your energy bills and reduce reliance on grid electricity.

1. Solar Panels – Generate Your Own Energy

Installing solar panels allows you to produce your own electricity, reducing the amount you need to buy from the grid. This means that even as energy prices rise, your costs stay low because you’re generating free electricity from the sun. With solar now cheaper than gas, investing in panels makes long-term financial sense.

2. Battery Storage – Store Excess Energy for Later

Adding battery storage to your solar system means you can store the energy your panels generate during the day and use it when electricity prices are higher, such as in the evening. This reduces reliance on expensive peak-time energy and ensures that none of your solar energy goes to waste.

3. EV Charging – Cut Fuel Costs with Renewable Energy

With fuel prices remaining high, switching to an electric vehicle (EV) and charging it with solar power is one of the best ways to cut costs. A home EV charger powered by solar panels means you can drive for free, significantly reducing the amount you spend on fuel.

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Why Now is the Time to Make the Switch

If you’re considering solar panels, battery storage, or EV charging, the best time to start is now. The demand for renewables is growing, and as energy prices continue to rise, securing your own independent energy source will put you in control of your costs.

With government incentives, zero VAT on battery storage, and energy suppliers offering Smart Export Guarantees to pay you for excess electricity sent back to the grid, there’s never been a better time to make the switch.

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Take Control of Your Energy Costs Today

At Electrix Renewable, we help homeowners and businesses transition to cost-effective, sustainable energy solutions. Whether you want to cut your energy bills, reduce reliance on the grid, or power your EV with solar, we can design a system tailored to your needs.

Don’t wait for energy prices to rise further – contact us today to start your journey towards affordable, renewable energy and long-term savings!