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Should You Join The Solar Panel Rush? We Reveal If They Pay Off

Soaring numbers of households are rushing to install solar panels in a bid to cut their energy bills.

More than 130,000 were installed last year, according to MCS, the standards organisation for UK renewable energy. This is almost as many as were installed in the previous three years put together.

Solar panels let you generate your own electricity — and even get paid for feeding it back into the National Grid.

With average home energy bills hitting £2,500, households with solar panels should make considerable savings.

But average gas and electricity costs are expected to fall by £447 a year to £2,053 from this summer for a typical home, according to energy analysts Cornwall Insight, as the energy price cap falls below the energy price guarantee.

So, is it still worth buying solar panels? How long would it take for them to pay for themselves? We crunch the numbers.

How the maths on solar panels stacks up: We reveal the costs and payback time

How the maths on solar panels stacks up: We reveal the costs and payback time

What are the costs?

The average domestic solar panel system typically costs around £5,500 including installation.

Costs vary depending on the type of panels you choose, the area you cover and any difficulties builders have accessing your roof.

You might slash installation costs if you already have scaffolding up — for example if you are having repairs done on your roof.

Prices differ between installers so the Energy Saving Trust recommends getting quotes from at least three firms.

Once installed, the solar panels start to generate electricity. You can use this to power appliances in your home.

And if you generate more than you can use, the electricity will be fed back into the grid. You will be paid for every unit of power you send to the grid.

At current energy prices, solar panels could save households up to £610 a year, so it would take nine years before you recoup the upfront costs through lower bills.

However, someone in a large home with higher than average energy bills could save up to £850, reducing the time it takes to cover the original outlay to six years and five months, says energy saving advice website, The Eco Experts.

Get an estimate of how much you could save with the Energy Saving Trust’s calculator at pvfit

It asks questions about the slope angle of your roof, how much shade it receives, what direction your roof faces and when you are typically home.

These factors will determine how much energy panels on your roof could generate and how much it could save on your electricity bills.

For example, if you do not have much of a slope to your roof, your panels may not receive sufficient sunlight to make it worthwhile.

Power station: The average domestic solar panel system typically costs around £5,500 including installation

Power station: The average domestic solar panel system typically costs around £5,500 including installation

Solar savings can fall

Potential savings will fall as energy bills drop. Although you still save the same amount of energy, the value of every unit saved is reduced.

So, if average energy bills fell from £2,500 to £2,000, as broadly predicted, the amount you could save would fall from £610 to £488.

It would then take an additional two years to pay off the upfront cost. However, it is almost impossible to know what will happen to energy bills beyond this. Prices are determined by many things — including geopolitical tensions such as the war in Ukraine.

Who will save most with solar panels?

Homes that use energy sparingly are unlikely to get their money’s worth because their bills are already likely to be low.

The biggest savings will be made by households that primarily use the energy they generate, rather than selling it back into the grid because the cost of paying for energy from the grid is much higher than the payment households receive for feeding any excess energy back.

Gareth Beard, of panel suppliers GB Solar, says: ‘Solar panels will benefit medium to higher energy users more so than smaller users.’ A typical London household of two to three people, where everyone is out each day until 4pm, could save £250 a year on energy bills by fitting solar panels.

For a comparable household that is home all day, the saving could increase to £500 a year.

Consumer champion Martyn James says: ‘For millions of people, solar panels are not going to be the ideal scenario due to the expense.

‘Whether solar panels will work for you is dependent on there being enough sun and the angle of the roof.’

Solar tiles: More homeowners are seeking to offset the sky-high electricity costs by generating their own

Solar tiles: More homeowners are seeking to offset the sky-high electricity costs by generating their own

How to earn from your solar surplus

Households can also make money from panels if they sell power they don’t use back to the grid.

Households use the energy as it is generated unless they have a storage battery. If you generate more than you need, it’s automatically fed back to the grid.

You need to apply for a Smart Export Guarantee (SEG) energy tariff to get paid.

However, it is unlikely to make you significant sums of money. Homes make only around £150 a year on average this way, according to James.

Tariffs vary by energy supplier. For example, Octopus will pay 15p per kilowatt hour, while British Gas pays just 6.4p and EDF pays even less at between 3p and 5.6p. If you had a British Gas tariff, and fed half of the electricity from your solar panels back to the grid, you would receive around £109 a year.

To get an SEG tariff, you will need a smart meter capable of tracking how much solar electricity you are exporting.

Budget for repairs at some point

A solar panel system should last 30 to 40 years, after which it would probably be cheaper to replace them, as their performance degrades slightly each year.

But some parts will need replacing a couple of times in that period.

For example, inverters — which convert the electricity generated into a form that can be fed on to the grid — will need replacing within the first ten years and cost around £800, according to the Energy Saving Trust.


Assessing Property Size: What Square Footage Can You Get With The Average UK House Price In Your Area?

Assessing Property Size In The UK

In the United Kingdom, there is a prevailing tendency to gauge the size of residences based on the number of bedrooms rather than square footage. In fact, research indicates that three out of five individuals are unaware of the square footage of their property.

However, a comprehensive analysis conducted by Savills reveals significant variations in property sizes throughout the country. For instance, with the average property price standing at £340,837, this amount would typically afford a studio flat spanning 551 square feet in London, according to the prominent estate agency.

Conversely, in the North East region, the same sum would secure a spacious five-bedroom house measuring 1,955 square feet, nearly four times the size of a comparable property in London.

Best value: Heading to the North East of England is where buyers will get the most from their money

In Scotland, the median house price equates to a sizable investment capable of procuring a generous four-bedroom residence spanning 1,743 square feet. Conversely, in Wales, Yorkshire & The Humber, and the North West, this sum affords a slightly smaller four-bedroom dwelling of approximately 1,500 square feet, while in the East and West Midlands, it accommodates a 1,300 square foot home. In stark contrast, within the South West, £340,837 secures a modest 1,000 square foot property, and in the East, an even more confined 928 square feet.

London presents the most challenging market, where this budget offers the least purchasing power. Following closely, the South East allows for 825 square feet of space or a medium-sized two-bedroom dwelling. Lucian Cook, head of residential research at Savills, emphasizes the profound disparity in purchasing potential across Britain, ranging from compact studio flats in London to spacious four or five-bedroom residences in parts of North East England.

While square footage serves as a critical metric, with a significant portion of Britons unfamiliar with their property’s dimensions, the number of bedrooms remains a traditional indicator of size. Personal preferences, such as a preference for larger kitchens, may influence property selection. For those prioritizing ample space, Easington, County Durham, offers a substantial 2,858 square foot, five-bedroom home, while Rhondda, Wales, and Na h-Eileanan an Iar, Scotland, provide 2,625 and 2,551 square feet, respectively. Conversely, in St Albans, Hertfordshire, £340,837 secures a mere 547 square feet, equivalent to a one-bedroom flat.

The disparity continues in central London, where purchasing power diminishes considerably. In Kensington, the budget accommodates a mere 220 square feet, contrasting with the slightly more spacious 236 square feet in Westminster. Conversely, in Dagenham, the same investment translates to 770 square feet. Three properties currently listed on Rightmove exemplify the diversity within this price range across the UK market.

South of the river: This semi-detached house is located near to three different train stations

South of the river: This semi-detached house is located near to three different train stations

2. Lewisham: One-bed house, £345,000

This one-bedroom property in Lewisham, South London, is on the market for £345,000.

The semi-detached house is set over two floors, and has a private patio.

The property is located near to bus links and amenities, as well as Catford train station.

Edinburgh fringe: This three-bed property is located on the edge of the city, near to the town of Musselburgh

Edinburgh fringe: This three-bed property is located on the edge of the city, near to the town of Musselburgh

3. Edinburgh: Three-bed house, £350,000

This three-bedroom detached house in Edinburgh could be yours for £350,000.

The house, which has a two-car driveway, boasts a large kitchen diner, and is within easy reach of Newcriaghall train station.

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Top 10 Florida Cities Dominate The Business Startup Landscape In The U.S.

Top 10 Florida Cities And Business Startup Landscape In The U.S.

The Voice Of EU | Florida emerges as a hub for entrepreneurial endeavors, with its vibrant business landscape and conducive environment for startups. Renowned for its low corporate tax rates and a high concentration of investors, the Sunshine State beckons aspiring entrepreneurs seeking fertile grounds to launch and grow their businesses.

In a recent report by WalletHub, Florida cities dominate the list of the top 10 best destinations for business startups, showcasing their resilience and economic vitality amidst challenging times.

From Orlando’s thriving market to Miami’s dynamic ecosystem, each city offers unique advantages and opportunities for entrepreneurial success. Let’s delve into the chronologically listed cities that exemplify Florida’s prominence in the business startup arena.

1. Orlando Leads the Way: Orlando emerges as the most attractive market in the U.S. for business startups, with a remarkable surge in small business establishments. WalletHub’s latest report highlights Orlando’s robust ecosystem, fostering the survival and growth of startups, buoyed by a high concentration of investors per capita.

2. Tampa Takes Second Place: Securing the second spot among large cities for business startups, Tampa boasts a favorable business environment attributed to its low corporate tax rates. The city’s ample investor presence further fortifies startups, providing essential resources for navigating the initial years of business operations.

3. Charlotte’s Diverse Industries: Claiming the third position, Charlotte stands out for its diverse industrial landscape and exceptionally low corporate taxes, enticing companies to reinvest capital. This conducive environment propels entrepreneurial endeavors, contributing to sustained economic growth.

4. Jacksonville’s Rising Profile: Jacksonville emerges as a promising destination for startups, bolstered by its favorable business climate. The city’s strategic positioning fosters entrepreneurial ventures, attracting aspiring business owners seeking growth opportunities.

5. Miami’s Entrepreneurial Hub: Miami solidifies its position as a thriving entrepreneurial hub, attracting businesses with its dynamic ecosystem and strategic location. The city’s vibrant startup culture and supportive infrastructure make it an appealing destination for ventures of all sizes.

6. Atlanta’s Economic Momentum: Atlanta’s ascent in the business startup landscape underscores its economic momentum and favorable business conditions. The city’s strategic advantages and conducive policies provide a fertile ground for entrepreneurial ventures to flourish.

7. Fort Worth’s Business-Friendly Environment: Fort Worth emerges as a prime destination for startups, offering a business-friendly environment characterized by low corporate taxes. The city’s supportive ecosystem and strategic initiatives facilitate the growth and success of new ventures.

8. Austin’s Innovation Hub: Austin cements its status as an innovation hub, attracting startups with its vibrant entrepreneurial community and progressive policies. The city’s robust infrastructure and access to capital foster a conducive environment for business growth and innovation.

9. Durham’s Emerging Entrepreneurship Scene: Durham’s burgeoning entrepreneurship scene positions it as a promising destination for startups, fueled by its supportive ecosystem and strategic initiatives. The city’s collaborative culture and access to resources contribute to the success of new ventures.

10. St. Petersburg’s Thriving Business Community: St. Petersburg rounds off the top 10 with its thriving business community and supportive ecosystem for startups. The city’s strategic advantages and favorable business climate make it an attractive destination for entrepreneurial endeavors.

Despite unprecedented challenges posed by the COVID-19 pandemic, the Great Resignation, and high inflation, these top Florida cities remain resilient and well-equipped to overcome obstacles, offering promising opportunities for business owners and entrepreneurs alike.

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European Startup Ecosystems Awash With Gulf Investment – Here Are Some Of The Top Investors

European Startup Ecosystem Getting Flooded With Gulf Investments

The Voice Of EU | In recent years, European entrepreneurs seeking capital infusion have widened their horizons beyond the traditional American investors, increasingly turning their gaze towards the lucrative investment landscape of the Gulf region. With substantial capital reservoirs nestled within sovereign wealth funds and corporate venture capital entities, Gulf nations have emerged as compelling investors for European startups and scaleups.

According to comprehensive data from Dealroom, the influx of investment from Gulf countries into European startups soared to a staggering $3 billion in 2023, marking a remarkable 5x surge from the $627 million recorded in 2018.

This substantial injection of capital, accounting for approximately 5% of the total funding raised in the region, underscores the growing prominence of Gulf investors in European markets.

Particularly noteworthy is the significant support extended to growth-stage companies, with over two-thirds of Gulf investments in 2023 being directed towards funding rounds exceeding $100 million. This influx of capital provides a welcome boost to European companies grappling with the challenge of securing well-capitalized investors locally.

Delving deeper into the landscape, Sifted has identified the most active Gulf investors in European startups over the past two years.

Leading the pack is Aramco Ventures, headquartered in Dhahran, Saudi Arabia. Bolstered by a substantial commitment, Aramco Ventures boasts a $1.5 billion sustainability fund, alongside an additional $4 billion allocated to its venture capital arm, positioning it as a formidable player with a total investment capacity of $7 billion by 2027. With a notable presence in 17 funding rounds, Aramco Ventures has strategically invested in ventures such as Carbon Clean Solutions and ANYbotics, aligning with its focus on businesses that offer strategic value.

Following closely is Mubadala Capital, headquartered in Abu Dhabi, UAE, with an impressive tally of 13 investments in European startups over the past two years. Backed by the sovereign wealth fund Mubadala Investment Company, Mubadala Capital’s diverse investment portfolio spans private equity, venture capital, and alternative solutions. Notable investments include Klarna, TIER, and Juni, reflecting its global investment strategy across various sectors.

Ventura Capital, based in Dubai, UAE, secured its position as a key player with nine investments in European startups. With a presence in Dubai, London, and Tokyo, Ventura Capital boasts an international network of limited partners and a sector-agnostic investment approach, contributing to its noteworthy investments in companies such as Coursera and Spotify.

Qatar Investment Authority, headquartered in Doha, Qatar, has made significant inroads into the European startup ecosystem with six notable investments. As the sovereign wealth fund of Qatar, QIA’s diversified portfolio spans private and public equity, infrastructure, and real estate, with strategic investments in tech startups across healthcare, consumer, and industrial sectors.

MetaVision Dubai, a newcomer to the scene, has swiftly garnered attention with six investments in European startups. Focusing on seed to Series A startups in the metaverse and Web3 space, MetaVision raised an undisclosed fund in 2022, affirming its commitment to emerging technologies and innovative ventures.

Investcorp, headquartered in Manama, Bahrain, has solidified its presence with six investments in European startups. With a focus on mid-sized B2B businesses, Investcorp’s diverse investment strategies encompass private equity, real estate, infrastructure, and credit management, contributing to its notable investments in companies such as Terra Quantum and TruKKer.

Chimera Capital, based in Abu Dhabi, UAE, rounds off the list with four strategic investments in European startups. As part of a prominent business conglomerate, Chimera Capital leverages its global reach and sector-agnostic approach to drive investments in ventures such as CMR Surgical and Neat Burger.

In conclusion, the burgeoning influx of capital from Gulf investors into European startups underscores the region’s growing appeal as a vibrant hub for innovation and entrepreneurship. With key players such as Aramco Ventures, Mubadala Capital, and Ventura Capital leading the charge, European startups are poised to benefit from the strategic investments and partnerships forged with Gulf investors, propelling them towards sustained growth and success in the global market landscape.

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