OPINION: 'I spent less than €150 on electricity bills last year and here's why...'

The recent announcements by Electric Ireland and Bord Gáis Energy that they are to reduce the price of electricity for customers has been welcomed by hard-pressed householders across the country.

While I too will benefit from the price reduction being introduced by my provider, the financial impact will be less than it will be for others because of my decision, just over 12 months ago, to install solar panels at my home.

Fortunately, the rear of my modest semi-detached home faces almost due south which, according to the experts, is optimal to catch the sun each afternoon and evening - particularly during the summer months.

Solar panels are not cheap and the initial outlay to have 12 panels (and a battery) installed was significant even when the SEAI grant of €2,400 was factored in.

However, the savings (financially and from an energy perspective) have far exceeded my expectations and it's clear more should be done by government to incentivise as many people as possible to go down the solar route.

Having analysed bills from the last 12 months, the decision taken by myself and my wife has been proven to be more than justified - from a financial and an environmental sense.

The amount of energy being imported from the electricity grid has reduced by almost 50% and during the peak summer months last year, we 'exported' more electricity than we used - resulting in us having a net credit on our account when the darker days and shorter evenings arrived in November.

Unlike thousands of others around the country, who have been heavily impacted by the energy crisis and soaring inflation, we did not have to worry about receiving a massive bill this month following the excesses of Christmas and the new year.

According the smartphone app, which is linked to my solar panel system, the amount of energy saved over the past 12 months is the equivalent of burning more one tonne of coal while the reduction in carbon emissions equates to the planting of almost 190 trees.

Between the badly-needed government supports and the solar panels, the bottom line is that myself and my wife paid out less than €150 on electricity bills during all of 2023.

Once the solar panels 'have paid for themselves' in a couple of years' time, the benefits will continue for much longer - particularly if I ever buy an electric car.

For those who can afford them, solar panels make complete financial and environmental sense. They will also minimise householders' exposure to the volatility of the energy markets and profit-seeking companies.