Analysis of Google search data reveals that searches for ‘home solar panels’ exploded 316% above average in March 2022 – the highest level in the past five years. This interest in solar panels is on the rise again this August with the announcement that inflation rates are set to rise again in October.
In April, consumer price inflation was expected to hit 6%, the highest in 30 years; the current rate is over 9%.
The analysis of Google trends data, by insurance experts A-Plan Insurance, reveals that searches for ‘home solar panels’ exploded 316% above the average volume of searches in May, across the past five years, an unprecedented increase in people searching for ‘home solar panels’; and is now on the rise again. This huge spike in interest can be explained by people’s need to reduce their energy bills after the second increase has been announced, and finding any method to do so. Many people are expected to experience a “fuel poverty” – spending a large proportion of income on energy bills.
In addition, Cornwall Insight has revealed that an average household’s total energy bill is forecasted to be £4,200 starting from October 2022, while the British government would need to spend over £7 billion to offset the effects of ever-rising energy prices.
What help are people getting for this rise in inflation?
All households in England, Wales and Scotland will be giving a £400 discount on their fuel bills in October, but this is a one-off.
The government is also giving money to local authorities through the £500m Household Support Fund, to help support vulnerable families.
Customers can also get advice from Turn2Us, Citizens Advice and the NEA for example.
James Haynes, Branch Manager at A-Plan Insurance, commented on the findings:
“The UK has already dealt with skyrocketing bills over the past few months due to inflation and the soaring costs of wholesale oil. Now, we’re having to face the stark reality of the energy price hike increase in April.
“The energy market is in crisis and the most efficient way to save money is to cut your usage or switch to a more renewable energy source. This analysis shows that residents of the UK are taking on this advice and seeking out solar panels as a switch for fuelling their homes.
“Many households in the UK are balancing their budgets and having to pay even a few pounds – let alone hundreds of pounds – extra could knock them into debt and poverty. According to Money Saving Expert, Martin Lewis, families with a 3.5 kilowatt-peak system can knock between £170/year and £440/year off of their bills through the use of solar panels. There is also a smart export guarantee scheme that allows households to get paid for any solar energy they generate but do not use.
“It is always a good idea to contact your insurer when you’re making any significant changes, and that includes adding solar panels. Your building insurance should cover these systems, so long as they are installed correctly and according to manufacturer guidelines. Make sure to also check what kind of coverage is included so that there is no confusion further down the road!”
Case Study
Lucy Arnold, founder of Lucy Locket Loves spoke to A-Plan Insurance on her personal experience.
- You have made the decision to switch to solar panels, could you please explain a little bit about the reasons behind this?
“We have wanted to make the switch for a while but felt like we really needed to figure out exactly what we needed to do as we found there wasn’t actually as much information online to make it easy to make the switch. We are having some work done to our house so therefore we decided now was the time. We think with increasing prices now is the best time to do it especially as we plan to move to electric cars later this year so this will help with some of the cost of that. We want to try and impact our carbon footprint if we can and make positive changes.”
- Have you personally seen a dramatic increase in your energy bills?
“We have seen a significant interest and we only predict this to keep rising hence why the above decision should help this alongside.”
- Are you worried about the forecasted further rise in inflation in October, and did that impact your decision to have solar panels installed?
“We definitely considered it when speaking to our builders and decided that we needed to make sure we did it sooner rather than later to really get the most of them with further rising forecasts coming.”
- If there is anything else you would be happy to explain or describe about your journey to installing solar panels (the main deciding factors be it saving money, where you got your information from, if you know others who have made the switch)
“My partner has done tonnes of research over the last couple of months, hes spoken to many people, spoken to companies and tried to get as much information as possible especially on how much money it should save us and how much energy will it translate too. He has found the company he feels will serve us best alongside our builders with the specific features we want.”
Further information can be found at A-Plan Insurance who commissioned the data.
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