The price of electricity in the UK currently averages around 15-16 pence per kWp according to analysis of CompareMySolar. After looking at the standard tariff rates for low, medium and high users of the big six energy companies in the UK the average price is 15.1 pence for direct debit payment and 16.3 pence for standard credit payment. Over the last three years these prices have increased by more than 20%
Based on data from Consumer Focus we looked at the average price per kWp based on the standard rate in the London Region. The following graph gives average rates for Low (2100 kWh per year), Medium (3300 kWh) and High (5100 kWh) electricity users that either pay by direct debit (cheaper) or standard credit (more expensive):
This graph is based on price per kWh on the 30th of October 2012 and includes all the price rises that have been announced by five out of six utility companies (E.ON still has to announce theirs). It gives us the following average price per kWh per energy company:
- British Gas: 15.1 pence per kWh
- EDF Energy: 16.0 pence per kWh
- nPower: 16.2 pence per kWh
- E.ON Energy: 14.8 pence per kWh (2012 increase not included)
- ScottishPower: 16.8 pence per kWh
- SSE: 15.5 pence per kWh
Over the last three years these electricity prices have been increasing by at least 20%. The following graph shows the average price increase over the last three winters (2010, 2011 and 2012) and is based on data from Consumer Focus, the Guardian and the BBC and our own analysis:
CompareMySolar calculated the return of investment of solar panels based on an average price of 15 pence per kWh. For now we’ll stick to this rate, but after an announcement by E.ON a better average would be 16 pence per kWh. The rise in electricity prices continues to make solar panels more attractive, especially since they have decreased by more than 60% in price in the last years. So don’t switch electricity supplier, but swap to solar panels. Enter your postcode now and see how you can become independent on future electricity price rises with solar panels.