Should You Install Solar Panels? What Phil Spencer's 7-Year Payback Really Means

Property expert Phil Spencer has revealed he’s installing more solar panels on his Hampshire home – and his reasoning offers a useful lesson for anyone considering the same investment.

Spencer already had panels when he bought the house, and he’s impressed enough with their performance to add more. His key metric? The payback period. He’s planning to stay in the property for 10 years, and the new panels will pay for themselves in about seven years through energy bill savings. For him, the maths works.

But here’s what matters for your decision: not every household will reach that payback point, so you need to do the sums for your own situation first.

Why consider solar panels now?

Energy bills are expected to rise sharply this winter. Gas storage levels across Europe have fallen to just 54 per cent of capacity – well below the typical 70 per cent we’d expect by summer. This shortage, partly driven by Middle East instability, is pushing wholesale gas prices up. Rising energy costs make renewable power more attractive.

Research from Wickes found that 53 per cent of property buyers now actively look for homes with solar capability, suggesting it’s becoming a mainstream consideration rather than a niche choice.

The real question: how long will you stay?

Spencer is clear on this: if you’re not planning to stay in your home long-term, solar panels probably aren’t worth it. Installation costs typically range from £5,000 to £9,000 for a standard system. You need to factor in:

Your roof size and orientation (south-facing is best)
How much shade falls on your roof
How long you plan to stay in the property
Your current energy usage and bills

What you should do next

Get a free survey from a reputable installer – there are many Trustmark-registered companies across the UK. They’ll assess your roof and give you a realistic payback estimate based on your circumstances.

Check the Energy Saving Trust website for impartial guidance and lists of approved installers. If the payback period is five to eight years and you’re staying put, the investment could make sense. If it’s longer than 10 years, you may want to explore other energy-saving measures first – better insulation or a heat pump, for example.

Rising energy bills aren’t going away, but solar panels are only right if the numbers work for you.