Fixed or variable? What should I do with savings? How can I lower energy bills? Your questions answered – Sky News

Finance expert Gemma Godfrey: 

With energy prices soaring and the cost of solar panels having fallen, they’re now a less expensive option to reduce your household bills. 

At the same time, they’re less lucrative as a means of making money from excess energy you produce, as those tariffs have fallen. 

Overall, the average household would be expected to save around £440 a year. 

As the upfront cost is significant, it’s estimated that it could take at least nine years to recoup your investment. 

If you’re considering moving within this time frame, then that should be taken into account, as well as how the panels could impact the value of the house. 

Those that spend more time at home and have higher bills would benefit more, as will those interested in helping to look after our environment.