Here comes the sun — comparing solar insolation levels across the UK
There are more than 600,000 people who have installed solar panels on the roof of their home and there is more than 5GW of installed capacity in total for the whole of the UK. It is now well known that solar panels don’t need direct sunshine to work effectively. We might be more conscious of sunshine when it is dazzling and warm but what matters for solar panels is the amount of light available to convert into electricity.
While there are places that are ‘hotspots’ for solar generation in the UK, as a whole the country has relatively high levels of solar and wind resource compared to other countries in Western Europe.
Abundance has helped finance solar projects across the UK from the South Coast up to our most recent project in the SE of Scotland. Each project stands on its own merits, and you should read the offer document carefully for each one, but it is worth considering how Oakapple Berwickshire is able to offer a 7.5% IRR when the popular pre-conceptions of weather in Scotland as a whole are far from ‘sunny’.
For illustration purposes we have compared the average insolation levels for Oakapple Berwickshire to a similar rooftop solar project, Sunshare Community Nottingham that raised £896,000 in 2013 offering a 6.65% IRR. We have also included BNRG Gorse, which is a ground mounted solar project in Kent which raised £730,000 offering a 7.35% IRR.
Solar insolation is the total amount of solar radiation on a given surface during a set time period. The two tables below show monthly average solar insolation figures for Nottingham, Edinburgh and Gillingham (close to BNRG Gorse).
As you can see, Edinburgh is never far behind Nottingham and in fact has higher levels of insolation in May and June. Gillingham, meanwhile, has the best figures, although they may not be as removed from Edinburgh’s as one might assume.
Similarly, this map produced by the Met Office shows mean daily irradiation for the UK.
Berwickshire, which lies just across the Scottish border, has remarkably similar levels of irradiation to Nottingham — almost in the very centre of England.
Furthermore, Scots have caught on to the fact and are installing solar almost as quickly as they are other renewable technologies. This map from Ofgem shows Feed in Tariff activity across the UK. In the four years to June 2014, 48% of FIT eligible projects in Scotland were solar PV!
So next time you find yourself in a discussion about solar, why not drop in some of these facts? People may well walk away saying they’ve learned something new!
Risk warning
Part or all of your original capital may be at risk and any return on your loan or investment depends on the success of the project. Investments tend to be long term and may not be readily realisable. Estimated rates of return are variable and estimates are no guarantee of actual return. Consider all risks before investing.
