Archive: MoneySavingExpert's Money Tips Email

Ho-ho-dough. FREE money to help the Christmas coffers 
Now SEVEN banks give switchers £100+. Topped by First Direct (top service) & Santander (cashback on bills) at £130

Time for a bit of financial razzle-dazzle. The festive season has become the bank switching season. There are currently seven banks offering to pay you to move, with Halifax the latest to join the party. From our records, the last time there were more top bank accounts paying switch bonuses was in 2015. So if you want to boost your Christmas coffers they're worth a look, unless your bank's so good it gives you a foot rub on request, and free tickets to the Oscars. 

• £130 paid into your account just for switching - and don't worry, it's easy and hassle-free. You just use the bank's seven (working) day switching service and it moves your balance, standing orders and direct debits for you, closes your old account, and ensures any payments to it are auto-forwarded. In Martin's Twitter poll a few weeks ago, 80% said it was mostly easy and hassle-free.
  
  While some of the bonuses won't come until the New Year, knowing they're coming may help offset your Christmas costs. To qualify for them, you usually need to be a new customer (details of what counts vary), and pass a not-so-harsh credit check. Here's what's out there...

New. 'Is now the time to buy solar panels?'

With energy costs at all-time highs, they could add a little sunshine to your bill...

While it's getting colder, thankfully that doesn't write solar panels off as they're about daylight, not sunshine or temperature (which means a marginal gain for those in the southern parts of our isles). And with the energy bills crisis, and a growing green movement, many are asking us about solar panels, so we've updated and rewritten our Solar panels - are they worth it? guide. Read that if you're serious about them, here's a quick briefing for those dallying with the idea...

• The solar panel maths is getting better, though it's worse than it was. Panel prices have dropped over the years, from more than £6,000 for a decent-sized 3.5-kilowatt (kW) system eight years ago, to under £5,000 now. Plus the price of energy has rocketed, so generating it yourself is a far bigger saving than it was.
  
  Under the smart export guarantee (SEG) scheme that started in January 2020, while you get paid for putting unused energy back in the grid measured via a smart meter, the prior feed-in tariff (FIT) scheme was far more generous, with higher rates, and payments for generating energy, even if you used it yourself. Having said that, if you've savings, with interest still so low it's worth doing the numbers for yourself on solar panels, though do check if your home is right for panels.
  
  
• The biggest gain comes from using what you generate - up to a £310/year saving per 3.5kW system. Solar panels are best for those who use the electricity as it is generated, as you pay about 21p per kilowatt-hour (kWh) for it on a price-capped tariff, but will typically only get paid up to 5p/kWh for sending it to the grid under the SEG. So it's a boon for those whose homes have people in during the day, or can set all appliances to work then (or even get battery storage).
  
  Based on Energy Saving Trust estimates (which we've added an uplift to, so we account for the energy bills spike), a typical household can knock between £120/year and £310/year off their bill, depending on system size, electricity use and the tariff. See how big are solar savings?
  
  
• You get paid for generating electricity, but SEG tariffs differ widely - up to £125/year for a 3.5kW system. If you export energy to the grid you can be paid for it, but under the new system the rate is no longer fixed or locked in, it depends on the deal the energy firm gives. The rates are 1.5p/kWh to 5p/kWh (more if you have certain batteries). So you need to find the highest payer, though of course the firm's solvency matters too. See who pays the most.
   
• The break-even time is likely to be 11+ years. Based on the Energy Saving Trust's figures (plus the uplift for current prices), the break-even time for typical panels is 11 to 28 years - depending on where you live, the energy you use, if you're at home during the day and more. Use a solar panel calculator to see.
  
  But remember even that is an estimate, the cost of energy can change, as can what you're paid for generating it, so there is some guess work here.
  
  
• If you're likely to move home in the next decade, it probably doesn't add up. Porting panels to a new home is tough and could be costly (and you may not be able to get the SEG with used panels), so they'll likely stay where they are. Whether they add enough value to the home when you sell is questionable. See moving home with panels.
  
  
• If you already have solar panels and get the feed-in tariff, nothing changes. The old feed-in tariff (FIT) scheme paid a (generous in the early years) rate that was locked in for at least 20 years from when you started for all the electricity you generate, even if you used it yourself - not just the excess energy you export, like the new SEG scheme. The closure of the FIT scheme for newbies won't affect you if you're already signed up. See feed-in tariff info.