• Independent report commissioned by OVO found that the UK would save a collective £5.6bn on energy bills and generate 28.5 TWh of electricity if homes eligible for solar panels had them installed.

• This could cut carbon emissions by 14.8m tonnes - the equivalent of taking more than half of all UK petrol cars off the road for a year - and generate enough electricity to power the nation’s EVs in 2024 for almost 10 years.

• To help encourage faster adoption, OVO is launching Battery Boost, a new tariff add-on saving consumers an additional £120 via their solar panel systems.

• Behind the scenes, OVO is powered by Kaluza's advanced software, fuelling offerings like Battery Boost.

London, Wednesday 16th October: New research, commissioned by OVO, has revealed that more than 13.7 million homes across the UK are missing out on the colossal cost saving benefits of solar power.

New research explores untapped solar potential

Developed by leading science research centre, Building Research Establishment* (BRE), the analysis explores the untapped potential of domestic rooftops. Half (48%) of the nation's housing stock is eligible for solar panels but doesn’t currently have them.

If every eligible home were to install solar panels, the impact on the nation’s energy bills could be huge. The report estimates that the nation could shave a combined total of more than £5.6 billion off energy bills by adopting the green technology. Per household, this works out as an average of £410 per year before factoring in additional savings from coupling this with a battery, almost a quarter of the estimated £1,717 average annual energy bill as of the October energy price cap (https://www.ofgem.gov.uk/energy-price-cap).

The analysis also shines a light on the rapid pace change that is needed when it comes to speeding up solar roll-out in the UK. Based on the current installation rate of solar panels in 163,366 homes per year, it could take 84 years for every eligible household to adopt the greener technology unless more is done to motivate takeup.

With the Ofgem energy price cap increasing to 24.5p per kWh, installing solar panels would enable homes to become more self-sufficient and less impacted by the volatility of the market. If the UK reached its domestic solar power potential, an estimated 28.5 TWh of renewable energy could be generated, the equivalent of charging all of the UK’s EVs (1.2m) for almost 10 years (9.8 years).**

The National Grid would also benefit from the exported excess solar energy to flex existing infrastructure, increasing renewable energy capacity on the grid, reducing the nation’s reliance on fossil fuels ahead of future infrastructure upgrades.

With time ticking away on the UK government’s ambition of tripling solar power by 2030 and goal of reaching net zero by 2050, the role that residential solar power could play in reducing carbon emissions should not be underestimated.

By switching to solar, the nation could save up to 14.8 million tonnes of carbon per year. This is the equivalent of taking 10.1 million of the UK’s petrol cars***, more than half currently used across the UK, off the road for a year.

Professor Alastair Buckley, Academic Director at Sheffield Solar and Professor at the University of Sheffield commented, "This report commissioned by OVO is much needed and highlights the importance of residential solar for reaching net zero targets.

“Unlike commercial and utility scale solar the residential market has been slower to respond to the increase in electricity prices and needs to be spurred into action. Findings show that around half of all homes (less than half in London and more than half in the North) are suitable for solar. With yearly savings of around £400 on electricity and more than 20 year system lifetimes residential solar is a very sensible investment.”

Across the country, more than 12.1 million homes in England, 474,000 homes in Scotland, 684,000 homes in Wales and 387,000 homes in Northern Ireland are eligible for solar panels but currently do not have them.

Additional consumer research by OVO*** found that solar panels are the most popular green technology in UK to help decarbonise homes, with 65% of Brits reporting they would like the Government to prioritise solar in order to make the UK a clean energy superpower, followed by wind power (56%) and energy efficiency improvements in buildings (49%).

However, despite two thirds (65%) saying high upfront costs remain a significant barrier to installing, 60% of Brits are unfamiliar with financial incentives or schemes that can help consumers with the cost of solar panel installation. Plus, 67% of Brits believe that it is important that the Labour government prioritises solar energy initiatives.

Over two-thirds (68%) also don’t know they could boost their potential savings even further by adding a battery to their install.

Scott Duncan, OVO Head of Solar and Storage said,

“To help meet the new government’s target to triple solar power in the UK by 2030, we need to knock down the barriers for customers to make the switch to solar. This new analysis shows that the UK’s rooftops have huge untapped solar potential to generate renewable energy, save money off bills and cut carbon emissions.

“We are ready to play our part, which is why customers can bank free solar panels through OVO Beyond, spread the cost over time with 0% financing and get paid for excess energy they export back to the grid. As of this week, we’ve introduced our UK-first Battery Boost add-on which enables customers to charge up their solar batteries when there is less sun for just 10p/kWh, for additional savings of up to £120 at no extra cost.”

New Battery Boost offering

In a UK first, OVO customers with solar panels and batteries will now be able to save a further £120 a year on average through a new Battery Boost add-on, in partnership with battery manufacturer, GivEnergy.

The new smart tech add-on, powered by Kaluza’s advanced technology, enables solar batteries to intelligently charge at times when there is less sun and solar panels aren’t generating as much power. Customers’ batteries will be charged at a special rate of just 10p per kWh - around 60% cheaper than the standard variable electricity tariff****.

This offering will ensure batteries are automatically charged with energy from the grid during lower-demand periods when less fossil fuels are on the system. It is the first time solar batteries will be used in this way in UK homes.

OVO is also helping customers switch to solar by:

• Offering 0% Finance - enabling customers to spread the cost of installing their solar panels over a three year period, with zero interest.

• Enabling customers to bank free solar panels - via OVO Beyond, customers can bank five FREE solar panels, around half the panels required for the average home, to be redeemed when they invest in an OVO solar and battery package in the future.

To find out more about how OVO is helping the nation start its rooftop revolution, visit: (https://www.ovoenergy.com/solar-panels).

ENDS

Notes to Editors:

For more information please contact ovo@wearetheromans.com

*Analysis conducted by Building Research Establishment Ltd. Link to report is available here: (https://drive.google.com/file/d/1CrW-pBuiGsv6Duqki19aNnMci-WRhC1m/view?usp=sharing)

**28.5 TWh of electricity is the equivalent of charging 14.2m EVs for a year based on the average EV driving 6,600 miles per year (UK Dft) at 304 Wh/mile (EV Database). In 2024, it is estimated that there will be 1.2 million EVs in the UK (New Automotive State of the Switch report)

***14.8 million tonnes of CO2e is the equivalent of removing 10.1 million petrol cars off UK roads for a year. This is based on the average petrol car in the UK driving 5,348 miles per year (MOT Data) and the emissions from an average petrol car being 0.27436 kgCO2e/mile (OVO Sustainability Team). This gives us around 10,086,709 petrol vehicles, which is just over 53% of all petrol vehicles in the UK (DfT Data - VEH1103).

***Strand Partners’ specialist research team surveyed 1,008 members of the UK general public between 08/08/2024 and 09/08/2024 online. The survey was representative by age, gender and NUTS 1 region. Strand Partners is a member of the British Polling Council and abides by its rules. A follow-up survey of a further 1,010 members of the public (same representativeness as the above) was conducted between 08.10.24 - 09.10.24 to obtain knowledge of the potential savings of battery installations. For any questions about the survey, please contact polling@strandpartners.com

****Savings are based on a standard variable rate (SVT) tariff of 24.75 /kWh.

About OVO

In 2009, OVO was born to make energy better for people and the planet. Today, OVO is trusted by around four million customers with their home energy, EV charging, green tech upgrades, and more.

OVO is getting the UK ready for a greener, fairer future – planting one million trees a year and supporting new renewable power projects in communities across the country. Not only is OVO bringing low carbon tech into homes, it’s finding smart ways to cut costs for customers – making heat pumps, solar panels, and electric cars more accessible. Behind all this work is Plan Zero: the bold, science-backed sustainability strategy, which sets out how OVO will become a true net zero business by 2035.

This progress can only happen with a culture fit for the future. OVO’s multiple awards include the Best Place to Work for Women in The Sunday Times’ Best Places to Work 2023, which also saw the company coming in the Top 10 for Very Big Organisation.

OVO also won Company of the Decade at the BusinessGreen Leaders’ Awards 2020.

OVO key facts

• UK Customers: four million

• People: 5,000 colleagues with sites in London, Bristol and Glasgow.

• Customer service: Over 100,000 5* reviews on Trustpilot.

• £90m support offered to customers in need since 2022.

Rewarding customers

• Charge Anytime: £6.2 million saved to date by customers.

• Solar and heat pumps: Over 1,000 heat pumps installed and over 450 solar systems installed in UK homes.

• Supporting low-income homes: Over 10,000 homes made more efficient through OVO Energy Solutions retrofit schemes, with £2.70m in annual bill savings across them all, and £70.30m in lifetime bill savings.

• World leading trials: 320+ OVO customer trialists on the world’s first and largest domestic vehicle-to-grid trial, run by us.

• Rewarding trials: Over £1 million in credit through Power Move, for using energy at greener times – saving 56.2 tonnes of carbon.

• Expert advice: Over 4,000 home visits completed by OVO’s Energy Experts, giving customers one-to-one guidance on making their home more efficient.

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