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Savings Case Study – Saving for Solar Panels

Written by Suffolk Building Society

16 Oct 2023


UK Savings Week

4 min read

How Alison’s regular savings habits paid for her solar panels

UK Savings Week is an annual campaign run by the Building Societies Association. It aims to raise awareness of the importance and benefits of saving, and to help people to foster better savings habits. This year’s campaign ran from 18 to 24 September 2023.

We asked some of our savers to share their savings stories, and explain how important it was to them to have a savings pot.

Alison lives in Aldeburgh and contacted us to share her savings story:

Following a year off work due to illness, Alison was very aware of the importance of having an emergency savings pot.

She started saving regularly in the Suffolk Building Society 1 Year Regular Saver. She felt it was the responsible thing to do but didn’t have a specific goal in mind.

However, Alison has always been environmentally conscious. She realised her newfound savings habit has allowed her to invest in solar panels for her property.

She signed up to the County Council’s group purchasing scheme. The Council then inspected her property and determined that it was suitable for a solar panel installation. Alison looked online at what the cost implications of the project might be. She found a huge difference in the quotes.

Alison had a survey carried out. It revealed that her roof could only support half the number of solar panels she had hoped to install. But there was a silver lining. The reduced number of solar panels meant Alison could afford to install them immediately using her savings pot. She didn’t have to save or borrow any money.

Alison said to us: “I’m thrilled to have used the money in my savings account to do something so positive. I’ve already reduced my energy bills and I’m also doing good for the planet.

“After being ill and finding it difficult to manage my money for a while, I’m so pleased to have turned things around. The solar panels are a very tangible reminder for me about the importance of saving. It just goes to show that with determination, it’s entirely possible to become a good saver.

“I’ve really got the savings bug now and I am planning to open another regular saver account so that I can have another secret sum for life’s emergencies too.

“Thanks goes to the always lovely and understanding staff at the Aldeburgh and Saxmundham branches of Suffolk Building Society.”

Many thanks to Alison for this account of her and her savings story.

If you have any questions about savings or would like to enquire about opening a savings account, please contact us today on 0330 123 0723, use our Savings Account Finder, or like Alison, visit one of our branches.

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