IKEA now sells solar panels in the UK. The market will expand, but PV panel providers will face unwelcome competition.
Renowned Swedish furniture retailer IKEA now sells solar panels in 17 stores across the UK. While established UK solar panel suppliers may view this as unwelcome competition, industry watchers say it will boost overall solar panel sales and help advance the UK government’s sustainable energy drive.
Ikea will offer a set of 18 solar panels starting at £5,700. The global retailer is marketing its panels as a smart, long-term investment, telling customers they will be able to pay back their initial investment within as little seven years through a combination of reduced energy costs, government incentives and by selling surplus energy back to the national electricity grid.
IKEA has installed more than a half million solar panels on the roofs of its stores and factories around the world, and owns several wind turbines that generate energy in several European countries. The company claims its annual generation of its own electricity is worth €100 million of revenue.