The mutual added that this fall coincides with Britain experiencing its coolest summer since 2015, with an average temperature of 14.37°C.
It found that 80,000 solar panels were installed on UK homes throughout the first seven months of the year, a 19% reduction on the 106,000 installed during the same period last year.
Despite the drop, this is still the second-highest year for solar installations since 2015.
Last year, the rate of solar panel installations on UK homes reached a seven-year high, with over 165,000 new installations from January to December. This coincided with one of the 10 warmest summers on record.
Incentive boost
The highest ever year on record for solar panel installations was 2011, when 200,589 panels were installed following the launch of the Feed-in Tariff (FIT) scheme in 2010.
Sophie Mason, environmental and sustainability lead at Coventry Building Society, said: “The lack of a British summer may not have put solar panels at the top of everyone’s to-do list, but they’re still proving to be a popular investment.
“Over 400 solar panels have been installed on homes each day this year, on average, which is a definite surge from [the] same period five years ago.
“Whether they’re looking to reduce their energy bills or their carbon footprint, renewable energy solutions are becoming increasingly important to people. The upfront cost is a potential barrier, but it’s important to view it as a long-term investment and remember that there are schemes available [that] can help.”
Coventry Building Society offers customers the chance to borrow additional funds at a lower rate if they are using at least half of the money on energy-saving home improvements.
