The solar photovoltaic systems are often marketed as a way for one to make money as well as save on their electricity bills. Despite the relatively high installation cost, solar power often cost less than traditional power from a utility company. Homeowners often ask themselves whether the panels are worth it, but the increasing cost of electricity drives them to explore clean and renewable solar energy.
Why Go Solar?
Going solar has a broad range of benefits, whether economic, environmental or personal. Top of these benefits involve the aspect of solar energy producing a clean and renewable source of energy that reduces on the carbon footprint. Other benefits include;
– Eliminate or drastically reduce your electricity bills
– Enables homeowners earn a significant return on investment
– It protects against the rising energy costs
– Increases your property value
– Creates jobs and helps the local economy
– Assists in the protection of the environment and reduces the levels of carbon footprints
The Solar Panel Profits and Payback Time
There are government programs such as Feed-in Tariff (FIT) that pay individuals who have solar panels installed on their roof. Such programs guarantee cash payments to those households that generate their own electricity by use of renewable technology. Under the FIT programs, you receive money in return for generating your own electricity using renewable energy.
Factors Affecting Solar Panel Investment under FIT Programs
i. Inflation – This increase the generation and export tariffs every year.
ii. An increase in electricity prices – This will have an impact on the level of savings on your electricity bills as the higher the electricity prices go up, the greater the savings.
iii. Cost of solar panel installation – This cost has drastically fallen since the inception of the FIT programs. The most efficient way to pay for the installation of solar panels is upfront and in full. In case you are short of the full amount, you may consider remortgaging or seeking a loan. However, remember for any of these options, you will have to pay an interest at the end.
Solar Energy for Residential Use
When people think of residential solar energy, they think of the solar panels. The solar panels are placed on the roof of your residence or garage by the professional solar installers, depending on your space requirement and shading. The most efficient way to implement residential solar energy is by the use of the solar water heater. The solar water heaters do not create electricity – they just collect the heat from the sun and store it in a tank for later use. Other ways of using solar energy are in the provision of hot air, for cooling and lighting purposes.
Installing a solar energy system on your roof is absolutely a good investment. The specific return on investment will depend on your household’s average power consumption. It is now time to switch to the clean, renewable energy and beat the installation charges. You can make the most of your solar energy investment by partnering with a full-service company that features highly trained in-house specialists, who can handle, designing, installation and monitoring of your solar systems.