Why Buy Solar Panels – is it worth it? Solar Energy Systems payback.
Why buy solar panel –is it worth it? The short answer is “Yes”. In fact there are lots of reasons for using solar power in your home. We all know about the benefits to our planet when we use renewable energy sources. But what about the financial question – “What is the payback period?”.
Well, as you might expect, the answer is “That depends!” Obviously it depends on the type of installation you have, how much energy you use, what your current energy costs are from your supplier, and so on. So everyone’s situation is different.
The best way to do any calculation is to look at all the component elements that make a measurable contribution to payback.
Here are some of the biggest contributors so you can work out your own personal payback.
When you compare solar energy with any of the traditional sources (oil, gas, coal, nuclear) there’s one major difference. Your energy source is unlimited and free. All the others are consumable.
In the last five years energy costs have pretty much doubled. In the next ten years it is expected to treble (again).
So if you were paying $1000 a year in 2021, that would be over $2000 today and $6000 by 2022 (based on recent studies by Ernst and Young).
Add that up over a twenty year period and that total energy cost is enormous. You will get twenty years service from a home solar energy system and all the energy comes FREE from the sun! But, theres more.
Energy systems in the home that are powered by oil, gas or coal need regular maintenance and have moving parts that wear out in time. You can expect to replace some of those parts during the lifetime of the system and pay for regular servicing to make sure your system is safe and efficient. There is almost no maintenance for solar energy systems. So add up your maintenance costs, that go with your energy bills, and work out what that comes to over the next twenty years.
Grants for renewable energy
Most governments have started to introduce incentives to homeowners who are switching to renewable energy sources. For example, in the UK you can get a contribution of up to £2,500 (c. $3,400) against the cost of a solar panel power system.
Sell power back to the grid
In many countries, if you are creating your own energy you can be connected to the grid so you get paid for any of the energy you don’t need for yourself. Search on “Feed-in Tariffs” for your country. This way you literally get money back from your home solar energy system!
The future value of your home
It is becoming easier to sell houses that take most or all of their energy from renewable sources. In many countries when houses are bought or sold they will be subjected to some kind of survey. Over the next ten years houses with solar or wind powered energy sources will be more attractive to buyers than houses with traditional systems.
This all sounds great, and there’s a lot of hype about solar energy. The downside is that the equipment costs and the installation costs are quite high (although they are coming down as the technology develops and matures). A realistic expectation, taking all the above into account is that your home solar energy system, on average, will take six to twelve years to pay back.
That might sound like a long time but there’s one last thing to remember. Once you’ve paid off the cost of the system your energy becomes FREE. In fact, if you produce more than you use and sell it back to the grid you can even profit from it. In summary, well worth doing!
Learn Why a Home Solar Panel Will Save You Money
What is a home solar panel how can it save you money? Solar energy panels are a new, eco-friendly option for homeowners who want to heat and cool their home efficiently using the sun’s rays. Homeowners may even desire to power solar appliances using the energy captured and stored with solar energy panels.
A more detailed description of a home solar panel would also include the following facts. Solar power panels are constructed from several solar cells or photovoltaic cells arranged in several arrays to create a panel.
These solar cells soak up sunlight, which is then converted into energy via an electrically connected grid, which provides power and heat for your home. Many homeowners utilizing solar power panels are enjoying the benefit of receiving funds from their local power company instead of the other way around.
Solar panels are best positioned on flat roofs and angled to the south. However, it’s possible to make efficient use of the sun’s energy with a home solar panel system that is within roughly 1,000 feet of your humble (or not so humble) abode.
Types of Home Solar Panels
If you’re looking to invest in a home solar panel system for your home, you currently have at least three from which to choose. Who knows what the market will produce as the research on renewable energy moves forward.
Homeowners can choose from a 12-volt solar energy system, a do-it-yourself solar power system or a thin film solar panel system. Each of these options features something different for the homeowner, so be sure to conduct research on each solar panel system prior to making an investment.
What Are the Benefits of a Home Solar Panel System for a Homeowner?
The first thing every homeowner wants to hear is how a solar energy system is going to save money. Saving money on energy costs is definitely one of the most attractive benefits of installing solar panels into your home.
How much will you save? Of course, the amount will vary depending on the geographic location of your home and consistent weather conditions, but some homeowners estimate they are saving around 50% on their energy bills each month.
Yes, the initial outlay of funds to install solar energy panels on your home may seem daunting, but you’ll quickly see your investment pay off.
Where to Find Affordable or Free Solar Home Panels?
One way to save money on home solar panels is to build one yourself. “Do it yourself”, or DIY solar panels are becoming more popular as more people are now looking to save money on energy costs AND save money. This can be a fun project that is not as difficult as it sounds, if you have some patience and willingness to follow instructions. You can even find used components to build a solar panel for free or a very low investment.
Speaking of financial benefits, there are some significant financial incentives available through your local and federal government for homeowners looking to ‘go green’ with home solar energy systems. Solar power grants are often available for homeowners too, some of which can help you to fund the entire cost of your system.
Another attractive benefit of a solar panel system is that you would likely have some power in the event of a power outage in your area due to severe weather conditions or a power grid failure. Full power isn’t likely, but there is a good chance you’d have enough solar power stored up to provide some light and heat for your home.
And of course, one of the great benefits of using solar energy is that instead of paying your electric company, they will pay you! Yes, with a solar power system you may produce more than enough energy for your own use, and so your utility company will pay you for the surplus power.
Solar energy is clean and pure. There are no negative side effects associated with using solar power inside or outside the home. Solar power allows us to enjoy a smaller “footprint” on the environment as well, which means a cleaner and healthier world for future generations (perhaps even your own grandchildren!)
Some homeowners are opting to go completely off the grid and sustain their every energy need via solar energy. However, most homeowners simply desire to have a method of supplementing their energy needs and that’s where solar energy panels can save you money AND help the environment!