Solar panels produce clean energy that you can use to power your home and heat your water, but is it a good investment of your money? Let’s be real for a moment. One of the biggest drawbacks most people face in switching to solar energy is the cost. Installing solar panels on your property represents a significant cash investment. Are solar panels worth the cost? These quick facts can help you decide for yourself.
It Takes Between 2 and 8 Years to Recover the Cost of Installing a Solar PV System
When you install solar panels, your electricity costs will decrease significantly. The exact amount of your savings depends upon your typical energy use, the size of the solar pv system you install and how well it produces energy. Remember that every unit of electricity your solar panels generate is a unit you don’t have to pay your electric supplier for. You could conceivably cut your energy bill in half during the summer months, and see significant savings the rest of the year.
Rebates, Grants, Tariffs and Other Incentives can Reduce Your Costs Considerably
In many countries, the government offers financial incentives to sweeten the pot and get people to adopt solar panels or other renewable energy sources. In the UK, those who install solar pv systems are eligible to receive a payment for every unit of electricity produced by their solar panels. The payments are guaranteed for 25 years, which means that you’ll continue to get cash back on your solar energy investment long after the system has paid for itself.
Most Solar Panels are Guaranteed for 20 Years
Most solar panel manufacturers offer a 20 year guarantee on their solar panels. The details of the guarantees vary, but the length of the guarantee is a good gauge of the expected lifespan of your system. When you divide the cost of your system over the course of 20 years, you’ll see that the investment is quite reasonable.
You’ll Never Run out of Electricity
One of the biggest concerns many people have about solar panels is that they won’t produce enough electricity for their needs. Most solar pv systems today are grid-tied systems – that is, they are connected to your home’s current electricity system. The system is designed to draw first from the solar panels and then from the grid, so you never have to worry that you won’t have electricity.
You Save Money for Every Kilowatt Hour of Electricity You Use
Right now, you pay your electric supplier for every unit of electricity your home uses. When you install solar panels, you’ll be replacing those units of electricity with free power. Every unit of electricity provided by your solar panels reduces your electric bill by one unit of electricity. That can add up considerably over the course of the year.
If you want to know more about solar panels and whether they’d be a good investment for your home, contact a local solar pv installer and make an appointment for a consultation.
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