7 Things to Know Before You Buy Solar Panels

Are you considering buying a solar PV system for your electricity? First, congratulations and thank you very much. You’re doing something that’s important for the environment and the planet – but you’re also going to be saving yourself a nice lot of cash. Before you plunk down your hard-earned dough, though, there are a few things you should know about solar panels and solar PV systems.

Solar technology has improved dramatically in the past decade or so. Today’s solar panels have remarkably good efficiency, and can convert more than 20 percent of the energy that strikes their surface into usable electricity.

You won’t need batteries for your solar PV system if you choose a grid-tied model. Grid-tied systems are set up to use the electricity generated by your solar panels when it’s available, and draw from your electricity company at night or when you need more than your system is producing.

If you produce more electricity than you can use, the excess will be fed into the grid for use by others. The electricity produced by your solar PV system will never go to waste, even if you’re not using it all yourself.

A grid-tied solar PV system also allows you to participate in the Feed-In Tariff Scheme, which pays you for every kilowatt hour of electricity provided by your solar panels. That applies to the electricity you use yourself. You’ll also receive an additional payment for every kilowatt hour of excess electricity that you feed into the grid. That’s even better than getting free electricity.

The amount of your tariff is guaranteed for 25 years. You may have heard a lot lately about planned reductions to the FiTS and thought to yourself, “Aha! I knew it was too good to be true.” The truth is this: those who have already installed solar PV systems and registered them for the FiTS will continue to get the higher payment rate that was in force when they installed their solar panels. Likewise, the amount of the tariff you receive when you register your solar panels is guaranteed to stay at that amount or above for 25 years.

Solar panels last for up to 30 years. The only maintenance you’ll have to do is to hose them down a couple of times each summer to keep their faces clear of dirt and debris, which will reduce their efficiency. You may have to replace the inverter, which converts the current from your solar panels to electricity that you can use in your home, after about 15 years.

A solar PV system will add to the value of your home. In fact, you can expect to recover up to 72 percent of your initial layout in increased home value. That’s an incredibly high return on your investment compared to most home improvements.

Installing solar panels in your home represents a hefty investment, but the return on a solar PV system is well worth it, both in terms of returns to your wallet and more intangible returns, such as the good feeling you get from increasing your energy independence.