Do Solar Panels Save Your Money?

Solar is among the fastest growing renewable sources of energy. It’s attracted numerous investments from governments, businesses and individuals. However, solar power systems have faced a lot of skepticism due to the cost of investment. Some argue, the cost outweigh the benefits but a deep analysis reveals the contrary. Solar panels save your money and here is how.

Reduced Electricity Cost

Solar energy is an alternative to the national grid. It can be used as an adjunct or a complete replacement. Regardless, solar power systems massively reduce the electricity cost for residential and commercial buildings. If you are using solar as a supplement to the grid supply, you will enjoy lower bills from the supplier. Off-grid solar systems completely eliminate your electrical bills. If you take into account the money you save compared to the high upfront cost of solar installations, investing in solar is the sound financial option.

Reduced Downtime.

One great advantage of solar energy is its reliability. Solar is a renewable source of energy. This means it’s naturally replenished. Moreover unlike other sources of energy, it’s infinite. For as long as the sun exists, solar energy is here to stay. As a result, solar powered systems reduce downtime by reducing electricity shortages and rationing. Businesses can operate with no concern over unstable power supply. Production lines are kept running and opportunity costs are minimized. For residential buildings, reliable solar energy allows you to work from home. Considering this has become the norm following the global pandemic, installing a solar system will ensure you remain productive.

Selling Electricity

If you are hooked to the grid but you still operate a solar power system you may find a credit on your electricity bill. Your bill may even come with a negative figure. A credit is generated when your solar power system produces surplus electricity and feeds it to the grid. Solar energy production depends on solar hours and the intensity of sunlight. On a sunny day with clear skies the system is likely to generate power close to it’s maximum capacity. If the production surpasses the buildings requirements, the surpass power can be redirected to the grid at a fee. In short, you can sell power to the national grid. As a result, you not only save on your bills but also sell to the utility company when your system is at full capacity.

Low Lifetime Costs

Solar energy has one of the lowest lifetime costs. The biggest cost incurred in switching to solar energy is the upfront costs of purchase and installation. However, once the system is set up costs are minimized to almost zero. Maintenance needs are low and the systems guarantees energy production for 25 to 30 years before considering replacement. There are fittings added to the system that last for shorter spans but they are inexpensive compared to the overall cost of the solar system. Nonetheless, solar power systems save money. You only have to do your math with the lifetime cost in mind.

Financial Incentives.

There are numerous financial incentives put in place to encourage installation of solar power systems. Tax breaks are offered on the purchase of solar systems. Federal tax breaks are available in numerous states and go a long way in reducing the upfront costs of solar systems. Cash incentives are also given by certain states to encourage the transition to solar energy. If you are operating a business, going green with solar energy improves your brand and can drive sales. Customers are conscious of the environmental changes and all efforts to curb harmful practices are rewarded. With more sales you are sure to protect your business investment and save your money.

Prudent Use of Electricity

Solar power systems encourage conscious use of electricity. The system has several fittings that track energy production and use. The system also runs energy saving appliances that minimize consumption. As a result, overall energy use is reduce and so is the cost. Conscious usage saves energy and saves money.

Solar saves the planet and also saves money. Whether you are big on going green or lowering your expenses, it’s is the way to go. Invest today and start reaping the benefits.