How Solar Panels Can Save You Money

How Solar Panels Can Save You Money

Apart from embracing eco-friendly practices, such as turning off lights, unplugging electronic devices and incorporating energy-saving fixtures, in an attempt to reduce electricity bills and increase savings homeowners are also installing solar panels and switching to sunlight as their main energy source.

In this guest post, Derek Lotts of Smooth Decorator, explains more about the benefits of going solar.

how-solar-panels-can-save-you

Solar payback

Depending on your electricity demand and other relevant factors such as your geographic location and the installation size, installing solar panels might require a sizeable upfront investment, but over time, your installation will pay for itself, which is known as solar payback.

Moreover, you’ll experience numerous advantages of generating your electricity through solar panels. Your household will reduce its ecological footprint and your home will be a much healthier environment. In addition, you’ll always be able to predict and calculate any possible expenses and avoid frequent fluctuations in electricity costs.

how-solar-panels-could-save-you-money

Savings and profit

Even the smallest difference in your electricity bills will be of significance because eventually the amount of your savings will build up. Nonetheless, a range of different factors can influence your savings, so it’s important that you assess your general energy consumption and whether you’ll meet all the necessary requirements. An important factor that you need to consider is your geographic location and aspect of your property because it can greatly influence how much solar energy you will be able to produce and the amount of money you’ll save.

Another way that solar energy can increase your savings is by actually helping you turn profit. Many Australian state governments have solar feed in tariffs schemes, which pay you for excess energy produced by your solar panels which is fed back to the grid. The amount you will receive will depend on where you live.

Beware of demand ‘peak’ charges

Households that switch to solar energy usually remain connected to the power grid. The reason behind this is that they need another source of energy because solar panels can’t generate electricity when there’s no sunlight or at night. On these occasions, households draw energy from the grid and depending on your energy plan you may be billed peak or demand usage charges. However, by controlling your energy use and producing enough energy, you can reduce your electricity bills. For instance, by using appliances during the day when you will be using energy generated by your solar panels rather than at night. Another possible solution is using a battery storage system rather than drawing energy from the grid. This way, you can store excess energy in the battery system and then use it during cloudy days.

how-solar-panels-could-save-you-money

The size of the solar system

The size of your solar system is a major factor that determines how much energy you’ll generate and how much money you’ll save. Solar systems are a modular type of technology and consist of a certain number of solar cells, which means that there’s no exact number of solar panels you need to install. You can install as many as you want, but the larger the system is, the more energy it will produce and the more money you’ll save. The most common solution for households with an average electricity consumption is a reliable 3kW solar system, while a 5kW system is more appropriate for households with larger demands. Before buying a particular solar system, take some time to assess your needs.

By switching to solar energy, not only will you protect the environment, but you’ll also reduce your electricity bills and increase your savings.

How Solar Panels Can Save You Money was last modified: July 11, 2017 by Derek Lotts

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