Is Solar Worth the Investment?
The perks and benefits of switching to solar power have often been discussed, but many people can be left bewildered by the expensive upfront costs of having a solar photovoltaic (PV) system installed and sometimes left wondering whether or not solar is actually worth that initial investment.
There are a number of ways in which solar panel investment is very worthwhile, from increasing the value of your home to making a reduction in your carbon footprint. Although there are a number of variables that can have an impact on the cost, payback and savings associated with solar, the upshot of all of them is that solar remains a very worthwhile investment.
Solar panel systems will generally have paid for their initial cost within as little as four years and a maximum of six years. A good quality solar power system should be able to deliver savings on power for as long as a quarter of a century.
How much can you save from switching to solar?
A standard 6.6kW system is known to be able to offer savings of between $300-500 every quarter. Obviously the exact nature of the savings will be determined by how much power is used and when.
Using the solar power that your solar system has generated will save around 30 cents per kWh depending on your current electricity pay rates, and if some of your energy is fed back into the power grid you will also get a credit for that excess power known as a feed-in tariff. This credit may vary depending on retailer and location but usually amounts to about 10 cents per kWh.
Much more money will thus be saved by making use of your own solar power directly.
It is not just in the short term that investing in solar is worth it but the long term as well. A good system should last around 25 years and deliver a lifetime of savings. While investing in solar will not completely eliminate your electricity bill it will reduce the cost of it quite significantly.
Those who use little power will in many ways benefit even more from a solar system as it will allow for the system to be paid off at a much faster rate. A 5kw or 6kw system would suit the majority of households.
There are also a number of other benefits of switching to solar power.
Solar is a renewable energy source
Perhaps the most important benefit of solar power is that it is a completely renewable energy source. It is available all over the world and available each and every day. Unlike many other energy sources it is impossible to run out of solar power – at least not for about five billion years.
Low maintenance costs
Solar power systems usually require little maintenance, with cleaning once or twice per year the most maintenance such systems generally require. There is no wear and tear because there are no moving parts in a solar system.
Solar power is an investment well worth making.