Solar panels increase property values and lower utility bills in addition to receiving a tax credit from the federal government. Gas or electric heating systems are much more expensive than solar panels in the long run. It takes three years for your solar panels to pay for themselves!
The new thing in conscious energy these days is solar energy, and with so many investments to choose from, it is hard to know which one will “save you tons of money.” So, do solar panels save money? Does solar energy pay for itself? Is it expensive to install solar panels on a home?
It is not a fluke that you can reduce your electricity bill by reducing your energy consumption. With solar panels, you can create a natural energy source that will power your home and heat your pool, saving you money, because you’re not using grid energy. There are a few factors to consider if you want to save money:
- Hours of direct sunlight
- Electricity rates in your area
- Your consumption patterns
How Does Solar Energy Save Money?
Installing solar panels in your home while the government incentives are available is worthwhile if your average monthly electricity bill is high and you’re struggling with cost of living expenses. Not only will you save money, but you will also benefit the environment. Consider installing solar panels for the following reasons:
- Energy costs are not decreasing, while systems are getting cheaper
- Investing in solar panels provides long-term subsidies
- you can use to reduce your power bill and save money
- Solar panels last for a long time and are easy to maintain
Calculate how much you will have to pay upfront.
The first step is to determine how much your initial investment will be. You should also include installation costs and other fees associated with setting up your service. Call DSolar for a quote.
What is the carbon footprint reduction potential of solar panels?
While financial returns are essential for leveraging renewable energy, money isn’t the only thing solar panels save. Additionally, installing solar reduces greenhouse gas emissions and improves the environment. Thus, the question “How much money can solar panels save?” can be answered in two ways: how much solar can save and how much CO2 it can hold (thus preventing it from being released into the atmosphere).
To calculate the reduction of carbon emissions that various green practices result in, the Environmental Protection Agency provides a formula. In the table below, we convert solar energy production into greenhouse gas offsets using the following conversion factors: 7.44 * 10-4 metric tons CO2 / kWh of energy produced; and 1.42 kWh / watt.
Why is my electric bill still high after installing solar panels?
A solar panel system produces a finite amount of electricity regardless of whether it is renewable based on its size. You still owe money on your electric bill if you use more power than your solar panels can produce. In some cases, it may still be high if you significantly increase your energy consumption (especially at night when you won’t generate solar power) or your system is not appropriately sized to meet your energy requirements. Be sure to contact DSolar for advice about system sizes.
Approximately how long does it take for solar panels to pay for themselves?
A solar panel system’s payback period is affected by several factors, including its initial cost, financial incentives, average electricity usage, and estimated power generation. While some of these factors are easier to calculate, on average, most homeowners who shop for solar with DSolar take 4-5 years to pay for their solar panels.
How does solar energy compare to other energy sources?
The long-term benefits of renewable energy are well known, but when it comes to installation, this technology is typically more expensive than conventional energy generators. Incentives, such as government incentives, can help ease the initial financial burden. Moreover, renewable energy sources aren’t available 24 hours a day, 365 days a year, so reliability can be a problem. Solar power doesn’t produce electricity during the night and produces less in rainy weather.
Conclusion
Investing in solar panels and systems will save you money and delivers quick ROI. Installing solar panels is made more accessible by rising property values, lower utility costs, and the government incentives. Because the price of energy isn’t decreasing, investing in solar energy is the smart choice to save money, while you’ll also reduce your carbon footprint!
Got questions? Call the team at DSolar on 1300 989 811 for tailored roof design advice and to get more help optimising your solar panel installation for maximum benefit.