Is Solar Panel a Good Investment for Your Home?
Solar-powered houses are fast becoming a reality across the world, with people moving towards making their homes more sustainable in energy consumption. Not only do solar panels benefit the environment, but they also cut down your energy bills, add credit value to your homes, make you self-reliant and even help you earn money from the electricity they produce. While there are several advantages of installing solar panels, one important question everyone needs to ask before taking the plunge is – are solar panels worth it?
Solar panels are photovoltaic power systems that utilize solar energy to produce electricity. Several factors determine whether solar panel investment is a good idea for you or not. Factors like how much electricity you consume, is your house ideal for the installation of solar panels, is the solar installation cost within your budget, how long will it take for you to break even, and is your house in the right direction to receive maximum sunlight are some basic aspects you need to consider before going solar. One of the easiest ways of finding the right answers is to get quotes from different companies that provide solar panel installation. This will give you a fair idea about whether solar panel investment will work for you or not. Also, there are several bidders who help you find the best solar deals. You can take their help to make the entire process hassle-free.
Benefits of the home solar system and how to make it a good investment
Now, whether home solar systems are a good investment or not depends on a variety of factors. But one thing is for sure, that there are several advantages of solar panels that you can benefit from. Let’s look at some of the most crucial ones and how you can utilize these benefits to make your investment in a home solar system a profit-making endeavor.
Energy savings:
The biggest and the most considerable benefit that makes solar panel investment worth it is savings on energy bills. However, the amount you can save depends on how much electricity your home solar panels produce. Factors like your geographical positioning and design of your roof-top can make a huge difference in the overall output. And these factors should be considered and accounted for before installing solar panels.
Sustainable source of energy:
As long as the sun shines, your solar panels will continue producing electricity, which is a sustainable source of energy and benefits the environment. But one thing worth considering is the direction of your home. While Southwest is the most solar panel-friendly orientation, the closer you are to the equator, the more suitable things will be for you. But these are not absolute calculations as some of the states in the US that exhibit the highest solar panel installations are in the Northeast.
Earning money from power generated by solar panels:
If your home solar system generates more electricity than you consume, you can sell it to the grids and utilities. And, in turn, get a fixed price on every transaction. While the cost that retailers and other energy companies offer may vary from state to state, it is nevertheless beneficial.
Increased value of your house:
A house that has solar panels installed has a much higher value compared to the ones that don’t. More and more people are now moving towards sustainable living, and houses that have solar panels installed win big when being resold. Installation of home solar panels is definitely a long-term investment. But even if you wish to sell your house, pre-installed solar panels will find you better value for your property.
Government schemes and incentives:
Promoting a sustainable lifestyle and realizing the benefits of home solar panels, the government in Australia provides various schemes and incentives. While the real amount of rebate you get while purchasing solar panels differs from state to state, the federal government also provides a centralized discount scheme making home solar panels a worthy investment. Not just that, there are provisions for buying and installing home batteries that are used to store solar power.
How much does a home solar system cost?
The cost of a home solar system may vary due to its size and installation procedure, but on average, it costs around $5K in Australia after government rebates and incentives. Furthermore, the quality of solar panels and the brand of the inverters will further decide the overall cost. In most cases, the solar installation cost is included in the above-mentioned price. This cost may also vary from state to state as per the rebates and incentives provided by the governments apart from the prices being offered by the retailers.
Home solar panels also provide a good return on investment, and an average home solar system will repay itself in 4-5 years, depending on the amount of energy produced and your consumption pattern. In some cases, if the production is high, you can also sell the extra energy produced to the grids earning extra credits.
So, if you look at your home solar system as a long-term investment, it will definitely prove to be a huge benefit. Considering the fact that an average system pays itself off in four years and companies provide a 25-year guarantee on them, it is a good investment to have. There are several companies that provide the exact quote on how much these solar panels will cost you and how you can install them. Some even find you the best bidders from a number of brands. One such company is BidMySolar that helps you find the best solar deals in Australia. Get a home solar system today!