Every solar panel maker in the town can tell you about the advantages of solar energy. But, nothing tells you more about an investment in solar panels, than a self-assessment. For this post, we are putting the whole "go green" thing aside, and have a look at solar energy as an investment.
Now, this is quite an easy thing to do. Consider the simple fact that electricity prices will keep rising with time. A solar panel lets you reduce – or even completely cut down – your electricity bill.
So, it is worthwhile we would say.
Solar power is a great short-term and long-term investment, here's how.
A solar energy system will have an immediate effect on your monthly electricity bill. Homeowners can save as much as 70% on their electricity bill with a rooftop solar system. For e.g. if your monthly bill is ₹7,000 and you can save say, ₹4,900, what more can you ask for?
Even if you reverse the percentage of savings to 30%, it is quite a bit off your monthly energy expenses. Eventually, the sun rays can save you a mountain of cash even with small savings in the beginning.
Well, it is likely that you availed a subsidy or took a loan when buying solar panels. Now, loans have EMIs and you are thinking that, how is it savings if I am paying monthly instalments as well?
But hey, you saved ₹4,900 off your monthly bill. An amount that you would have paid anyway, if not for solar panels. So, why not deduct that from the EMI amount? Seems like you are going to repay that solar loan quite easily.
Now it looks like a win-win.
Before you head out in the market to get those solar panels, here are one or two things to be mindful of.
Number one, assess you energy needs, so that you do not end up buying too-less or too- many solar panels for your home. Here is a free-tool – Solarizer – to calculate solar energy requirements for your home.
Number two, buy quality panels. A good quality solar panel will cost you more but it will also convert more solar energy into power. Also, a high-quality panel is much more durable i.e. up to 25 years!
If you are looking for a place to start your home's solar transformation, click here.