A Solar Photovoltaic (PV) panel installation is attached to your roof and converts the sun’s power into electricity. Solar energy is one of the most popular alternative energy supplies and is becoming increasingly popular with more than 1.3million homes having solar panels installed. If, like others, you feel installing solar panels is for you, here are the benefits you will reap with your investment.
Benefit One: Peace Of Mind.
After the events of the last five years, it has become clear that the cost of our energy supply is far from stable. Wars and pandemics have caused spikes in prices and required the government to intervene to support households with energy costs.
One benefit of investing in your energy supply is the peace of mind that you have a secure supply of energy even on cloudier days. With the use of battery storage and close monitoring of the amount of electricity you are generating, you can reduce your reliance on the energy grid and take back some control.
Benefit Two: Medium-Term Money Saving.
In the short term, you will need to make an investment with the installation of solar panels. But as solar technology develops and more installers enter the market costs are getting more competitive – be sure to get at least 3 quotes, and be aware some deals can come with interest free terms. The annual savings from taking your electricity from the sun averages £400 a year. Estimates are that your panels will pay for themselves within 8-10 years, and their expected life span is 20 – 25 years.
Benefit Three: Potential To Earn Money From The Energy Companies.
In the UK the Smart Export Guarantee allows you to make money from any excess energy you create. You will literally sell it back to the energy company as you supply electricity to the grid.
Across the UK regions different schemes will apply but either directly through suppliers or through schemes such as the Smart Export Guarantee it is possible to receive payment for excess energy your home produces
Estimates suggest that most households will use about 20% of the energy created by the solar panels. You can purchase batteries to store the excess energy for other times when sunlight is scarcer, or you can sell it back to make money. If you worry that winter is going to be tough, you will be surprised by how much electricity is generated by the clouds. The panels do not need direct sunlight to work.
Benefit Four: You Are Part Of The Solution For The Planet.
While saving money and making money is compelling when thinking about investments, so is doing your part to be a part of the solution to our climate concerns. Renewables are an important alternative to fossil fuels, as the sun is a sustainable resource for meeting our energy needs.
It is true that you alone cannot hope to address the climate challenge, and it is easy to look at the millions in other countries as adding to the problem. However, the only way change has ever come about is when committed individuals – and lots of them – choose to take action.
There are 800,000 households in Northern Ireland; if every one of these switched over, it would become a powerful symbol to the rest of the world.
Benefit Five: Add Value To Your Home.
There is little agreement about how much solar panels add to the value of a home. Some estate agents suggest they don’t impact the value at all, and others say your home could be between 4% and 14% more valuable.
Yet, a small amount of common sense suggests that having solar panels gives you a competitive advantage, as you are offering cheaper electricity bills to the next buyer. Consequently, if you have provided longer-term savings and the other benefits listed above, you are going to be able to ask for more for your house.
The Lowdown
So, should you invest in solar panels? Well, the initial cost can feel prohibitive, and you are not going to enjoy a fast return on that investment. Keeping the money in your bank to pay for your energy rather than paying a lump sum at this time might feel like a more sensible solution. However, if you look at the long term, there are multiple ways that you can claw this money back and then continue to save and earn.
Ultimately, the investment in solar panels is likely to be more intangible. You are investing in the planet and in your peace of mind – potentially two more valuable assets.
