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Can You Save Money With Solar Panels – Imagine a technology that allows you to power your devices, that has a long lifespan and that uses an available resource in unlimited abundance. Well, that’s exactly what solar solutions for homes do. But that’s not even the best part.
Since you use your devices mostly in sunlight, you don’t have to worry about drawing power from the grid. And that also means you don’t get any bills dropped off at the door at the end of the month.
Can You Save Money With Solar Panels
Or even if you do, the amount owed is much more affordable. Not convinced? Well, here’s a breakdown of how much you can save with a solar home system.
Can Solar Panels Actually Save You Money?
Solar electricity, as it stands today, is rarely used on its own. Most homeowners have a hybrid system installed in place, in which part of the electricity is drawn from the transmission lines and part from the panels.
This way, you will always receive an invoice at the end of the month. But the real question is, how much?
Suppose you have a 5kW rooftop solar system. Also assume that a 1 kW system produces about 4 more units of average power in a day. So, mathematically, a 5 kW system will be able to produce 20 units/day or about 600 units per month. That’s 600 kWh that you receive from pure sunlight.
According to the current tariff, one unit of electricity costs you around Rs. 5.50. So, practically, 600 units of energy from solar solutions will save you Rs. 3,000.
Inside Clean Energy: Solar Panel Prices Are Rising, But Don’t Panic.
So, for example, if your monthly bill is Rs. 3,300, you would only have to pay Rs. 300. If it is Rs. 7,000, you would only pay Rs. 4,000. is that for a 5 kW system. If you buy a system with a larger capacity, you can save even more.
But here’s something even better: net metering. In a hybrid connection, you also have the option of earning money through the production of solar energy. Continuing the previous example, if your bill for the month is Rs. 2,000, you can send the additional Rs. 1000 of energy to the power grid and get that money back from the distribution dealer (DISCOM).
It allows you to be compensated for any excess energy you generate. So you’re not only saving money, you’re also making money.
Go solar the right way with the best-in-class Genus Solar Inverter and unlock a new level of electricity savings.
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As you may have guessed, solar solutions open up many possibilities for saving money. But there is always a catch. And in this case, it is the initial installation costs. Yes, you have to pay a considerable sum to install and operate a solar electricity installation.
For a 5 kW system, with an average amount of savings, you can expect to break even in 4-5 years. However, nowadays the government has introduced many subsidies for those looking to go solar, allowing you to buy solar systems at a much cheaper price. Thus, taking into account these subsidies, you can recoup the expense in just 2-3 years.
As you may or may not know, batteries run on acid, which depletes with continued use. However, you can replenish it by filling it with water. In fact, many batteries come with maximum and minimum water level markings to help you fill it optimally.
The thing to note: do not use regular tap water, as it contains impurities and other particles that can reduce the life of your battery. It’s best if you stick with distilled water for this task. This way you will ensure a long life for your UPS battery.
I’m An Energy Expert
While solar home products have benefits for both utilities and consumers, they also help keep the environment a little cleaner and greener. The majority of power generation in India is through coal-fired facilities. Not only is coal a non-renewable energy, but its processing for electricity generation also releases harmful elements into the atmosphere.
In the case of solar power, there are no fossil fuels involved (sunlight being the only resource used here), and there is no possibility of harmful emissions. This contributes positively to reducing the overall carbon footprint.
Now you know how much you can save each month with solar solutions and how long it will take to break even. So, depending on your finances, you can now make an informed decision as to whether you need a rooftop solar system or not.
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If you decide to install one, Genus Innovation, with our top quality solar products, is here to help. Contact us today to learn more about our solar products.
How Much Money Do Solar Panels Save On Your Electricity Bill?
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With rising energy costs and rising temperatures, more and more people are turning to solar power to save money on their electricity bills. But how much money does solar energy save and is it worth the investment? We’ll take a look.
The point of having solar panels is to allow your home to produce its own energy. This will then offset your electricity bills, or even eliminate them altogether. If you generally have a higher electric bill, you will likely benefit from switching to solar power.
However, if your electricity bills are consistently lower, you may not really see the need to switch to solar power, as the costs may outweigh the benefits.
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By reviewing your current and past electricity bills, you can begin to calculate whether solar power would save you money in the long run.
Also keep in mind that electricity prices are volatile. As an example, the ice and snow storm in the southern states in 2021 caused many electric bills to triple or even quadruple due to electricity needs. Of course, no one can expect such things to happen, but if you’re worried about it, using solar power can allay those fears a bit.
The second step to see if solar power could save you money is to assess your sun exposure.
See if you could save on your electric bill by using a calculator that measures your potential savings (it’s a pretty cool tool!).
Ways Solar Panels Can Improve Your Life
How much money does solar energy save after initial costs? Again, this will vary from home to home and state to state, but let’s take a look at the initial costs of solar power.
Of course, as with any home renovation or improvement, you’ll want to check out several companies in your area and get quotes. That’s not to say the cheapest option will be your best bet, but it’s still important to see what everyone else is offering.
Along with getting multiple quotes, you’ll also need to figure out what your home really needs. For example, depending on your consumption, you may need a larger system. Or, if your roof is a certain type, you may need different panels.
When getting quotes, be sure to listen to what you’re getting for the price. And don’t be afraid to ask questions and get clarification on what your home really needs to be self-sufficient.
Do Solar Panels Really Save Money?
And while it may save you money in the long run, it’s definitely worth making up front. You will therefore also need to know and be prepared for how you will pay if you find it beneficial to install it.
Although paying cash is (most likely) the best option, the cost of solar systems can get quite high. Solar power systems can cost upwards of $50,000. The average cost of a solar system (with installation) is around $20,000.
Because solar power is expensive, it’s also important to make sure you get a decent warranty with the system. And, if you live in an area like Arizona, you’ll most likely need to have your panels professionally cleaned, which could also cost money (unless you get a free maintenance plan).
Planning for these costs will also make installation more expensive, but could save you a lot of money in the long run.
Want To Soak Up The Savings From Solar? Here’s What You Should Know
Finally, you’ll need to calculate the additional costs of any items and add-ons you might need. For example, if you live in an area where thunderstorms are common, you might want to add a battery bank or backup generator to your plan.
These add-ons can cost up to $10,000, but will save you from running out of power or increasing your electricity bill. But are the extra costs worth it for you?
Of course, the solar installation is not only a question of cost. Let’s take a look at the benefits, as well as how much money solar power can save you!
Live in a super sunny and warm area? Installing solar panels can potentially increase the value of your home. If you plan to live in your home forever, an increase in value may not be worth it to you. But if you plan on saving money on bills right away and then making more money on the sale of your home later, that
The Real Cost Of Leasing Vs. Buying Solar Panels
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