Are Solar Panels Worth It In Ireland: A Homeowners Guide
Before undertaking any major investments, you tend to analyse whether it is worth investing your capital or not. Through this article, we want to shed some light on the question are solar panels worth it in Ireland.
Solar is a source of renewable energy which provides homeowners with a host of benefits that offer value to your home. However, it is not for everyone. Firstly, they are not functional for every home design. Secondly, factors such as the direction of your home and roofing materials play a major role in evaluating the efficiency of the Solar PV’s. Thirdly, costs incurred from solar installation companies with regards to assessment and installation all add up to a high up-front cost.
Are Solar Panels worth it in Ireland?: Questions to consider
How much will you save with solar?
The first significant question that comes to mind when you think whether solar panels are worth the investment is: How much can I save? Further, it is a type of investment wherein a payback period must be well understood prior to making the purchase decision. In addition, savings can be influenced by factors such as your household energy consumption, power of the Solar Panel and much more. In general, most homeowners tend to break even on their solar panel investment in five-seven years.
What finance options are you going to choose?
Deciding on the finance options for a large investment such as Solar Panel is crucial because you should not want the cost to harm your savings. Moreover, financial institutions such as AIB and Bank of Ireland provide green loans to individuals joining the race to fight climate change and incorporate sustainability into their homes. Additionally, companies like humm provide potential customers with the option to pay off the cost by way of instalments.
How much is the electric bill?
The electric bill that you are paying is a major determining factor that affects the amount of money you save. On average, electricity rates in Ireland for households using between 2,500 and 5,000 kWh were around 26.16-euro cents per kWh. Another significant point to be noted is that location plays a big part in electric rates.
Finally, depending upon factors such as usage and electricity rates, installing Solar Panels can positively impact the amount of money you pay for electricity, therefore improving savings.
How much will the solar installation cost?
Proper research needs to be conducted to specifically pinpoint the factors that have the most impact on cost with regard to solar installation. Some of the factors determining solar installation cost include location, labour, equipment and system size.
If you have finally decided Solar Panels are worth the investment, check out Ecoplex, we are Irelands leading renewable energy company. We deliver a solar plan that fits your household needs.