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How Solar Panels Can Save You Money: The Benefits of Solar Energy

Solar panels are becoming more and more popular each year. More people are making the switch to solar energy, and for good reason! In this blog post, we will discuss some of the benefits of using solar energy and how solar panels can save you money. So if you’re interested in learning more about solar power, keep reading!

Types of Solar Panels

The sun is a constant renewable energy source. It can be harnessed by solar panels to produce clean green electricity. This means you will not have the negative effects associated with other methods of generating your power, such as burning fossil fuels that release harmful gases into our environment.

In addition, it takes less time and land area than traditional sources like coal or nuclear plants; plus there’s no chance at all related CO2 emissions going up.

Types of solar panels: 

  1. Solar photovoltaic (PV) cells

This technology was developed in the 1800s. It has seen radical changes with it being utilized for both commercial and domestic uses. Solar PV transforms light into electrical energy using the aid the solar cells.

With Solar PV, you can have clean and sustainable energy for up to 30 years. Government incentives are available as well as rebates. The excess power generated could be sold to local power firms. It also increases the value of your house.

  1. Solar thermals 

This makes use of the sun’s energy to heat the water inside your home. With solar thermals, you can heat water for free and witness how solar panels can save you money on electricity bills, particularly during the cold winter months.

Solar thermals are the most effective method for heating water using a boiler. It is low maintenance and helps reduce carbon footprint.

How Solar Panels Can Save You Money

If you’re interested in knowing how much solar panels can save you on electricity bills, you’ll have to determine the amount you spend on electricity each year. 

According to the Commission for Regulation of Utilities (CRU), the average Irish household uses 4,200 kW/h of electricity. The average electricity price for households in Ireland, in the second half of 2020, was 26.16 euro cents per kilowatt-hour. It constituted an increase of over 0.02 since the first half of 2020. The average Irish household electricity cost is €126 monthly.

Assuming an average-sized system of about 5000 watts (W) peak output, you could generate around 400 to 700 kilowatt-hours (kWh) of electricity per month. In other words, a solar PV system can offset almost 50% of your total monthly electricity consumption. How solar panels can save you money will depend on the electricity rate you’re paying.

If your monthly electric bill is quite high and you’re in a region with the highest energy prices, then it’s worth installing solar panels on your house during the time that the tax break of 26 percent is in effect. It isn’t just good for your pocket but is also beneficial for the environment.

Here are a few reasons to consider investing in solar panel systems:

  • The cost of energy is not falling.
  • The cost of solar panels has increased, and prices have dropped
  • Installing solar panels offers longer-term financial benefit
  • You can save money on your pension by reducing the energy cost on your monthly electricity bill
  • Solar panels are durable and require very little maintenance.

How Much PV Solar Panel Installation Costs

The cost of installing a PV solar panel has dropped significantly over the years. In fact, it is now more affordable than ever to install PV solar panels on your roof.

The price of solar panels is related to the energy you need to power your home or business. Additionally, solar installers should make site visits to find out the amount the solar panel your house requires, and also determine whether your structure is suitable for solar panels. Additionally, before deciding to invest in solar panels, you must determine how much you could save. To determine the savings you can make, you have to evaluate your electricity cost, estimate sunlight exposure and look at the costs of solar PV.

The cost of installing solar panels in Ireland can range from €6,000 to €17,000. The amount will be contingent on the features of your house specifically. Factors like roof size and the aspect of your roof are crucial in determining price. It is possible to qualify for the SEAI grant will help you save up to €3,000 on the installation of solar panels. 

The SEAI gives homeowners access to their choice of solar PV programs. In addition, solar PV provides an all-in-one grant to buy and install solar PV/battery storage systems for energy.

Conditions to be eligible for the grant:

  • Homes built before 2021 are now qualified to receive the grant.
  • There is no need to achieve the C3 BER rating for the grant.
  • An SEAI-certified contractor is required to install the solar panels.

For a more comprehensive blog on solar panel grants in Ireland, click here.

How Long Does It Take to See Long-term Savings

When a solar panel is functional, you could notice savings on the following month’s electricity bill. However, it could take a few years before you can recoup the initial costs of your investment.

Once your initial investment has been recouped, the rest of your investment will be earnings minus the costs of repairs or maintenance of the solar panel system.

This is why you need to ensure you’ll be living within your home for a considerable time before getting solar panels. If not, you’ll need to pass the remainder of the cost to the prospective buyer. It can prolong the time to sell your home depending on the location you reside in and the popularity of solar in the region.

The size of your solar panel system is the most important factor in determining how much it will cost to install. The larger systems can provide greater savings because they’re able to generate more power, but there are tradeoffs between economy and efficiency. A bigger surface area comes with higher initial expenses. Make sure you know what works best for both aesthetic and financial aspects before investing in solar panels.

Why Solar Panels Are Great Investments

We all know how expensive electricity can be, so it’s no wonder that many people are turning to solar panels as an affordable way of heating their homes. Solar cells convert 22% more available energy into volts than what we pay on our monthly bills.

There’s really nothing quite as satisfying – or ecofriendly-as knowing you’re not only focused on how solar panels can save you money but also on how to reduce carbon footprint, with these little guys running around outside doing good work while they help keep water warm too.

On top of that, most solar panels have a lifespan of around 25 years. So not only are we thinking of how solar panels can save you money down the road, but you’re also making an investment in the future of our planet.

Bottom Line

There are evident ways how solar panels can save you money and provide a return on investment (ROI) within a short time. The rising value of your home, the reduction in the cost of utilities, and the government incentives can reduce the initial cost of installing solar panel systems.

If you’re looking to cut down on the cost of electricity or carbon emissions, solar panels could yield significant savings. The most important factor to consider how solar panels can save you money in the long term is the price of electricity. Solar panels can be great investments provided you smartly manage the installation process.

If you considering installing solar panels at home, EcoPlex can help make the process easier for you. We are experts in solar panel installation and will be more than happy to provide you with a free quote. Give us a call today!

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