Are Solar Panels Really Worth It
A payback period is the amount of time it takes to earn back your initial investment. Solar panels can help you save enough money on energy bills over time to offset the upfront costs. How much you save per month depends on the size of your solar system, your home’s energy consumption and other factors.
Calculating the payback period will be unique to your circumstances due to the variability of the upfront costs, as well as the difference in energy costs based on your location. But here are some guidelines to help you estimate when you will break even.
A Battery Pack Will Keep The Lights On
Finally, if you want to go all out, a home battery pack can be fitted to store the solar generated electricity, allowing you to use green power at night. This type of solar-plus-storage system is particularly appealing for people who like the idea of being ‘off grid’.
A battery system will cost upwards of £2,500, although like all clean tech, the cost of batteries is falling year-on-year, so as it becomes more affordable this is definitely one to watch!
At current prices batteries to store solar energy are not an option for everyone with solar panels on their roof. But if the idea of solar and a battery backup is of interest there are a huge range of suppliers including IKEA, Tesla, Moixa and Nissan to name but a few.
With the UK committed to achieving Net Zero on carbon emissions, we need to stop burning fossil fuels and turn to clean, free energy sources. If you can invest in solar panels there really isn’t a downside. You’ll save money and help keep our beautiful planet healthy.
If this has piqued your interest and you want to know more about power from the sun, then please read our article: Benefits of Solar Power: Free Electricity from the Sun for a more detailed overview.
Are Solar Panels Efficient
Some solar panels convert 22 percent of their available energy into electrical power. This is an actually amazing number if you consider the fact that we are paying a lot of our electricity bills every month. The solar panels are made of solar cells. A cell is a small disk of a semiconductor like silicon. They are attached by wire to a circuit. As light strikes the semiconductor, light is converted into electricity that flows through the circuit. As soon as the light is removed, the solar cell stops producing power.
A solar pool heating system uses the suns radiant energy to heat your water. The water is directed to the collectors, rising from the bottom to the top. As it gradually rises, its heated by the natural energy and then returned to your pool. This cycle continues until your pool water reaches the desired temperature. You can enjoy an added 10-13° to your water without any extra costs or air pollution!
Don’t Miss: Are There Solar Powered Generators
You Can Still Switch Energy Supplier
If you have solar panels, don’t think this locks you in to your energy provider so you can’t get cheaper bills you can join the MSE Cheap Energy Club to stick on the cheapest deals .
Your energy provider doesn’t need to be the same as the supplier that pays you for your solar-generated energy, so you’re free to switch.
Also, with a modern SMETS 2 smart meter, two firms can use the same device, so you don’t need to get a new smart meter.
It’s just as simple to switch your supplier for the export tariff, and as rates vary wildly between firms, make sure you’re always getting the best rate possible see what each firm pays.
What Is The Cost Of Solar Panels In Saskatchewan
Solar panel cost is typically provided in $/W format . This is similar to$/sq. ft. in other industries and is used as a benchmark to compare values of different solar arrays.
In most cases, the lower the $/W, the more favourable the system is . If both arrays are facing the same tilt and direction, then the lower $/W is the more favourable system.
Like many contracting services, the cost of installing solar panels depends on your exact project and desires. Larger Saskatchewan solar power systems can be installed at a lower $/W, taking advantage of the economies of scale and leveraging the relatively fixed costs over more installed solar capacity.
Solar Power Cost Breakdown in Saskatchewan
The chart below outlines the cost of solar power systems in Saskatchewan for homes, businesses, farms, communities, large commercial or small utility scale generating plants. Note the logarithmic scale on the bottom axis.
The vertical lines on each orange data point represent approximate variations in expected costs for solar arrays. As each property is unique, different costs may be incurred.
To save you some mental math, the same chart is plotted below to show the full cost of a solar power system in Saskatchewan. Note that values on each axis increase logarithmically so the highest ranges of the chart dont skew the data or make it unreadable.
Incentives and Rebates for Solar Panels in Saskatchewan
Solar Power Payback Period and Return on Investment in Saskatchewan
You May Like: Is It Better To Buy Solar Panels Or Lease
What Is The Feed
The Feed-in Tariff scheme â often referred to as FiT â was introduced in 2010 to encourage UK households to invest in renewable energy generation methods such as solar panels and micro CHP.
With the Feed-in Tariff programme, those who generate their own green electricity will be paid for doing so by selling it back to the grid via their energy supplier.
How We Design Solar Arrays
When we design a solar system for your business, farm or home, we design a system that will meet about 100% of your total yearly electricity usage. Some years you may use less electricity, and some years you may use more, so this percentage will possibly change from year to year. However, we try to design a system that will yield the greatest benefit to you and help you save the most amount of money because we know you have better uses for your money than electricity.
Don’t Miss: Are Solar Panels A Good Idea
Can I Start My Own Solar Farm
Any registered citizen can start their own solar farm. First of all, solar farms are set up as a business, so normal business startup costs apply i.e. licensing, permits, insurance and others.
A solar farm is a big technical undertaking and is normally carried out by a reputable solar company. While the actual installation of a small to medium size solar farm can be done in about 6 months, the permits and licences to run it can take longer. Its best to apply 18 months before you envisage beginning the work.
In the first instance, contact a good solar installer, who can streamline the permit application process and handle all aspects of a new solar farm, including giving guidance on grants and loans in your area.
How much does it cost to maintain a solar farm?
Industry research gives figures of between $15 to $25 per kW per year. At and average of $20/kW, a 5mW solar farm would cost $100000 to run.
What Happens To Solar Panels After 25 Years
A study conducted by NREL shows that the majority of Peruvians still produce energy after 25 years, even with a slight reduction. Investing in solar power is a long-term commitment. At the end of the 25-year warranty, your panels should continue to produce power at 75-87.5% of their measured output.
What happens to the solar panel when it stops working? Unfortunately, none of this applies to solar energy. Most photovoltaic systems have grid-bound. So when your solar panels stop working, your appliances and lights will simply turn off the electricity from the grid. You will not know what is wrong until you see your next bill and see how much you owe.
Recommended Reading: Does A Solar Panel Have To Be In Direct Sunlight
Michigan Solar Power: Check Your Savings Costs Tax Breaks Incentives And Rebates
Homeowners in Michigan have an opportunity to save plenty of money by going solar.
Energy rates in the state are slightly above the national average, which means more savings for every kilowatt-hour you dont purchase from local utilities.
Besides, the state receives average rates of sunlight above four peak sun-hours per day, and as much as six peak sun-hours during the summer.
How Many Solar Panels Do I Need In Saskatchewan
Installing the correct number of solar panels will ensure you are not paying for more than you need from an oversized system, and also make sure your energy needs are taken care of.
The size of an ideal solar electric system for your home, business or farm will depend on 3 main factors what angle or tilt the solar panels sit at, what direction or azimuth the solar panels are facing, and how much electricity you use over a 12-month period. A rough rule of thumb is that you will need 1,000W of solar power for every 1,100kWh of electricity you use.
Steeper tilts and ideal azimuths will produce more energy per panel than shallow tilts. The rough 1,100kWh/kW can easily fluctuate by+/- 15% depending on your property .
Tilt
Solar panels tilted at an angle equal to or close to your latitude will generate the most electricity on an annual basis. Customizing the tilt is not recommended unless you are planning a ground mounted solar array for a farm, business or acreage with lots of space.
To install solar power systems on homes or businesses with standard sloped roofs , the racking and modules are mounted flush or parallel to the pitch of the roof. This method will produce approximately 5% to 10% less energy per solar panel than steeper tilts, but will result in more installed solar power at a lower rate. More solar power is able to be installed as there is no shading from one row to the next.
Azimuth
Electricity Demand
Recommended Reading: How Much Value Does Solar Add
How Long Does It Take For Solar Panels To Pay For Themselves
If you are at home all day, it will take you a little longer to get your money back. You will reimburse installation costs between 11 and 13 years on average, depending on where you live. In comparison, if you are home only in the evening, it is between the ages of 22 and 27. This is all about the amount of electricity you use.
How long does a solar panel pay? Depending on the Energy Saving Trust figures , it may take between 11 and 27 years to recoup the prices of standard house panels depending on where you live, how much electricity you use. and if you use it, and what you are paid under the smart export guarantee
The Best Way To Reduce How Much You Pay For Electricity Is To Use As Much Of Your Own Energy As Possible
If you own your solar system, the electricity you get from it is free. Thats why it makes sense to use as much of your own electricity as possible. Plan to do things that use a lot of power, such as doing laundry, during the day. Home batteries also help you use more of your own power because they charge from your solar during the day.
If you live in California, home batteries make a lot of sense because you pay high rates for electricity from 4 PM to 9 PM. All three of the states largest utilities charge their highest rate during the 4 PM to 9 PM period. Running your home on power from your batteries during those hours helps you avoid paying those peak evening rates.
You May Like: How Much To Replace Solar Panels
Bigger Benefits With A Battery
Obviously, homeowners in states with higher electric bills will achieve greater financial gains from a home solar battery installation.
With lower electricity bills and power during blackouts, battery storage simply cant be beat. Brightbox home battery system keeps your house humming for approximately 8 to 12 hours at night or during a blackout. Your peace of mind recharges every day along with your home solar battery.
Brightbox enables you to store excess power produced by your panels. Then, you can use it to power up the house when you need it most. With time-of-use rates, solar panels enable you to shift your energy consumption away from expensive on-peak prices to reduce your electric bill.
Plus, a home solar installation further increases your financial gain from net energy metering . With solar battery storage, you use even more of electricity generated by your panels and send any excess to the grid for credit.
Sunruns home solar systems are customized to your house structure, lifestyle, energy use and financial goals. Well guide you through the process every step of the way, from contract through installation and maintenance.
Youre Our First Priorityevery Time
We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.
You May Like: Do Solar Batteries Qualify For Tax Credit
How Do Solar Farms Raise Money
A land-owner can make money from solar panels in two ways:
Should I Still Get Solar Panels
Energy companies do not have to start making payments under the SEG scheme until January 2020, but one company Octopus Energy has already launched two tariffs. The first pays a fixed rate of 5.5p/kWh and the other a variable rate.
Solar panels installed now will be eligible for the scheme and consumers can sign up to suppliers as and when they offer tariffs, or wait until 2020. One benefit of installing now might be to avoid an increase in tax from October this year VAT on solar panels and batteries will rise from 5% to 20%.
Natalie Hitchins, head of home products and services at Which?, expects solar installations will slow this year, but says that people invest in them for a number of reasons and often it wont be about making the money back quickly, instead seeing the environmental impact as the most important thing. Anyone hoping to make money under the smart export guarantee should think carefully. We dont know what rates or contract terms will be offered and rates might vary widely between energy companies, she says.
Anthony Kyriakides, head of renewables at the Energy Saving Trust , agrees there is significant uncertainty. How will people search for different tariffs and compare offers? he says. It is understandable that many homeowners will hold off until things are clearer.
Don’t Miss: How Good Is Solar Power
How Much You Could Get
Use the Energy Saving Trust calculators to estimate how much you could earn using the FIT scheme and selling unused energy back.
Use the:
- solar energy calculator if you want to install solar panels
- cashback calculator if youre considering installing wind turbines, hydroelectricity or micro combined heat and power systems
Incentives Increase Your Rewards
Today is a good day to go solar. There are many state and local incentives that sweeten the pot for investing in a home solar system. Visit the Database of State Incentives for Renewables & Efficiency for comprehensive information on solar financial incentives.
Incentives reduce your overall solar installation, and accelerate the rate of return on your investment. The federal solar tax credit gives you a dollar-for-dollar reduction against your federal income tax. Currently, the residential federal solar tax credit gives you a dollar-for-dollar reduction against your federal income tax equal to 26% of the final cost of solar energy systems you install on your home. This benefit exists through December 31, 2022. In 2023 the residential tax credit will step down step down to 22%. In 2024, the tax credit for residential solar ends.
These reduced initial costs available now, plus your lower electric bills from a home solar installation, make going solar today a wise decision.
Read Also: Are Solar Panels Better For The Environment
Take A Look At The Inverter And Metering System
As part of your general pre-purchase inspection, take a few minutes to go over the electrical equipment for the system, which will be located near the electric panel. This will include the inverter, which may have an LCD display that tells you the solar generation of the system in real-time. In the case of a microinverter-based system, there wonât be a central inverter, but there should be a central monitoring unit that is connected to the internet.
There will also be one or more utility meters, and a cutoff switch that is used in emergencies , or during maintenance. Be sure that youâre familiar with all of the components of the system.
Tax Incentives Can Help A Lot
Homeowners can receive a one-time tax credit of 26% off the purchase price of a solar system. If the initial solar panel investment typically costs around $20,000 in your area, the tax credit would net you $5,200 when you next file taxes.
What’s more, some utilities offer incentives and rebates for installing solar power. Check with your local energy supplier to see if they offer any incentives.
Don’t Miss: Where To Buy Zamp Solar Panels
