There are many ways to create, track, and stick to a financial savings budget and save money over time. Cooking meals at home rather than dining out is one the most common way to save money. Many people are also switching to a sustainable lifestyle and trying to save money by cutting energy costs. More and more people and companies are implementing green initiatives in an effort to save the planet. Maybe you’ve switched to an electric car, or you’ve installed a greywater tank.
But there’s always another step to be taken in the quest to be as eco-friendly as possible, and maybe your next (or first) step is the installation of solar panels.
So, now imagine saving thousands of pounds each year by making one small change. If you’re a homeowner, one of the easiest things you can do to save money each month is also one of the best things you can do for the environment. Making the switch to solar energy means saving money and saving the planet, and once you’ve made the transition, your investment pays off for years to come. Going solar provides the added benefit of lowering your carbon footprint and making you a better partner in the community.
Start Saving Money With Solar Sooner
Generating your own electricity from the sun can vastly lower your electricity bill. And while there are a number of factors that can influence your savings, such as location, shade, system size, utility rates, weather and local policies, the overarching principle is the same: The more solar energy your home produces, the less electricity you have to buy from the utility company. So by installing your solar system today, you’re saving money now. Those are savings you wouldn’t see if you were still waiting.
Purchasing a solar system outright is the best way to achieve higher long-term savings. And depending on your system size, energy usage and local utility rates, a solar system may pay for itself in five to 10 years. After breaking even through bill savings, you will enjoy free renewable electricity for the lifetime of your system. And if that system is powered by Solar Power NI panels, it is projected to continue saving you money for up to 30 years.
How Long Will It Take To See A Return On Solar Panels Investment?
The length of time it takes to see a return on your solar panels investment depends on; the size and price of your system, the FIT rates at the time of installation and your energy usage. As the FIT rates will continue to decrease every quarter the sooner you are able to commit to the investment of a solar panel then the higher rate you will be able to lock into. Similarly, the higher your energy usage, the more saving you will make from reducing the amount of grid electricity that you need to purchase. You will benefit from up to 50% savings on your energy bills as soon as you install your solar PV system.
Remember, earnings from the Feed-in Tariff and your energy savings are tax-free and index-linked. So once you lock into your feed-in tariff not only will you be immune to any subsequent tariff decreases, but the rate will stay in line with any rises in inflation for the 20 years you receive the tariff payments.
As the UK begins to ease out of lockdown, many of us are facing some form of financial upheaval. For lots of people, the crisis has resulted in the painful loss of employment or income. But others have been able to weather the storm, or even save money during this period.
With no dining out, little hope of travelling abroad and the daily commute a distant memory, expenses for some of us have dropped dramatically. If you find that you have saved a chunk of money from abandoned holidays or working from home, this could be a unique opportunity to invest in solar panels.
Top 5 Perks Of Going Solar This Year
1. Increase Value Of Property
Solar is not going to save you big from your power bills. It’s going to ascend the value of your property from the regular. In fact, according to a study, people prefer properties with an already installed solar system. Also, they are ready to pay the charges required.
2. Take Benefit Of The Low Solar Panels Price
Solar panels are cheaper today than they ever have been before. This means that the money spent is much more easily outweighed by the money gained through savings on energy bills, and the need for government subsidy is far smaller than before. While the lack of Feed-in Tariff is an unfortunate side effect of the low price, there is no arguing that such an enormous drop in price can only be good for someone looking to buy solar panels.
3. Environment Factor
Like we mentioned above, green energy is on the rise. Unlike petrol, coal, or gas, the energy that solar panels produce is entirely clean. Installing a solar panel system can stop up to 1.6 tonnes of carbon from entering the atmosphere every year.
4. Skip The Hike In The Grid Electricity Charges
When you go solar, your dependency on the grid energy depletes rapidly. In certain conditions, people don’t even require any additional grid energy. You know the constant hike in power bills is going to affect your budget. However, with solar, you won’t have to stress about it!
5. Diverse Applications
Solar energy can be used for diverse purposes. You can generate electricity (photovoltaics) or heat (solar thermal). Solar energy can be used to produce electricity in areas without access to the energy grid, to distil water in regions with limited clean water supplies and to power satellites in space. Furthermore, solar energy can also be integrated into the materials used for buildings.