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Do Solar Panels Save More Over Time Than They Cost?

By Edited Feb 19, 2014 0 0

When it comes to the question of whether having solar panels will save more money than they cost to install, there is both a short and a long answer. The short answer is that in a lot of ways they will, the longer answer is that there are a series of cost-savings & incentive payments that virtually guarantees that a homeowner will save money given a long enough time period to recoup the expenses.

Why Solar Power Now?

Solar power has become popular, in part, because frankly the problem with global warming is becoming too obvious to ignore. When it comes to the environment, many events and causalities are linked to other events and causalities.

Global warming is showing its ugly face in weather patterns that are more extreme that previously predicted or experiences. Droughts caused by lack of rain knock out entire harvests in parts of India, glaciers melting and weather seasons coming earlier or later than expected, are just some of the clear signs that the Earth is in trouble and everyone needs to do what they can to help.

Solar Power and Wind Power For The Home

Until recently, both solar power and wind power were too expensive or too bulky to be used to residential homes. However, continued improvements in the underlying technology and reductions in prices with increased deployment rates have made renewable energy something that can be add to many homes around the UK.

Wind power does a good job of capturing the wind and turning it into electricity. New wind turbine are now smaller, with slim rotating blades instead of wide blades that need a lot of clearance on each side. A lower wind speed is also usable for power generation, unlike with older type of wind turbines a few years ago.

Solar power is the better option for homes that receive a good amount of sunshine during the day; the south coast is the best location. Both cloudy and clear skies are good for solar panels. Each solar power system is made up of a collection of solar panels that use PV cells to collect the sun's energy and turn it into electricity. An inverter is also needed to switch the electricity over to the type that is used in homes in the UK. Some systems also employ a battery to store unused energy created during the daytime, which can be used in the evenings and at night, instead of tapping the Grid's always on supply.

Save Money with Renewable Energy

It will cost a few thousands of pounds to buy the equipment needed to get set-up with solar power and have trained engineers come to the home to install it. An inspection is also needed before purchase to determine whether the home is suitable for either a wind or solar power system.

Once wind or solar power is installed, a home owner will benefit from reduced energy bills each billing cycle. This often is enough to pay for the cost of the the installation over a few years. However, the savings are just starting.

For each unit of electricity created, a Feed-in Tariff pays the home owner a fee. The more energy generated, the larger the payment, which maxes out at a cap for the year. Also, it enough solar panel are installed to generate more energy than the household has a need for, then this can be sold to the Grid for others to use instead.

The triple-whammy effect of reduced energy bills, energy generation payments and the sale of excess energy can ultimately be far in excess of the cost of deploying renewable energy in the home. Each home savings will vary, but the economics today make the case for green technologies compelling.



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