A solar-powered home comes with an initial investment in the form of installation expenses, maintenance costs, and much more. But it provides ample benefits such as low electricity charges, low carbon footprint, better home value in the future.
If you are a homeowner, analyzing the financial viability of solar-powered homes, then you ought to make the following calculations in mind as well as in writing. Will solar power installation really help you save money? Is it convenient to use? Before you take the step, here is a short guide that will enlighten you better.
- Analyze the sunlight exposure in your area
This is the first and foremost step in the decision-making process. Where are you located? Does your area receive sunlight all the months of the year? Is your home located in a sunlight-oriented place? Apart from answering these questions, you are also supposed to evaluate the roof type and shade of your house. Depending on these factors, you can analyze the solar panels in sunshine coast required.
Later, you can use an online portal to find out the estimated cost of electricity per month using these solar panels.
- Evaluate your current electricity costs
You need to check the actual electricity charges that you are paying using traditional sources. Is it affecting your savings? If your bill is much higher, then it is better to switch to solar power. However, you should understand that energy consumption charges can fluctuate and affect your decision drastically.
- Perform a comparative analysis
You have sought all the details. You have the electricity bills of the past six months so that you can make average calculations. On the same lines, you have to calculate the estimated charges, if you are switching to solar panels. Now, you can compare both the calculations and take the call.
Switching to solar panels might sound intimidating to you, but if it is helping you save money, you have to move on.
- Seek varied opinions
If you live in a bustling area, then the possibilities of your neighbors switching to solar powers are high. You can ask them for an elaborate experience of the same. Are they saving money, how much did solar power exactly cost them, are there any hidden charges, how was the initial exposure – you can list out the questions if needed. If they have been using solar powers for a sufficient time, then you can get first-hand answers.
You can also talk to an expert located in your area. The better you seek opinions, the better will be for you to make a decision.
- Prepare detailed estimates
The internet is a fantastic source to seek financial details. Solar panels are expensive, and you will have to pay for additional taxes and installation costs. You can find superior quality solar systems these days that don’t require substantial maintenance in the next 20 years.
Now, check your current electricity usage that you can find in the statements. You can evaluate which solar system or panels will be perfect for your home. You can even find online calculators to do this job.
- Seek multiple quotes
Do not stick to a single solar system dealer. Ask for more quotes online and offline. You need to approach at least three to five dealers before making a decision. Check online for system providers and make necessary inquiries.
This step might sound time-consuming, but you won’t end up spending excessive amounts or tying up with an incompetent provider.
- Check for incentives
You can apply for extra incentives if the government in your location offers the same. Since you are switching to another energy source (which is really great), you can receive a cashback or other incentive.
- Estimate the pay-off time
So, when will the solar power systems actually pay off? Well, it takes around 4-6 years to pay back and is much better than the conventional investments.
A solar system lasts for 25 years and more. So, even if you plan to sell off your home in the future, you can gain a better price. Solar power systems increase the home value; so invest in it soon.
You have to consider the above factors if you want your solar-powered home to pay off.