Your utility rates seem to keep getting higher every year, don’t they? Yet sunlight is free and abundant.
Accessing power straight from the source makes more sense than paying for it indirectly from Eskom. Clearly, solar power is more cost-effective than “regular” or standard electricity. According to the World Economic Forum (WEF), installing new solar panels is cheaper than a comparable investment in coal, natural gas or other fossil fuel options.
One way to think about it is that the sun isn’t going anywhere (for now), and so it’s what’s known as a renewable resource. It takes a lot of work to produce electricity, but when you set up your very own private power plant on the roof of your house, that is the definition of efficiency. Harnessing the power of the sun directly cuts out the middleman. (Very unpopular, that middleman.)
Of course, it’s all about location. Your property structure and home’s location, local weather patterns, and availability of our solar resource (that’s how often and how strong the sun shines) can greatly affect the cost-effectiveness your installed solar system.
The total price of a complete residential solar panel system has dropped roughly 45% since 2010, mostly because of new, widely available financing options.
When you purchase and install a solar energy system for your home, all of the harnessed solar electricity that it produces will be free once the system pays itself off, which usually takes 5-10 years, depending on where you live. If you finance your system, you can start saving money from the first day your system generates power.
Start saving with the sun
To sum up, think of solar panels as your not-so-secret natural weapon against rising power costs. They absorb the sun’s energy much like the leaves or petals of a plant does. And Mother Nature knows what she’s doing.
Why Do People Opt for Solar Power vs. Electricity?
First thing first, it’s important to ask why so many people have opted for solar power rather than using traditional electricity. Although solar equipment can be more expensive initially, the main reason that people choose solar power instead of electricity is the cost savings. Solar energy is very efficient and able to pay back the cost of installation over a number of years. In this sense, it’s an effective long term investment that pays off pretty quickly (usually around 5-7 years or less).
Not only will your energy bills be more manageable, but you’ll also be doing your part for the environment too. Solar panels are an amazing way to care for the environment and lower your eco-impact. And if that wasn’t enough, the benefits also extend to repairs and maintenance with solar heating systems being very long-lasting. People often choose solar solutions as they require less day-to-day care and are more reliable than electric systems.
How Does a Solar Heater Lower Energy Costs?
Solar heating systems work by running water through a solar collector that’s powered by solar panels that have gained energy from the sun. After the collector heats the water, it’s then transferred into the pool or around the home for hot water and heating. Want to learn more about how solar panels work for solar pool heating and other solar energy for your home? Browse our blogs for up-to-date articles and resources about solar!
Conversely, using electricity to heat your home is a lot less energy efficient and a lot more expensive as it uses electricity vs the sun’s energy (which is, of course, free!).
How Does Solar Energy Compare When it Comes to Cost?
If you’re looking to save money with solar panels, it depends on a few key factors such as how much sunshine you get, local electricity rates and the size of your pool or home.
Although solar energy costs initially to purchase and set up, people find that solar energy is a lot less expensive than electric power in the long run due to the rising price of electricity. With electricity rates rising all the time and the national average rising already this year, solar panels will be a good investment moving forward when it comes to the question of the savings with solar power vs. electricity.
If your average monthly electricity bill is high and you’re living in an area with high energy rates then it’s a worthwhile investment to install solar panels in your home while the tax break is in place. It’s not only amazing for your wallet but also good for the environment.