How Much Money Can Solar Save You?

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Solar power is a renewable energy source that is increasingly used today, as energy efficiency rating house. The energy comes from the sun, so the amount of power you get is quite unlimited. The limitation to the power generated comes from the size and capacity of the solar panels you choose. Getting solar power for your home is less expensive than getting all your power from the electricity grid.

Why should you go for solar panels?

The price of electricity has increased in many major cities around the world and analysts predict that these will continue in the future. On the other hand, the prices of solar panels are on a decline. Solar power is getting more affordable. This could be the best time for you to get a solar panel and get access to power at low prices. Solar energy is self-sufficient, and it is a clean and renewable source of energy.

Australia is one of the fastest growing users of solar power. As at December 2017, there was over 7000MW installed capacity of solar power in Australia. 17% of this came from installations within the previous one-year period and more solar projects are underway.

Furthermore, Australia has a dry climate, and its latitude makes it a huge potential for generating solar power. In the winter months, Australia receives more than 4kWh per square meter every day. Regions in the south receive much more. The insolation in Australia is far higher than the average values in Europe, Russia and North America. Therefore, Australia is well positioned for solar power. Currently, Australia is among the top ten solar countries in the world.

Calculations show that an average solar-powered home receives about 4.8 kWh of sunshine per square meter every day. No solar or power system is 100% efficient but assuming that were so, a 1kW solar system in Australia will generate about 4.18 kWh to 4.8 kWh of electrical energy every year. For a 2kW solar system, we’ll multiply the figures above by 2. So, a 2kW solar system can generate 8.36 kWh to 9.6kWh of solar energy daily. At 85% efficiency, a 2kW solar panel will generate 6.3kWh to 7.2kWh of solar energy.

The cost of installing solar systems

A standard solar power system for an average Australian home costs about $3000 to $14,000. The price of the solar power system depends on various factors. These factors include your location, roof condition, quality of solar panel and the size of the solar system that you want to install. The larger the solar system, the more expensive it will be.

The average price per watt of a solar system is $1400 per kW or $1.40 per watt. But this reduces for larger solar systems.

A 5kW solar system can now be installed for a cost price ranging between $7000 and $15,000. This is a large price drop in comparison with the prices five years ago. A 5kW cost as much as $20,000 then.

How long can solar panels last?

Solar panels are one of the most long-lasting power systems available. They last for decades. This is why many of them come with a 25 to 30-year warranty. In addition, solar panels don’t die totally. Their efficiency just gets reduced. But are still able to produce electrical power. There are solar power systems that have been working for the last 40 years.

Research shows that solar panels lose about 0.5% of efficiency every year. This means that at the end of the 25-year warranty, a solar panel will still operate at 88% of its original capacity. But it is not all solar panels that are subjected to a degradation rate as high as this. Some last for longer than this.

One major component that you may need to change is the inverter that converts direct current to alternating current. Most inverters last for about 10 to 15 years. However, there are newer types of inverters that last for several years just like solar panels. Even if you factor in the cost of replacing inverters, a solar panel system will still save you a lot of money.

What kind of solar panel system can I get?

To determine the best solar panel system for you, you need to factor in your budget, your type of roof, how much power you need, the kind of installer you’ll use, the technicalities involved in the installation etc. You should also factor in the feed-in-tariff in your location.

How you can save money on solar power

Solar panels are a good way of generating your own energy and reducing your energy bills. If you study your power bill, you will see how much electricity you consume. This way you can determine how much solar energy you’ll need.

If your home is large, you will need a solar power system that generates about 5kW or higher. A 5kW solar system will generate 18kW/h to 25kW/h of solar electricity per day. 5% of the power generated will be fed back to the electric grid so you will save $866 with this system. You receive a feed-in-tariff which is a subsidy for every kWh of electrical energy that you feed to the power grid.

Conclusion

Solar power does not produce any harmful emission. It is a clean, renewable energy source that uses the natural energy of the sun. By using solar energy to power your home, you are saving the environment and doing more to avoid the depletion of the ozone layer. Solar power systems are sound investments that will increase the value of your home. Statistics show that home buyers are willing to pay more money for a house that has a solar system. Furthermore, a solar power system can earn you money through the feed-in-tariff that you get if you send some of the electricity that you generate to the electric grid. Solar panels absorb the sun rays and prevent them from penetrating the inside of a building. Thus, your home gets cooler and you save money on cooling costs.

 

 

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