Investing in a Solar Panel can be a big commitment, we know. You want to make sure that it will be worth the time and money you’re putting into it by ensuring that you’ll make some money back over time. It usually stands that the larger your existing power bill, the more money you can save and the more installing a solar panel system will be worth it. So, if you regularly find yourself saying “how much?!” every time an electricity bill comes through your letterbox, then the more we think you’ll need a Solar Power System. Getting one fitted won’t necessarily mean you can say goodbye to your electricity bills forever, but it will mean a considerably cheaper one once you have it installed, and you could save up to €200 a year on your bill!
Solar Panels are designed to last between 25 years, and seeing as most people will start to make the money that they spent on installing it back in much less time, they are undoubtedly worth the initial cost. The average time it takes to start making money back is 10 years – so that’s 15 years or more of savings! If you’re putting off making that first big spend, we have compiled five reasons as to why you should make the step today to install a Solar Panel System and start saving money.
1. You may get money from your utility company back if you have any excess power created by the solar panels in the near future! There is currently a European directive in place that means ESB networks will have to pay you back for your power if you have unstored surplus electricity. It is sent back as credit to the national grid at the wholesale price of electricity. An easy hustle!
2. There is one undeniable fact: everything is getting more expensive. Every year since you can remember you have probably seen your electricity bill get more and more expensive and it’s a trend that doesn’t show any signs of slowing down. This means that investing in a Solar Panel System now means that you will keep saving more as each bill is meant to be going up. Creating your own energy means that you are securing your energy at a constant rate, rather than being captive to the extreme variability of a utility company. Even if you’re not planning on upgrading any aspect of your house, installing a Solar Panel on your home has advantages that cannot be ignored in this current climate.
3. There is much uncertainty in the air around the prices of things thanks to the current climate, and one of the things that could be (and already has been) affected is the housing market. Luckily, having a Solar Panel system fitted in your home can add to the market value of your house, which is an invaluable asset to have for your home. Even if you’re not looking to sell anytime soon, you never know what could be around the corner, and it will make a huge difference when and if that time comes around.
4. Solar Panels can also affect your hot water. A well-designed system will provide all residential hot water requirements which could also reduce your hot water bill! The less time it takes to heat up your water means the less water you use as you won’t be waiting around for it to heat up, which can be standard in some houses.
5. You can get a grant for your solar panel. The Irish government introduced a ‘Better Energy Home’ scheme which is open to all houses built before 2011 and you could receive up to €3800 to go towards the costs of buying and installing your solar panel! This is a pilot scheme and will only run until the end of 2020 though, so if you’re on the fence about investing into your home and future, then today is the day to do it.