Solar power (or photovoltaic) has become even more popular in the face of rising energy costs and, here at Powercor, we have seen demand explode for this sustainable energy solution. But we’re not just installing solar because the demand is there, we strongly believe in solar as a worthwhile investment for a number of reasons.
Here are five reasons why you should consider installing solar power:
Renewable and clean energy: Solar power is a clean and renewable energy source, which means it doesn’t produce harmful emissions that contribute to climate change or air pollution.
Solar power captures energy from the sun using solar panels. Unlike traditional power sources that rely on fossil fuels, solar power is a clean and sustainable. Solar panels convert sunlight directly into electricity, without the need for fuel combustion or other harmful processes. As such, it does not produce harmful greenhouse gas emissions, such as carbon dioxide, that contribute to climate change.
Solar can significantly reduce our reliance on fossil fuels and help to improve air quality by reducing the amount of harmful particulate matter, sulphur dioxide, and nitrogen oxides released into the atmosphere by traditional power sources. This can have significant health benefits, especially in densely populated areas where air pollution can cause respiratory problems and other health issues.
Reduce energy bills: Solar panels generate electricity from sunlight, so you can reduce your reliance on grid electricity and lower your energy bills.
Solar panel systems generate their own electricity to power homes, businesses or schools. This means that you will need to purchase less electricity from your utility company, resulting in significant savings on your energy bills over time.
The amount you can save will depend on a variety of factors: the size and efficiency of your solar panel system, your energy usage patterns, and the cost of electricity in your area.
Where your solar panel system generates more electricity than you need, you may be able to sell the excess back to your utility company. This ‘net metering’ can be a useful source of passive income.
Increase property value: Installing solar power can increase the value of your property.
Solar power systems are considered an attractive feature for many buyers and can increase the value of your property. In fact, this paper by the RICS found a statistically significant price premium of between 0.9% and 2% for homes with solar systems fitted.
Return on Investment: it’s better than a savings account
The return from a top instant access savings account at the time of writing is around 3% per annum – an that often comes with catches like a minimal number of withdrawals per year. A solar power installation can give you a far better return than that.
The numbers will vary by let’s look at an example below.
£6,500 in a top-paying instant access account will give you a return of £195 a year.
According to uSave, the typical energy costs for a four-bedroom house at the end of January 2023 was £3,005 over the course of a year.
If you spent £6,500 on a solar system, you would only need to spend £195 less on energy over the course of a year to get the same return as a savings account.
In fact, based on Energy Saving Trust estimates, a typical household with a 4.2 kilowatt-peak costing around £6,500 system can knock between £210 and £514/year off bills at the upcoming October price cap rates.
So even in the worst case scenario it would be far more cost effective to invest your £6,500 in a solar system than put it in a savings account.
Energy independence: Solar power can provide you with energy independence and security, as you won’t be affected by power outages or fluctuations in energy prices.
Energy independence is the ability of households, businesses or schools to generate their own energy, without relying on the centralised power grid. Solar power can provide a significant degree of energy independence, as it allows individuals to generate their own electricity and save it to a battery storage system.
This can provide energy security especially as solar-powered systems can continue to generate electricity even during power outages, which can be especially important in areas with unreliable or unstable power grids. Additionally, the cost of energy will not be affected by fluctuations in energy prices or geopolitical tensions that can disrupt traditional power sources.
Interested in a discussion about solar?
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