Solar energy is gaining increasing popularity for being a readily accessible and highly abundant source of power. It is an excellent option not just for resolving climate change but also for being a viable alternative to traditional electricity generation methods for saving money and energy in the long run. Let’s understand how rooftop solar panels are worth investing in to save energy and money.
Secure investment
After the COVID-19 pandemic, we all understand the significance of saving money to financially secure our future. People are looking for the best investment methods like mutual funds, shares and bonds, SIPs, and others.
Installing solar panels is a secure investment because the cost of producing power can be simply and quickly calculated for many years. You just need the installation cost that can be reduced by availing of the solar subsidies and other tax benefits. Once installed successfully, you can generate electricity for free for the next 25-30 years without requiring higher rooftop solar system maintenance costs.
Using rooftop solar panels, you can produce free electricity for a long time by harnessing the power of sunlight. The ability to calculate the price of producing electricity for around 10 years provides predictability and stability. You can use free electricity for a long time without experiencing any unexpected and higher increase in the cost.
Eco-friendly energy
Solar energy is an environment-friendly energy that doesn’t produce any harmful greenhouse gas emissions and water pollution during power generation and usage. Since the electricity is produced using sunlight which is a natural source, no air and water pollution is caused throughout the process.
Compared to conventional electricity sources, installing rooftop solar panels significantly cuts carbon footprints. They produce no noise pollution as they work silently. Thus, installing solar panels on residential and commercial building rooftop play a vital role in the battle against rising global warming by offering an effective source of green and clean energy.
Reduced electricity bills
Installing rooftop solar panels for residential and commercial buildings significantly reduces the cost of electricity production and usage. Rooftop solar tariff rates are comparatively much cheaper than commercial and industrial tariff rates. Solar power reduces utility bills by around 70-90%, saving almost complete electricity bills. You can use several ways to save money with solar power. The saved money can be used to meet other financial needs.
Energy storage
The increasing global warming and severe climatic conditions are often changing weather nowadays. For example, destructive wind flow, heavy rains, etc. It can lead to several harms to humans and their requirements.
The sudden transitions can cause power breakdown and increased casualties when manufacturing divisions and other machines stop working efficiently. Power outages for a long time due to natural disasters or other reasons can cause lots of problems by affecting the daily schedule.
Installing rooftop solar systems with solid battery backup storage will provide great power solutions and save interruptions by providing constant energy. On-grid or grid-tied solar panels have comparatively less battery backup than off-grid solar panels but are comparatively affordable. However, to ensure enormous power security capability, you can choose off-grid solar systems.
It is just a myth that solar panels work only when there is plenty of sunlight. Solar systems can produce sufficient electricity during winter and cloudy days as the systems need just sunshine to generate power. The electricity produced during the daytime can be saved for later use with battery storage.
Fixed expenses
The monthly expenses for electricity produced using traditional sources can differ based on the climatic conditions. For example, the use of air conditioners, refrigerators operating in full swing, and coolers in summer can highly increase the electricity bill.
During winter, there may be an increase or decrease in electricity charges based on the number of appliances you are using. This means that you will never have fixed expenses on your electricity consumption. It might be a few hundred rupees in winter and more than 2000 in summer depending on your power consumption.
Rooftop solar system installations, on the other hand, assure fixed investment every month if you have grid-tied solar systems. Moreover, you can also earn excellent credits every month by using net metering, gross metering, or other financial schemes.
Increased access to reliable energy
Some rural and urban areas have poor and unreliable supply of electricity. To meet their power requirements, people depend on alternatives like diesel generators that produce harmful gas emissions, cause harm to the environment and human health, and cost more.
The installation of the solar system for residential flats provides a sustainable solution that provides increased and regular access to electricity and decreases operating costs. You will always have reliable electricity to use whenever you want. In addition, you can use solar plus battery systems or net metering policy to store excess energy and access electricity during power outages, at night, or whenever you need.
Increase the property value
People who are investing in rooftop solar systems are noticing a significant rise in the value of their property. Solar installation can facilitate the increment of a property value by up to 3-4%. It is believed that solar-power-equipped homes have higher property value. These households are perceived to sell more quickly and at increased rates than non-solar installed homes.
Most people nowadays are aware of the significance of using solar energy. That’s a reason why most buyers prefer properties that have rooftop solar systems rather than non-solar-equipped properties. They are more willing to buy a home that saves their electricity bills and protects the environment. The demand for solar-powered properties will keep on rising in the coming years.
Taxation
Rooftop solar panel installation provides the eligibility for accelerated tax depreciation for the specific financial year in which solar panel configuration takes place. Also, earnings from solar power can be freed from tax for the next 10 years. Remember, this facility is subjective according to state standards. Financial incentives and other tax benefits are creating a better future of solar energy, making people in every sector adopt solar power and save their valuable money.
Conclusion
Rooftop solar system is a common entity nowadays for lowering utility bills, decreasing carbon footprint, energy storage, and other financial advantages. To know how much you can save on your energy and money, contact Megamax Solar experts. The solar industry experts will guide you in choosing the right solar system to enjoy great savings on your money and power without running into any risk.