How Does Solar Panels Help Save Money in the Long Run?

Installing Solar Panels at Home

Solar energy radiated by the sun is clean, renewable, inexhaustible, and affordable. India is a leading producer of solar energy today. People are switching over to green energy at a fast pace now. Hence, solar is the best option available for homeowners. Solar panels are an efficient way to offset your energy costs, help to combat greenhouse gas emissions, and minimize your collective dependence on fossil fuels. Investing in solar panels is a great idea overall considering the many benefits that come with using them. Depending on your usage, installation costs, and where you live, you can save money in the long run. 

What is a Solar Panel?

A group of electrically connected solar cells which are enclosed within a frame and helps in converting sunlight into electricity is referred to as a solar panel. Today more and more home builders are using solar panels for producing electricity. 

Solar panels will help you in saving money on energy costs as long as you reside within the same house so that you are able to recoup the installation costs by saving on your electricity bills. 

Listed here are the different ways by which solar panels can help you in saving money:

  • Less Power from the Grid

A solar system plays a key role in making you self-sufficient and reduces your dependency on utility providers. Since you will not be generating much electricity from the grid, it will help you in saving money. 

  • Price of Electricity

With the rise in population, there is going to be an increase in energy consumption, which will, in turn, lead to an increase in electricity prices. Unlike electricity, solar energy comes with a fixed cost. Solar panels will allow you to generate your own power and will also help you in saving money. 

  • Stored Power

The demand for energy tends to be higher between 11:00-16:00 time frame, and there is a possibility that you might not be home during the day. However, this power can be stored and used later, especially during the peak periods when electricity prices can be higher. 

  • Feed-in-Tariffs

Any additional energy your system generates can be fed back into the grid to offset your energy bill. The payment which you receive when your feed excess power is calculated as per the feed-in-tariff. You can opt for a plan with a corresponding rebate level to suit your requirements and maximize your savings. 

  • Value of Property

Solar panels not only help you in saving, but also help you earn back the cost of installation by adding to your property’s overall market value. As already stated, that electricity prices are rising drastically; whether you are the tenant or the landlord, whenever you will sell your property, people will be ready to pay a higher price for a property with solar panels because they will save on their power bills. 

The rising property value and tax rebates will help in easing out the upfront cost of installing solar panels. Reputable brands such as Luminous offer a comprehensive range of solar panels that come with a performance warranty of 25 years and are made with high strength aluminium frame design, which offers high torsion resistance. The solar panels are optically, electrically, and mechanically tested. 

Save money with Luminous solar panels!

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