It is natural to want to jump on a trend. When it comes to energy production, solar power is the current trend. It is not new per se, but solar companies have enjoyed an upsurge in patronage over the last few years. Compared to the past, the cost of setting up solar power is low, and the efficiency is high. Both factors have made it a favourite for many homeowners.
Using solar power is not just a finance-based decision for rich homeowners, but it is also a moral statement. It is their way of announcing that they care about the environment.
But for the average homeowner, investing in solar power is a decision that can only be taken to save money.
In this article, we will look at whether solar power is a worthy investment.
Before You Invest
Research must precede investment. So before you invest, here are some things to take into consideration.
1. Electricity Bill vs. Solar Installation
How much is your monthly light bill? In the UK, the monthly light bill for a 3-bedroom apartment is around £100, while the cost of installing solar power for such a house is £5,940. If things stay equal, it means you only see a return on the investment after 59 weeks. Weight both choices; which of them will fulfil your short or long-term targets?
2. Consider Sunlight Exposure in Your Area
Solar panels work by trapping solar energy from the sun. If you live in an area that enjoys little sunlight, you might not get the best value for the panels.
3. Check Out the Condition of Your Roof
Panels last for decades. So if your roof is in poor condition, it is best to add the cost of changing the roofs to the upfront cost of installing the panels.
Is Solar Power Worth the Investment?
Yes. Let us look at some reasons why it is so.
1. Low Cost of Electricity
Electricity costs have increased since the pandemic. The rise in virtual workplaces and remote work means that people spend more time at home. With solar power, people can reduce this cost. Although the first payment is huge, it is cost-effective in the long run.
2. Low Maintenance Cost
After installing solar power, you will only spend a little on maintenance. All you need to do is to ensure you clean the panels regularly. Most solar manufacturers also offer a long-term warranty. So if the system develops a fault, you are still covered.
3. Higher Home Resale Value
Your home becomes more valuable when you install solar power. Solar power systems are an asset, and they can provide a significant boost to your home’s resale value if/when you decide to sell it. Also, solar panels are very durable (and recyclable), so you don’t need to worry about changing them in the future.
The upfront cost of installing solar power is huge. However, the low cost of maintenance, higher resale value, and system efficiency make it a good investment in the long run.
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