Without a doubt, solar energy is on a roll. Solar installation is expected to experience exponential growth in the coming years. By 2050, the number of homes with solar panels will rise from 3% to 45%. On the other hand, the price of electricity is not dropping.
And since sunlight cannot be monopolized like electricity, you can use thermal systems to convert the free renewable energy into electricity. That way, you will not be worried when there is a power outage in the area.
To ensure the solar remains efficient, you need batteries that will store the energy produced by the solar panel during the day. Preserving the power in the batteries will enable your appliance to function at night, in low daylight, or during the rainy seasons when there is insufficient sunlight.
There will be maximum utilization of power absorbed, and none will go to waste. Since you might need help deciding whether to install solar panels in your home or property, this article will help you discover different ways solar and battery packages enable you to save money.
1. Low Reliance on Fossil Energy
Most people focus on the upfront costs of installing solar panels, while using a solar and battery package has incredible benefits. Solar power is clean and environmentally friendly, meaning it does not pollute the environment.
Fossil energy can be expensive and harmful to the surrounding environment. Besides reducing your carbon footprint, solar and battery can reduce over-dependence on traditional energy such as coal, natural gas, and oil by generating your power.
Hence, you will cut the cost you would have incurred on fossil energy. You can consider getting solar and battery to enjoy its financial benefit and take care of your environment no matter where you are.
2. Reduced Repair and Maintenance Cost
Usually, the cost incurred in repairing and maintaining solar panels and battery packages is very minimal. Solar does not have movable parts; hence there is a small probability of developing functional problems. You only need to wipe or clean the solar panels a few times annually.
Similarly, batteries do not require frequent repair and maintenance. Depending on the type, most inverters last for more than ten years and have a warranty if damaged. Therefore, you will save a lot of money since you will only sometimes pay for the maintenance and repair.
3. Reduce Electricity Bills
With solar panels, you cut your monthly bills, which can be an excellent way to reduce strains and burdens on your bank accounts. You can save the money meant to pay for the energy costs or offset the upfront cost of installing solar systems.
In addition, if you can produce excess power, you can sell the surplus to the nearest power company and gain income.
4. Tax Rebates and Incentives
To widen the power coverage in many areas, some governments give tax rebates and other incentives for installing solar and batteries. The incentives aid in offsetting the upfront cost of solar installation and making the solar system affordable and easily accessible to many people.
Additionally, you will get a tax credit of 22% for getting solar panels. Interestingly, you will be able to recoup the incurred cost after some time and eventually gain returns on the investment by eliminating the electricity cost, among other expenses.
Some states also offer solar renewable energy certificates or SRECs. You can sell these certificates for your system’s output, which is another way of earning money from your investment.
5. Reduced Dependency on the Grid
Solar gives you the independence to generate your energy at home. Investing in solar and batteries protects you against unpredictable power outages and allows you to enjoy affordable electricity. The batteries store extra power, and you can use it at night without sunlight. Therefore, you will minimize dependency on the grid and save money on electricity cost.
6. Increased Property Value
If you are looking for a way to increase the value of your investment property, solar and batteries are great options. Even though the upfront cost is very high, the attractive property will attract many high-profile potential buyers or have a significant selling point.
Any property with installed solar panels is considered safe, environmentally friendly, and convenient.
7. Long term savings
Despite having high installation costs, one of the significant ways a solar and battery can benefit you is through a long-term savings plan. Even though you will not save money within one year, you will enjoy the returns on the investment after a few years.
If you want an investment to help you save money and generate high profits, consider acquiring solar and a battery pack. While the upfront cost is high, you are assured of continuous returns once you offset the expense.
The rising property value, incentives, and federal tax will help you mitigate the initial cost of installing and acquiring the solar more affordable. Hopefully, the above points will help you decide whether investing in solar and a battery pack is worth the upfront cost.