How effective is solar power? Is it worth the investment to power your home? If you’re considering going solar, these are important questions to think about. After all, solar power is a free and renewable source of energy.
HOW SOLAR POWER WORKS
The sun releases energy – light and heat – called radiation. It can be harnessed by using solar panels that contain photovoltaics (PV), which absorb the radiation and convert it into electricity. The sun only emits radiation during the day and is affected by elements like cloud cover, so it has to be combined with a method of energy storage.
Do you want to obtain solar power? Consider installing a solar power system for your home. You can get your local electrician to personally install your solar panels for you.
Now, let’s take a look at the 8 benefits of using solar power.
8 BENEFITS OF USING SOLAR POWER FOR YOUR HOME
1. Affordable solar powersystem prices
The prices for solar power systems have come down significantly, costing about 40% less to install in 2018 than they did in 2012. For example, the average price for a 5kW system in 2018 is $5,880 compared with $12,290 in 2012.
2. Increase in average system size means better value for money
As prices have come down, the average size for solar power systems has increased. Today, you’ll find most homes installing 3kW to 10kW systems compared with 1kW to 2kW systems several years ago. And the larger systems almost always offer better value for money than the smaller systems.
3. Shorter payback periods and better internal rate of return
It’s important to choose a solar power system that’s the right size for your home, so you can use at least 30% of the energy it produces directly. If you install a 5kW system and have a self-consumption rate of 30%, you can expect a payback time of less than 6 years on average. And your internal rate of return (IRR) for the first year would be 18% on average.
You can further reduce your payback period and maximise your returns by:
4. Increase your home’s value and sell more quickly
The more solar panels you have on the roof, the higher your home’s value will be – you can expect an increase of almost $6,000 per kW of solar power. So if you installed a 5kW system, your home’s value will go up by more than $29,000.
What’s more, everyone needs electricity and if the cost of using electricity is greatly reduced with a home that has a solar power system installed, people will view your home favourably when it’s up for sale. This means you could sell your home faster by up to 20%.
5. Reduce your energy bills
If you don’t plan on selling your home, you can enjoy the benefit of future savings. Over the years, you’ll get to save thousands of dollars on your energy bills and the savings made will recoup the cost of installing your solar power system.
6. Make your home go off-the-grid
Traditional electricity relies on limited resources like coal and natural gas, making energy prices high. But if you invest in a solar power system and use solar electricity, you’ll make your home go off-the-grid. This means you can protect yourself from continually rising energy prices and enjoy cost-effective electricity every day.
7. Reduce electricity transmission loss
Solar panels increase electricity efficiency in terms of the short distance it takes to transmit electricity to your home, as the electricity is generated and used in the same place. What’s more, a solar power system is durable so there are less chances of service interruption.
8. Improve power grid security
Every house that has solar panels installed is self-sustaining, and the more houses there are using solar power, the greater the power grid security will be. So whether a natural or human-caused disaster occurs, you’re less likely to experience a blackout or brownout.
Ready to install your own solar power system? If so, it’s time to start planning.
Planning your solar power system
Here’s what you should do when planning to power your home with solar power:
So, is solar power an effective way of powering your home?
The effectiveness of solar power depends on a variety of factors, such as your location, shading, energy use, system size, and installation. And since solar power is an intermittent energy source, it must be stored if you’re not going to use it immediately. You can use rechargeable batteries to store the excess electricity. If you’re able to harness solar power smartly, this’ll help reduce your energy costs and ensure electricity is readily available, making it worth the investment.
If you’re thinking about switching to solar power, contact the experts at Power Integration on 1300 797 468. We can help you choose the right solar power system for your home, as well as install the system in a way that effectively powers your home.