Are Solar Panels Worth the Investment?



In recent years, much emphasis has been placed on green and sustainable energy. Sustainable energy sources like solar, wind and hydrothermal energy are being extensively promoted by the government.

A lot of people are switching to solar energy and installing solar panels for home. Installing solar panels in your home, will lower your electricity bills and will be a great investment for your future. The target set by the Government for rooftop solar panel installation is almost 100 GW by the end of 2022.

The major question around solar panels is – is it worth the investment? The answer is YES. Solar panels have a lot of benefits apart from reducing your electricity bills. Solar panels are not only cost-effective but are also efficient and are worth investing in if, you purchase solar panels from reputable installers.

Should you install Solar Panel in your home?

We spoke about the different benefits of Installing Solar Panels in your home, now, let’s talk about whether installing a solar panel for your home is the right choice.


Solar Panels are a good investment for you if your home meets the following criteria:

  • Receives a lot of sunlight- If your house is located in an area that receives a lot of sunlight, a solar panel will be a great investment for you that is the reason. Karnataka is the top solar state in India. If your house is surrounded by a lot of trees and shade, solar energy won’t be too efficient for you.
  • Proper space on your roof- If you want to install solar panels on your roof, you require a roof with plenty of space, clear of any chimneys or other fixtures. You can install a smaller system to compensate for your limited space but, smaller systems are usually more expensive than normal ones. It would be difficult to install solar systems on roofs with steeper slopes, it would be more expensive and would require high labor costs as well.

  • High electricity bills- High electricity bills are probably one of the major reasons for shifting to solar energy. The amount of money invested in solar panels will be less than half of your electricity bill. If electricity bills are one of your major concerns every month then, installing rooftop solar panels for home should be your next step. According to a recent survey, a solar rooftop installation can reduce 80-90% of the electricity bill every month, also an A5kW system can generate around 600 units and save Rs. 4,200 per month.

If your house meets any of the criteria solar panels are not the right fit for you:

  • Not enough sunlight- Solar energy in simple words is simply the light and heat that comes from the sun and if your house is situated in a shady with a lot of trees or buildings around, Solar panels for home may not be the right fit for you.
  • Steeper Roof- To install solar panels, you require a huge space. Small solar system for home is quite expensive when compared to huge ones. Older or historic homes usually have steeper roofs and are not the perfect fit for installing solar panels.
  • Ineligible for incentives and rebates- Most municipalities and utility companies offer incentives and various subsidies on solar technology. If your local government does not offer any incentives or solar panel subsidy, a solar investment may not be the right choice for your home.

Is Solar Panel worth the investment?

1) Suitable for Indian Climate:

Solar panels not only require ample area for installation, but they also require enough sunlight to convert them into electricity. India is luckily situated in an area that receives sufficient sunlight.

 

2) Low maintenance and no additional costs:

Installing a solar system is a one-time cost and does not require any additional cost apart from the usual maintenance cost. Solar panels require very little maintenance at a very low cost.

 

They often come with a service life of 20+ years with proper maintenance making it a great solar power return on investment. The ROI on solar is comparatively higher than other forms of sustainable energy. Solar promises an ROI of 20-30%. With attractive ROI and longer payback periods, it is one of the safest forms of investment.

 

3) Long term financial benefits:

Solar systems are a long-term investment that is modern and sustainable. Solar solutions usually come with a service life of more than 20 years with proper maintenance. They are a clean, sustainable source of energy and will help you to cut down your electricity costs in the future.

Solar promises an ROI of  25-30%. Investing in rooftop solar panels for home is one of the safest investments as it promises attractive paybacks; with a payback period of 3-5 years.

 

Conclusion:

Home Solar panel systems offer numerous benefits mentioned above but are only possible when you get help from a trusted solar expert. A 5 kW solar system is equivalent to reducing 7.3 tons of carbon dioxide emissions every year.

Solar installation services will be the right choice for you, if, your home meets the above criteria. Installing solar solutions is a step ahead toward a clean, sustainable and profitable future.

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