Using a solar power in your home is expensive, but the long term benefits that can be derived from it are numerous and it provides you great savings as a return for your investment. Being a property investor or a home owner, one of the major costs that you spend on a monthly basis is on electricity. The emergence of solar panel technology helps homeowners generate bigger savings from their electric bill, but the option to solar powering a home can be intimidating because of the costs involved. By understanding how the solar panel does and knowing its benefits, you will realize that a solar panel is worth your investment.
What is a solar panel and what it does?
A solar panel consists of semi-conducting materials that produce an electric field whenever its cells make contact with sunlight. As an electricity system, it is made of solar photovoltaics (PV) cells that are capable of storing the sun’s energy in order to convert it as an electricity source that can power household appliance and produce lighting in homes. The PV cells are either mounted as panels or modules that can be mounted on the ground or on the roof. They can also be installed as solar tiles or slates in replacement of roof tiles. However, this form of a solar panel is more expensive but is usually preferred by property investors in order to increase the value of the property and for aesthetic purposes.
Save on your electric bill
The major benefit of solar powering a home is on the savings you can generate from the electric consumption. On the average, one can save up to 50% from electricity bill depending upon the size of the panel installed in your home. The energy produced by the panel to generate electricity comes from sunlight which is free so this translates to using electricity from a free source that will help cut down the costs for your electricity usage. Another benefit is you can sell the electricity back to the grid if your solar panel system generates more electricity than your actual consumption.
Increasing your property value
Solar powered homes can have an increase in its resale value at $5.50/watt which is dependent upon the property location. In some cases, it can increase as high as $6.40/watt in strategically located houses. Properties with solar panels are sold faster than those without the installation. If you are planning to sell your property in the future, a solar panel installed in your home can make your property highly attractive to potential buyers because of the potential reduced electric bills.
Promote green house gases
By using solar power you are helping in decreasing carbon footprints from using electricity that are harmful to the environment. The presence of carbon dioxide can promote global warming and studies show that households generate about 7.4 tons of carbon dioxide every year on the average by using electrical powers. By using natural source of energy from sunlight, you help in conserving mother earth.