Solar panels are the best for the environment. People can enjoy savings over a lifetime with one good solar panel installation. But do solar panels actually save money for customers? Ample trendy investment opportunities out there hold people back from thinking in an eco-friendly way. Besides, most people are always skeptical about new products. Honestly, solar panels installed by solar distributors in Haryana save money by reducing electric bill. Besides, these installations make a great home upgrade. So a simple answer to the question “do solar panels help save money?” is yes.
But how much exactly needs to be calculated cleverly. Savings also depend on multiple factors like direct sunlight daily, hours of sunlight and angle of rooftops at homes and offices. This angle is very important. Besides, most electricity rates are too expensive yet highly convenient to install as homes already come with electrical fittings. This bars people from thinking of a solar alternative.
How much electric bill can solar panels save a home or office?
The most critical step is to understand the amount of solar energy that can save a person. Besides, one has to calculate what amount is currently being spent on electricity on a yearly basis. Average annual electricity that is needed for a house in an Indian city is 100 kilowatt-hours. When that is multiplied by a national average, electricity rate in November 2017 would stand at 100,100 rupees on electricity alone.
Besides, one has to take into consideration the power cuts, generator bills, inverter costs, changing unit rates, appliance costs, and other variables to come to a concrete figure. Only the one will be able to determine all the utility rates correctly.
Once the cost of utility is compared to a home solar installation, please be prepared to expect electricity rates to increase annually. Since 2009, national electricity costs in India and in North India alone have swooped up at an alarming rate. Besides utility rate inflation is added as an incentive for solar.
Once a household or office starts generating their own energy with rooftop solar panels and PV generation systems, one saves on energy costs at a constant rate. There is no need for any more installation and hence no variable utility rates.
Solar is an upfront investment
The cost associated with a solar system is the overall cost of installation. All other added electricity costs do not completely offset 100% electricity use. Complete cost offsetting can be determined with accuracy only after determining a PV system size. Also total no. of solar panels used determine the average cost and percentage savings.
A snapshot of typical bill savings from a solar installation by the solar company in Chandigarh can be obtained at the installation company office. Here is a brief overview of what the data would look like keeping in mind a number of assumptions:
- System size: 6 kilowatts (the national average)
- Utility rate inflation: 2%
- Electricity demand: 11,000 kilowatt-hours every year
- Percent needs to be met by certain solar panels: 93% (an energy market average)
- Electricity rate: As per state average
To summarise, you will receive government electric bills after installing solar panels. Most importantly, the bill will not exactly ask you to pay anything, but the usage will be offset by net metering credits.