Hey there, sunshine enthusiast! Ever wondered about the magic behind those sleek solar panels? Solar panels today have emerged as a powerful solution to address both environmental concerns and energy costs.
As we delve into the era of sustainable living, it becomes crucial to explore the multitude of benefits that solar panels bring to the table.
- Understanding How Solar Panels Work
- Financial Benefits of Solar Panels
- Environmental Benefits of Solar Panels
- Disadvantages of Solar Panels
- Harness the Benefits of Solar Panels: Get an Instant Solar Estimate
Understanding How Solar Panels Work
Picture this: clean, renewable energy that not only slashes your carbon footprint but also with your monthly bills. That’s right — solar panels are your ticket to an eco-friendly and budget-savvy lifestyle!
As you contemplate your home energy options, it becomes crucial to first understand how solar panels work.
Here’s how it unfolds: when sunlight embraces a solar panel, a photovoltaic cell transforms that light into direct current (DC) electricity. Following this, a solar inverter works its magic, converting it into alternating current (AC), the power source that most devices in your home rely on.
Financial Benefits of Solar Panels
The magic doesn’t stop there – the really cool thing about solar power is that it’s becoming more affordable.
Right now, a solar PV system is 80% cheaper than it was in 2007. And as the solar industry keeps growing, the cost is expected to drop by 4% each year. According to forecasts from the Solar Energy Research Institute of Singapore (SERIS), we can look forward to another 33% cost reduction from 2020 to 2030.
Reduced Electricity Bills
Solar panels are getting cheaper, which means good news for you! First, you won’t have to spend as much money upfront. Plus, you can expect to see a big drop in your monthly electricity bills.
As you generate your electricity, you can significantly reduce your reliance on electricity from the grid. Depending on the size and efficiency of your solar panel system, you may see up to a 70% reduction in your electricity expenses.
Psst… did you know we have had customers churn out zero dollar electricity bills thanks to solar? Discover how our client Adrian manages to spend $0 on electricity each month!
Free Electricity in the Long Run
It gets even better in the long run! With a standard 10kWp solar panel system for your home, you could save over $50,000 on utility bills over 25 years. What’s more, the average time it takes to recover your initial investment — known as the breakeven period — is just 6 to 8 years. After that, you and your household can relish the benefits of free electricity for a lifetime!
Explore our FAQ section for comprehensive information on the installation of solar panels for property owners.
Profit from Excess Electricity Generated
And if you’re a household with lower daily energy consumption or often away on extended trips, the surplus electricity generated by your solar panels can be put to good use. Through Singapore’s net-metering scheme, you can sell excess electricity back to the grid.
Additionally, by selling Renewable Energy Certificates (RECs) in Singapore, you open up an extra source of annual income. This additional cash flow has the potential to expedite the recovery of your solar investment, possibly shortening the breakeven period by approximately 6 to 12 months!
Increased Home Value
Thanks to these advantages, homes featuring solar panels are also becoming more valuable. Moreover, a rising number of Singaporeans are becoming more aware of how their lifestyle choices impact the environment, and they’re actively embracing sustainable living.
Studies show that Singaporeans are increasingly interested in buying net-zero homes, showing a willingness to pay an additional 3 to 4% for properties that are eco-friendly.
Environmental Benefits of Solar Panels
Choosing solar energy isn’t just good for your wallet; it’s a big step toward taking care of our environment. Solar panels do more than save money — they help us live in a way that’s good for the Earth.
Preserve Natural Resources
Unlike traditional energy sources like coal and natural gas, solar power minimises reliance on resource-intensive extraction processes, promoting a more sustainable and environmentally friendly energy production model. Solar is also the most practical source of renewable energy, particularly in Singapore, where natural resources are limited, sunshine is abundant & roofs are aplenty!
Reduced Carbon Footprint
Additionally, solar energy stands out as one of the cleanest forms, generating electricity without emitting carbon dioxide. This clean energy helps cut down on carbon dioxide emissions, air pollution, and other environmental impacts associated with conventional energy production.
Opting for solar power becomes a direct and impactful contribution from individuals and businesses to global initiatives combating climate change, paving the way for a more sustainable future for generations to come.
Disadvantages of Solar Panels
High Upfront Costs
Despite the decreasing prices of solar panels in recent years, there are still some downsides to consider. While prices have gone down, setting up a solar system for your home can still require a significant upfront investment. On average, you might need around $25,000 to $30,000 SGD for everything!
Explore the rent-to-own option with GetSolar. Experience reduced monthly electricity bills, along with complete maintenance and servicing, making solar energy more accessible without the need for a hefty upfront investment.
Solar Panels Don’t Work For Every Roof
The effectiveness of solar panels is also heavily influenced by the orientation and structure of the roof. A roof that doesn’t face the sun may not capture sufficient solar energy. Roofs angled toward the sun are generally more effective than flat roofs in harnessing sunlight.
Moreover, the type of roofing material is a key factor. Installation is typically easier on roofs with materials such as asphalt shingles, metal, or tiles. These materials not only facilitate the installation process but also contribute to the overall efficiency of the solar panels. Therefore, when considering solar energy for your home, it’s essential to evaluate the roof’s orientation and material to optimise the benefits of solar power.
Determine your rooftop’s solar suitability with our easy 3-step guide!
Without sunlight, your solar system cannot produce power. This can pose a problem for users in areas with less-than-ideal levels of sun exposure or poor weather. However, the use of solar batteries to store surplus energy can address this issue.
Even with persistent rainy weather, high quality solar panels can still remain cost and energy efficient enough to be worth the installation.
High Maintenance Costs
While the environmental benefits of solar panels are well-established, the high maintenance costs associated with their installation can pose a significant challenge for many customers. From routine cleaning to unexpected repairs, the financial burden of ensuring optimal solar system performance can accumulate over time.
In Singapore, solar installers are mandated to offer a minimum 12-month warranty for solar systems, granting complimentary servicing and maintenance for the initial year. However, subsequent years may incur an annual fee of around $250, and DIY maintenance checks can be challenging when issues arise.
At GetSolar, we address these concerns with our innovative Rent-to-Own model (RTO) model. Through RTO, you not only access clean energy but also enjoy complimentary maintenance and servicing throughout the entire contract duration. This not only saves you money but also eliminates the hassle of outsourcing maintenance or worrying about additional expenses!
Furthermore with our GetSolar guarantee, we go beyond the industry standard by guaranteeing a minimum energy output, providing you with the confidence that your investment will yield the expected results. Moreover, our internal monitoring system operates tirelessly to promptly identify and resolve any potential issues with your solar system!
Harness the Benefits of Solar Panels: Get an Instant Solar Estimate
Whether you’re prepared to have solar panels installed on your roof or simply exploring the potential benefits of solar energy, use our solar panel calculator! Get an estimate of your property’s solar potential and discover potential savings.
At GetSolar, we leverage geospatial analysis of satellite imagery, big data, and artificial intelligence to deliver reliable and precise solar information, empowering you to make informed decisions about solar solutions!