With solar energy gaining traction globally, making the change to Solar PV has been an investment that a sizable number of people are delving into in recent years. The recognition of the ability that solar energy has in reducing the harm on the environment and the long term cost saving potential is driving more people to explore the different aspects of solar. Let’s jump into the benefits of solar now!
Combat Climate Change
The issue of climate change has been and continues to be threatening us every single day. With increasing carbon dioxide and pollutants filling the air, it is greatly harming the world we live in. Solar energy, a renewable energy, mitigates the impact of climate change as it does not drain the source – the Sun’s energy. It produces electricity directly from solar energy without relying on fossil fuels to function. By doing so, this reduces our carbon footprint and electricity that is generated using solar does not produce any pollutants or greenhouse gases. Hence, nothing bad is released into the air at all. Yay to clean energy!
Reduced Electricity Bills
Hands up, whoever is guilty of loving discounts! (me!) Well, reduced electricity bills aren’t exactly a discount but it certainly will lighten the load on your wallet every month.
By going solar, electricity is generated directly and thus, often reduces your electricity bills by about 50%, or for some, can even eliminate your electricity bill completely..
Although a one-time investment has to be made, it will bring about a long-term benefit in terms of savings. Given that the solar panel system has a lifespan of approximately 25-35 years, think about how many months of bills you will have saved. Just a small system of around 5kW can bring in hundreds or even thousands in electricity bill savings annually. What a steal!
Oh, and if you would like to find out more about cost-savings from solar energy, do check out our article, where we have broken down the basics of cost-savings and how you can benefit financially in the long run.
Lowest Solar Costs Ever
The price of a solar PV system in Singapore has been steadily decreasing over the years. Compared to prices in 2007, it is estimated to be 80% cheaper to install an entire PV system now. As the solar industry continues to grow, the cost of solar is expected to continue declining at 4% every year. On the contrary, electricity prices are often difficult to predict, and have hit their highest rates over the past 5 years in the first quarter of 2020.
Although there are currently no subsidies available for solar in Singapore, there has been action taken to support technologies and renewables in the form of Research & Development funding.
Low Maintenance Costs
If you’re worried about your solar PV system being extremely high maintenance, fret not! All contractors are required to provide a warranty of at least 12 months, during which you will receive free service and maintenance for your solar panels. Some local installers also provide an extended warranty or annual maintenance services, as well as up to 25 years of performance and workmanship warranty on solar panels.
However, even after your warranty period, the costs will not burn a hole in your pocket!
With the operating costs of a solar PV system being close to zero, the annual maintenance cost may be around 0.5 – 1% of the installation cost. That being said, the most common form of maintenance required is cleaning the solar panels, and in tropical Singapore, placing panels at a tilted angle often allows the panels to “self-clean” when it rains!