Know How Much Savings You Can Make with a Solar System
While the environmental benefits of going solar are well documented, and it is widely considered to be a viable solution to help us overcome the rising problem of climate change, one often overlooked advantage of going solar is the financial benefits it brings. When you are producing your own electricity? your rooftop solar system, you are inherently not dependent on the local electricity supply helping you save up to 80% on your electricity bill monthly. Using net-metering, you can potentially also export the excessive power that you may have produced and further import it at the night time when your system is not producing the energy.
Another thing to keep in mind is that when you sign the PPA for a rooftop solar system, the tariff for the following 25 years is already determined (Power Purchase Agreement). This may protect you from inflation and the startling increase in electricity prices brought on by outside factors like the country’s current coal crisis, making it easier for you to budget your costs. The majority of solar systems have a payback period of between 3 and 4 years, depending on their size and capacity. This implies that you will essentially be making your own energy and using it for free.
Let’s use the example of a typical Delhi home, which pays an average electricity cost of roughly INR 5,000 per month. This amount will, however, obviously be larger in the summer since air conditioners will be running, and slightly lower in the winter because power consumption is reduced. On that subject, you might find it interesting to know that, providing the system’s capacity was considered adequate during design, your solar system is completely capable of supporting all the loads on your land. Is it true that solar panels save you money, and if so, how? is yes. The amount you will save, however, is dependent on a variety of variables. The amount of daily direct sunshine, the size, and the slope of your roof are all essential factors, but the local electricity rates and your energy usage have the biggest impacts on how much money solar can save you. Why? Because the more you pay for electricity, the more you can save by using solar energy that you generate on your own.
According to experts, ordinary solar rooftop systems can save up to 1,10,312 units annually while producing one hundred kilowatt units on average. This indicates that consumers might save Rs. 10 lakhs annually. Another example is a 10KW solar energy system, where it is simple to calculate an annual savings of Rs. 45,000. It is advised for new installers to defer to the installer company’s determination of the solar solutions for the home based on their knowledge and analysis of the necessary requirements prior to installation. As a result, the process is automatically economical and reasonable for customers.
Recognizing your solar savings begins with figuring out how much you presently spend annually on electricity. The average Indian family spends little over Rs. 50,000 a year on energy alone, when multiplied by the country’s average electricity rate. The next step is to estimate what the utility company rates will be in the future while taking into account how unstable power prices are. You should keep in mind that power costs are likely to rise each year when comparing the price of utility electricity with residential solar. Countrywide, electricity prices have risen at an average rate of 2% each year over the last decade. Utility rate inflation is another reason to go solar: by generating your own electricity with a rooftop photovoltaic (PV) system, you lock in energy expenses at a fixed rate and eliminate the need to take volatile utility company prices into consideration.
Returning to the earlier illustration, let’s now. A recommended system of 8kW will enable you to save around 75% on your monthly electricity costs for the bill amount of INR 5,000. Less than five years will pass before your system pays for itself. So there you have it; during the course of your solar system’s 25-year lifespan, you stand to save lakhs and lakhs of rupees. Call your Servotech Solar Consultant today to go on this road of enormous savings.
Solar Solutions is unquestionably a fantastic step in the direction of sustainable energy. However, for the installation to meet the requirements, there are some specific requirements. But as the number of daylight hours increases, we anticipate that the globe will turn to solar energy as a viable source of electricity. Ultimately, a solar panel system will result in significant savings for homes, whether you’re considering finances or carbon emissions. The cost of electricity, which varies greatly depending on where you reside, will ultimately be the decisive factor. However, a solid generalisation is that solar will be a risk-free investment with significant returns if you reside in a state with middle- to upper-level utility prices.
