A few years ago, people assumed that the solar panel system on the rooftop was expensive and that the return could not justify the investment. But over time, the situation has changed since over two million people have embraced solar for homes to enjoy lower electric bills.
The state government has passed many subsidy schemes through which people can avail of loans without any interest to install solar for homes. One can quickly check if they are eligible to avail these options.
Though there are plenty of incentives for solar batteries and solar panel ownership, many find it challenging to determine what sort of returns they should expect or the return of investment (ROI) for solar for homes. There are overwhelming myths associated with it, such as the following.
- Solar batteries are expensive, and their price will decrease over the years, and it is best to wait for them to become cheap.
- Only a rooftop solar system is enough for our home. We don't need solar batteries.
- It is better to stay connected to a grid system instead.
Thinking About the Energy Needs
No matter how you look at solar for home, it is a good investment. Thus, rather than dealing with the myths, it is best to take your time and research which solar batteries are suitable for your home and give you what kind of return on investment.
The excess electricity you produce goes back to the grid, and other people can share it from you. Besides, you also get financial incentives and plenty of advantages.
Here are some of the determinants that you can consider when evaluating the ROI for the solar for home.
1. FIT or Feed-in tariff: These are the financial incentives one can get depending upon which state they live in and its location. Various states offer these incentives if your home is situated in an appropriate area to utilize solar energy. Energy retailers pay the homeowners for their unused energy. The retailers will buy the excess electricity and feed it back to the grid. The rates per kWh depending on the retailer. You can factor it into the ROI calculation, and you will see that solar panels are cost-effective.
2. The pattern of Energy Consumption: Every household has its peak and off-peak hours, and some energy providers offer a flat rate for electricity throughout the day. For example, the peak hour can be around two to eight pm when all the members are at home from school or the office. During these peak hours, the demand for electricity skyrockets, and it costs them more to supply electricity during that time. If you do not have a flat electricity rate, you can calculate it as a part of the ROI to estimate.
3. Household Size: It is natural that a larger home with more number of occupants will consume more electricity. People may assume that larger households will hence get more ROI than smaller households, but that is not the case. With more and more family members operating from home, they have increased their energy consumption. All can benefit from a home battery such as a Sonnen battery, a Tesla battery, or a Redback battery.
4. Appliances that increase the energy load: Some devices use the most amount of energy when it comes to energy consumption. For example, a swimming pool acquires a large part of the electricity bill and more so if it can be heated. People have accepted the bill shocks after summer and winter as a standard part of their utility bills. Besides, electric vehicles also take up a significant portion of the bill. But Tesla batteries can smooth out these energy-demanding appliances and EV chargers and decrease the amount.
Are home batteries the correct option for you?
It is a good idea to calculate the ROI for a home battery to determine whether it will work for your household. If you do this, you can easily see that the myths around solar for home are just that. Though many factors can determine precisely how much you can save, it is evident that you will definitely cut your bills by hundreds of dollars. You can install any reputable energy solutions such as Sonnen batteries or Tesla batteries along with solar panels, and you can reduce the cost by up to 80% and carry such savings for more than ten years.
Rather than looking for reasons not to install solar batteries, it is time to select which one will give you the perfect energy solution. Many sites have a free tool that helps you calculate the exact ROI from a Redback battery or a Sonnen Battery.
You can find out more prominent details about the subject by contacting us. We are here to help.