Is Solar Power Worth The InvestmentBy Hannes | February 3, 2018 | Blog
When you consider the amount of money you’ll save in your first month of using solar power, it becomes clear that solar power is the way to go. For some this is true, for others, they’re still trying to figure out what all solar power entails and if they can commit to a long term investment like this. There’re many factors to consider justifying the cost of setting up a solar power system in your home. Some of these factors include:
Your Monthly Electricity Consumption
The biggest indicator and point of truth when it comes to how much money you can save on electricity will be your electricity bill at the end of every month. As we paying our service providers for every kilowatt per hour of electricity used, the rate will vary from person to person and the amount of electricity being used at your house.
To see what you’re consuming on a daily basis, you can keep a log book where you’re able to write down your units for the day. This exercise should be done for a period of at least 3 months in order for you to get a proper understanding of what your electricity is going to. Once you’ve a proper understanding, you’ll be able to see if installing solar power is worth the investment.
The Cost of A Solar Panel Set Up
This largely depends on the type of set up you’ll be doing at your home. If you’re only looking to put your geysers onto solar panels, it won’t cost half as much as moving your entire home onto solar power currently sitting at around R200 000 for the full home set up.
Not many people have that type of money on hand so you’ll have to factor in how you’ll be paying for the solar system. If you’re taking a loan on the set up, you’re going to be paying interest on the loan. Think about all the money you could’ve saved on the set up if you just put money away monthly to save up to pay for the system.
Having A Backup System In Place
With only installing some solar power to your house, you can switch over between your municipal power and the solar power when you need to conduct maintenance. If you’re exploring the option of installing solar power for your entire home, you’ll need to have a backup in place like generators and fuel for you to switch over should you experience issues with your set up.
These are just some factors to take into consideration when deciding on whether a solar power system will be a good investment for you or not. Overall, it can be a good investment if you’re getting the full set up as you’ll no longer be reliant on Eskom for your power supply. If you’re going for a small set up, you’ll start seeing a positive return on your investment in no time.