Home Improvement

The Benefits of Purchasing Solar Panels

Solar panels are known for the fact that with their help we can reduce the impact on the environment and reduce the electricity bill. This is true — but at what price is such savings provided?

What you need to know when investing

Solar panels are advertised as an investment in homes and in the future. However, there is a significant difference between a conventional investment and the installation by a solar panel provider.

installing solar panels
Photo by Ricardo Gomez Angel on Unsplash

The service life of solar panels is more than 30 years. Payback is usually considered for a period of 5-10 years. After this period, you will receive virtually free energy from solar panels. Only electronic devices will need to be replaced after about 15 years. If you have batteries in the system, then they will also have to be replaced after a certain time interval — depending on the depth of discharge and the number of cycles, the frequency of replacement ranges from 3 to 12 years.  Therefore, a system with network photovoltaic inverters without batteries is preferable — it requires minimal maintenance and is the most reliable. The main disadvantage may be that they can also fail.

Improving the efficiency of investments in solar panels

If you are thinking about purchasing solar panels for your home and accelerating their payback, you can reinvest the money saved on electricity bills into other tools to increase investments. This can be a deposit in a bank at interest, an investment deposit, a mutual fund or something similar. Thus, the installation of solar panels will give you the opportunity to obtain additional finances for investing in various financial instruments.

house with solar panels
Photo by Gary Cole on Unsplash

Solar panels differ from your other costs in that they begin to bring a positive flow of money immediately after installation in the form of savings on energy bills. Moreover, every year, due to the increase in electricity tariffs, your savings from solar panels will increase.

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