Solar panels are great for several things — reducing carbon footprint, generating extra energy, and so on. However, the main reason why households invest in them is the energy generated organically by these panels can help alleviate electricity expenses, and this is in hopes that, over time, the savings gained will eventually pay off the solar panel installation cost and even generate a net profit when excess electricity is sold to utility companies. However, there are many underlying factors that can affect the efficiency of solar panels, and by extension, how much money you can actually save on electricity expenses.
The Reliability of Solar Panels
Given the typically high solar panel cost in Singapore and around the world, it’s only reasonable to expect your solar panel installation to last a long time, especially if you hope to both pay off the installation cost as well as save on electricity expenses down the road. It is therefore important to pick a reliable solar panel company — like Perry Management Clean Energy — that offers high-quality solar panels. On average, a sturdy solar panel can last up to 25 years, and that’s usually how long a warranty period reliable companies will give their solar panels.
How Much Sun Your Roof Gets
Naturally, solar panels operate more efficiently when they’re exposed to more sunlight, and if they’re facing towards the sun. Ideally, roofs should also be aligned towards a particular direction to catch more sunlight; in Singapore, the optimal direction is north. We are also blessed with ample sunlight here, so solar panels are a great option for many households. However, if your roof is obstructed by other buildings, trees, or anything that would cover your roof in shade, your solar panels may not generate electricity at maximum efficiency. This will probably affect the rate at which you’ll start accruing savings. Simply put, roofs that are more unobstructed and exposed to sunlight are more suitable for solar panels for homes.
The Rising Cost of Energy
The cost of energy has been increasing slowly but surely over the past year or so in the wake of the COVID-19 pandemic and growing international demand. Additionally, the situation in Ukraine has also exacerbated the situation, further raising the cost of energy. This means that the savings accumulated through solar panels for homes will also be more substantial. The current trend points towards a reduction in available power supplies and an increase in gas prices, leading to an increase in the wholesale price of electricity. In other words, this could be an ideal time to invest in solar panels and start saving on electricity expenses.
The Role of Solar Panels as a Heat Insulator
Here’s a trickle-down effect that solar panels for homes have — they can act as a double layered protection for common roof types in Singapore, and homes with solar panels tend to be cooler as heat is absorbed by the panels themselves. Given how warm and humid Singapore is, we tend to use air conditioners and fans more frequently, so the added insulation could result in reduced usage of these appliances, further reducing your electricity expenses.
Ultimately, the amount of money you stand to save is predicated on various factors that are sometimes beyond your control, like the cost of electricity and so on. However, what’s constant is the ability to sell excess energy back to the grid, and choosing a durable solar panel grid that will last you for the years to come. In general, you stand to save up to 80% on your electricity bills for the next 25 years. To that end, check out Perry Management Clean Energy for high-quality and reliable solar panels. For more information, please visit our website.
