Do you want to hear a secret that has somehow eluded countless people? Okay, think about the money that you pay for electricity. It’s expensive, yes? Well, you’re not the only one who thinks that. It is widely-known that people are often frustrated about the rising costs of energy. Power prices have been rising exorbitantly for years while wages have not been able to keep up.
What if I tell you that there is a way to reduce your expenditure? Yeah, you didn’t misread the last sentence. THERE IS A WAY TO REDUCE YOUR ELECTRICITY BILL! The answer is: solar energy, which has, along with other sources of renewable energy, brought forth a revolution.
Let me tell you about the figures for a 5 kW rooftop solar panel. A 5 kW system will produce about 20 kWh per day or roughly 600 units per month. A solar panel will be able to produce electricity worth approximately ₹3,300 a month at a tariff per unit of ₹5.50/kWh. If the tariff in a particular area is more than ₹5.50/kWh, the number may be higher. As per the World Economic Forum, the process of installing new solar panels is drastically cost effective as opposed to an analogous investment in fossil fuels. Thus, shifting your focus to solar energy would be an economically-prudent option.
A 5 kW solar system installed with a government subsidy has a breakeven duration of two to three years. A breakeven period is the time it takes for your savings to match all the costs that you have incurred. So, in a nutshell, solar energy pays for itself after a while. Without any government incentives, the breakeven period for a 5 kW rooftop solar system is around four to five years.
Solar panels can turn up to 22 per cent of their usable energy into electricity. When you know that one has to use a significant portion of one’s salary to pay the utility bills per month, this is truly a remarkable figure. Solar cells are used to make solar panels. A cell is a small disc of silicon or another semiconductor. They are connected to a circuit by a cable. The solar cell ceases generating electricity as soon as the light is switched off. Most high-quality solar panels can be more efficacious in certain instances, but, in an overwhelming majority of the cases, the efficiency rate of solar panels lies between 20 to 22 per cent.
Oh, Wait… There’s More….
Solar energy also provides an efficient way to heat water. The Sun’s radiant energy can be used to heat water in a solar pool heating system. From the bottom to the top, water is drawn to the collectors. It is steadily heated and then returned to your pool as it grows. This process goes on and on until the water in your pool hits the desired temperature. You will enjoy a 10 to 13° rise in the temperature of your water without incurring any unnecessary costs or adding to air emissions. Solar panels and solar panel modules will save you money in a limited amount of time. The upfront costs of installing solar panels are minimised by increasing home rates and lower utility prices. Since electricity costs aren’t going down, investing in renewable energy is a good way to save money while reducing your carbon footprint at the same time.
Let me give you a bit of free advice. Stop thinking about going green. Do it. India is one of the world’s largest solar energy-producing countries, and the sector is poised to grow exponentially in the coming years. The country’s solar infrastructure projects have great potential, with the state of Kerala being one of the top players in the game. Solar energy is one of the most common and fastest-growing forms of renewable energy on the market, and it is not hard to see why. It helps to conserve electricity that would otherwise be pulled from the grid, lower the energy costs and has a decent financial return. Although the upfront expenses can be heavy, the payback time is relatively low, so don’t skimp on this investment.