Solar PV refers to solar photovoltaic panels that are essential working parts of the installation of solar power systems. Solar power systems make use of the photovoltaic panels that help in the absorption and useful conversion of solar energy into electric power.
Photovoltaic elaborates to photo i.e. energy from the sun and voltaic i.e. voltage which in combination derives the underlying meaning and usage of the PV panels used in solar power systems.
The Photovoltaic panels comprise numerous PV cells that in turn form the major working elements of the solar system thus installed. They directly convert solar energy into electricity pertinent to the photovoltaic effect.
Revolving around the not-so-generic functionalities and concept of Solar Power Systems in Brisbane that also call for a slightly major financial investment at the commencement of the project, many aspiring adoptions are hindered questioning the stance of the worthiness of this system.
It is, thereby, very essential to conduct wise and rational scrutiny for assessing the genuine and first hard worthiness of the solar PV systems before installing one for your house or commercial purposes.
The fact about solar panel’s financial cost being high is no more vague or unknown to a major part of the population, the concern here is the incomplete knowledge about the pay-offs and repaying value that the solar systems bring along with them. This is where the question of the true worth of this system arises.
To gain significant knowledge pertinent to the investment required for your solar panel needs, it is highly advisable to assess the multiplicity of causes that affect the solar panel investment directly.
Factors affecting the worthiness of your solar power investment-
A number of variables are influential enough to affect the investment that you will have to make while setting up a solar system for your personal or commercial use. Irrespective of your choice of solar panel installer in Brisbane, these are the top 4 factors that have a considerable say about the worthiness in any case-
Inflation has a relation with the feed-in-tariff payments that change in line with the RPI every year if you are signed up for them.
Electricity costs when change, directly affect the savings that you make through the solar panel installation. Higher the electricity prices go; higher will be your savings on the same.
Cost of Solar Panel Installation
The costs of installing solar systems have considerably seen a fall with a consequent increase in the adoption of the same and subsequent developments in this regard.
According to the acquired knowledge, a smaller investment would imply that the ROR (rate of return) would be higher and the investment cost will be covered in a shorter span.
SEG tariff rates
SEG tariff rates are quite volatile to be understood and predicted at this stage of development. Even then, it can be generically quoted that a fixed tariff would reap the same rates across the deal tenure whereas variable tariffs will change with respect to the varying cost of energy.
These rates are set by the companies, not Ofgem that decides the FIT rates.
Benefits that Solar PV systems bring along
The solar PV cost is the price you pay not only for the tangible setup and the direct benefit of energy impartation but also for the numerous latent benefits of solar power system that come along with it.
One of the major reasons as to why solar energy is being highly preferred today is the wide array of complementary returns that are associated with it. Following are the segments which are most intangibly benefitted-
- Sense of personal security owing to freedom from energy bill worries.
- Economics supports the installation as solar electricity is now cheaper than utility electricity in many areas.
- Societal responsibility is fulfilled by virtue of using sustainable means of electricity and power, conserving natural resources that would otherwise be engaged.
- Incentives are offered by the government for commercial houses or household installation of solar systems.
- Rebates can be claimed on taxes.
Another important aspect to be addressed while assessing the worth of solar panel systems is the effect that they have over the property where the installation is done.
Do solar panels affect the value of the property?
It has been quite a notion that the installation of a solar PV system gives a considerable boost to the property value. However, according to certain surveys, not a majority of estate agents align with this notion of an increase in property value with a solar PV installation.
Other factors that have an impact are:
- Age of solar panels
- Ownership- company or homeowner
- Their effect on the appearance of the property
Despite not having a considerable positive effect on the worthiness of the property, the other tangible and non-tangible, current and long-run benefits that solar panel system provides are practically substantial enough to speak for the worth that installation of a solar PV system has.
Cautions for ensuring the worthiness of going solar
Besides the mainstream factors that contribute to the insightful assessment of the value that an investment in the solar system holds, a number of preventive measures, majorly cautious in nature when rightfully adopted and implemented could lead to better ROR for your investment and it is thereby very important to know of these.
- Ensure that you purchase the solar panels and batteries from the manufacturers that would have your back even after the purchasing and installation is entirely done.
The warranty period is normally of 25 whopping years and thereby relying upon a trusted and renowned manufacturer is quite important to ensure that the one will stand by you during any such issues to come by.
Otherwise, uncalled charges and additional expenses will be added to the investment costs for repairing or dealing with other damages that could otherwise be covered up under the warranty.
- Do not go for DIY solar tax planning. In the case of such rebates and incentives, even trusting the online advisors is not advisable. Contact qualified taxation planners for the same and stay free of any worries revolving around this monetary benefit.
- Maintenance is a must when a solar PV system is being installed. Getting into a well-made contract with your installer about yearly maintenance charges is advisable.
Contacting agencies other than the installer for maintenance purposes is not an appreciated choice.
Cumulatively, it can be concluded that the adoption of solar PV systems is a good investment for your home and business considering the array of benefits that it brings along in the short and long run both.