Can Solar Panel Save You Money Over the Long-term?

If you generate your own energy, you probably wouldn't think twice about running the air conditioner all day during sweltering summers and turning up the thermostat in winter. Solar systems seem like an attractive proposition for these reasons. And depending on your usage, installation costs and where you live they can save you money.

Solar panels will usually help you save money on energy costs as long as you live in the same house for long enough to recoup the installation costs through savings on your power bill .

* Less power from grid - A solar system helps you save because you won't be using as much electricity from the grid.

* Price of electricity - The cost of electricity is rising, so the more you can generate your own power, the more you'll be saving.

* Stored power - You might not be home to use the power generated during the day, but this can be stored and used later,especially during peak periods when the rate might be higher.

* Feed-in tariffs - Any excess energy your system generates can be fed back into the grid to offset your power bill. The rebate or payment you get when your feed excess power back to the system is calculated according to the feed-in tariff. This is offered by your retailer, and you can choose a plan with a corresponding rebate level to suit your needs and maximise your savings.

* Property value and rental yields - Solar panels can help you save and earn back the cost of installation by adding to your property's market value . If you're selling your property, buyers might be willing to pay a higher price, especially given the rising electricity prices in USA. If you're a landlord, tenants might be willing to pay more to rent a property with solar panels because they'll save on their power bills.