Are Solar Panels Worth It?
Solar panels are considered by many as smart, environmentally friendly long-term investments. They’re renewable sources of energy that can be used for residential, industrial, and commercial purposes.
But are they really worth it? Do their long-term benefits outweigh their significant initial expenses?
In this post, we’re going to take a closer look at the factors you’ll need to consider before getting solar panels for your home or business.
Hopefully, they’ll help you decide whether solar panels are something you can benefit from.
How much sunlight does your home get?
Of course, for solar panels to work optimally, your home has to be exposed to enough sunlight. With Singapore having a typically tropical climate, this shouldn’t pose a problem.
Around four to five hours of direct sunlight is needed in order for solar panels to power your home adequately. For a two-person household (the majority percentage making up Singapore’s housing and development statistics), that should be more than enough generated electricity.
But aside from having clear outdoor conditions, you’ll also need to see if your property is surrounded by tall trees or buildings that could block sunlight from reaching your solar panels.
Is your roof solar panel-ready?
First off, do you own your house or are you renting? And if you are a homeowner, is your roof solar panel-ready or does it need some professional roof repair to accommodate them?
According to a statistical overview of Singapore’s energy industry statistics, it’s hoped that 2 GW of solar power and an energy storage deployment of 200 MW occurs by the year 2030. This projection presumably includes HDB flats.
Solar panels work best when tilted at an angle, so a roof with a 30 – 45 degree pitch is ideal. If it isn’t, you can look into getting some expert HDB renovation services in Singapore to see if something can be done to get maximum sunlight exposure.
How much do the installation and parts cost?
Of course, as with any other investment, initial expenses are some of the biggest considerations with solar panels.
Aside from computing the cost of professional installation and all the parts and equipment involved, you’ll need to consider other expenses.
Does your property need to undergo home renovations, and will you be planning to sell it a decade or so later? And does your home insurance cover additions like solar panels?
Many property owners who’ve invested in solar panels claim to have a return of investment in less than ten years, so that’s something worthwhile to consider.
How much do you spend on electricity per month?
Take a good, long look at your chosen electricity plans. Is it cost-effective and can your monthly budget accommodate it?
Some plans can allow you to have simple amenities like ceiling fans, but aircon servives might drastically affect your metered reading.
Another consideration is if your electricity isn’t stable and experiences lots of power outages. You might be spending a lot on power trip repairs in Singapore, which makes solar panels a practical option.