In this era of increasing environmental awareness and rising energy costs, many homeowners and businesses are looking for ways to reduce their carbon footprint while also saving money on their energy bills. One of the most effective ways to achieve both of these goals is by investing in solar panels.
How can you save money with solar panels?
Solar panels, also known as photovoltaic panels, are devices that convert sunlight into electricity. By harnessing the power of the sun, solar panels can generate clean and renewable energy to power your home or business. Not only does this help reduce greenhouse gas emissions and combat climate change, but it also allows you to lower your dependence on traditional fossil fuels.
There are a number of financial benefits from installing solar panels in your home or business:
1. Reduce Utility Bills
Solar panels reduce energy costs by converting sunlight into electricity, which can power homes and businesses. This reduces reliance on traditional energy sources and can lead to significant savings on utility bills.
2. Income from selling excess energy back to the grid
You will have better control of the way you use your solar energy to allow better efficiency in your home. When you do this effectively there will be opportunities for you to sell over-generated energy back to the grid through your energy supplier and potentially earn credits or payments from your utility company.
3. Protection against rising energy costs
In September 2020, wholesale electricity costs were around £45.30 per Megawatt-hour (MWh), and as of February 2024 they were well past pre-pandemic levels at more than £257 per MWh. As of July 2024, electricity bills are still about £400 higher than they were three years ago. However, wholesale prices have fallen somewhat, and demand has decreased across spring and summer, which has led to some price drops.
However with the installation of solar panels, your energy costs will be more consistent, and will protect you from the rising energy costs. Additionally, as the energy supply costs rise, the value of excess energy that you generate will usually increase too, meaning energy suppliers will credit/pay you more for the excess energy you generate and sell back to the grid.
4. Increase Property Value
Many homebuyers are willing to pay more for a home that is equipped with solar panels and EV Charging points, as they recognise the long-term savings and environmental benefits that come with renewable energy.
According to a study by the National Renewable Energy Laboratory, solar panels could increase your property value by up to 41%. Solar panels can reduce energy costs and provide a sustainable source of electricity, making your home more attractive potential buyers
5. Lower Maintenance Costs
Additionally, solar panels require very little maintenance and have a lifespan of 25 years or more, making them a cost-effective long-term investment for both homeowners and businesses.
M+S Renewables, a solar energy provider based in Swadlincote, Derbyshire, is dedicated to helping customers transition to solar energy solutions that are both affordable and sustainable. Their solar panel and renewable energy installation services are designed to not only reduce your carbon footprint but also to save you money on your energy bills in the long run.
If you're considering making the switch to solar energy, M+S Renewables offers a range of solar panel systems and renewable energy services to meet your specific needs. By working with their team of experts, you can learn more about the benefits and costs of solar panels, as well as explore financing options that can make the transition to clean energy even more affordable.
In conclusion, going green with solar panels is not only good for the environment, but it can also help you save money on your energy bills and increase the value of your property. With the expertise and guidance of a reputable solar energy provider like M+S Renewables, making the switch to solar energy has never been easier or more rewarding.
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