Solar energy: comparing initial installation costs to overall savings
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June 18, 2021Homeowners and business owners around the world are aware of the sustainability offered by solar energy, but many do not understand the cost-effectiveness of investing in a system. Unfortunately, the initial price tag on a solar power system is enough to put many potential buyers off. We want you to know that this initial cost is nothing compared to what you will save in the long-term. Learn all about how the overall savings of a solar power system outweighs its initial cost below:
Initial installation costs
There are a number of factors that determine the initial cost of installing a solar power system for all your solar energy needs. The size of your home or business can affect solar energy requirements, increasing the number of panels needed and the company that you choose to go through for your solar power system which will also influence costs. Not to mention that you’ll be paying for labour, evaluations and so much more. However, in the greater scheme of things, these costs are fairly minor compared to what you will be saving for the next 25-35 years; even when considering the costs of replacing components.
Overall savings
We want you to take a moment to think about all the money you spend paying for electricity on a monthly basis. Now imagine paying only a fraction of that, if not nothing – that’s what you can look forward to for years to come when you choose to use solar energy.
The path of solar energy can be achieved in many different ways. You can lease a solar power system, get a loan to purchase a system, or pay for the whole system in cash. While leasing a system will still save you money, it will not save you as much as other options because you will still be making monthly payments, with annual increases. Taking a loan also leaves you with monthly payments; however, these payments are fixed and occur over a shorter term. The ideal way to pay for a solar system is in cash. This will allow you to start saving from the moment your initial payment is made.