It is an assumption that solar panel systems help save money, but despite the fame, many people question whether the initial investment in a solar system is truly a saving. The answer to that question is a clear and forceful yes. Solar energy saves you money. However, how much money you will save will depend primarily on the cost of the electricity where you live. In Puerto Rico the cost of electricity is quite high, so the savings will be high as well. Solar energy saves money in various ways. Due to the nature of the system, using solar energy to energize the home entails a large initial expense that is remedied over the years by reducing or eliminating the monthly payment of the electricity bill. And how does it reduce it? Through what is known as net metering.
The net measurement allows the excess solar energy produced by your system to be transmitted to the electricity grid in exchange for an energy credit. During the night, when your system does not produce energy, the electricity in your home is supplied by the electricity grid, thus applying the credit accumulated during the day. If you consume less than accumulated, this credit is spent the following month accumulating an indefinite credit. This model allows you to reduce the electricity bill to a considerable monthly minimum depending on your consumption levels.
Another way in which your system reduces or eliminates the monthly bill is with the use of batteries. With a battery system, excess energy is stored in batteries installed in your home and is not sent to the power grid. The advantages of this type of system are obvious. First, that the monthly payment of the electricity bill is completely eliminated and second that your home does not depend on the fluctuations of energy or network maintenance work. Although the installation of a battery system could increase your initial investment, it will ultimately result in substantial savings. Even with the right battery, you could sell the power to the network with a profit!
But there are even more possibilities to save with solar energy. There are both federal and local tax credits that can reduce the cost of the initial investment in your system thereby increasing the total amount of your savings throughout the life of your solar system. But how long does a solar panel system really last? Quite. Most solar panels come with 25-year warranties and studies reveal that many of these continue to provide electricity for several years after the warranty expires. In addition, the value of your home increases considerably with a functional solar panel system, yielding even more value to your initial investment. Anyway, it doesn’t matter if you opt for net measurement or batteries, investing in a solar panel system will save you a lot of money and increase the net value of your property. There is much to gain and nothing to lose.
Since 2002, WindMar Group has been a leading solar installer in the Caribbean, and more recently Florida. Currently supplying over 58 megawatts of power from the Sun.