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What is The Typical ROI of Solar Panels?

solar panels

Solar energy is becoming an increasingly popular renewable energy source. Solar energy can power your home and significantly reduce your electricity costs. Solar panels work by absorbing sunlight and converting it into direct current energy. This energy journeys inside the house and is converted to alternating current energy, ready to power any electrical appliance in your home. What’s more, any extra electricity you make will feedback into the grid. 

Return on investment

Solar energy is a great renewable energy source as the supply is endless and, it doesn’t create any harmful by-products. However, being a renewable energy source isn’t the only selling point. The return on investment (ROI) you get from solar energy is significant. Whilst it might be seen as a large outgoing at the start, the ROI you get years later makes it well worth it. Eventually, you will reap the benefits and see your ROI as your electricity bills will significantly drop. 

Low maintenance 

Whilst solar panels might appear to be an effort to organise. However, once they get installed, they’re extremely low maintenance. Firstly, before considering solar panels you must check your roof is in good condition. It’s important to check the drainage and roof membranes are in good working order. If they aren’t, consider getting them replaced before any damage gets done. 

However, once your solar panels get installed, they will last you for years. Typically, solar panels need minimal maintenance – the occasional clean should suffice. What’s more, there is normally a hefty 20–30-year warranty on your panels. So, you’re not forking out for replacements anytime soon. Therefore, this makes your ROI very profitable. 

Reduction in electricity bills 

As previously mentioned, using solar power can significantly reduce your energy bills. As soon as you begin using solar energy your energy bills will decrease. The more time goes on, the more you use your solar energy and the lower your bills become. Therefore, your ROI is higher as your overall outgoings lessen with time. 

You might find yourself harvesting enough energy to power your whole house whilst having some energy left over. If you find yourself in this situation, you can give back the energy to the grid and make some money. Therefore, making your ROI even higher. 

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