Reduce your electricity bills with Solar Panel

Reduce your Electricity Bills with Solar Panel

Table of Contents

Introduction

Are you tense about your high electricity bills? Are you trying to use less electricity due to high charge? If so, then it is time to install a solar panel system in your home or office. This blog explains the benefits of installing solar panels and how you can reduce your electricity bills. Also, the overall cost is included during the solar panel installation

What are the Benefits of Installing Solar Panels?

By installing solar panels in your home, it can help in many ways:

1. Generating your own electricity

Solar panels help you to produce your own electricity leading to low electricity bills. Especially, during sunny days, solar panels generally generate more power than you need, and the excess power can be sent back to the grid. 

2. Net Metering

Many regions provide net metering programs. This system helps you to send the excess electricity or power back to the grid and in exchange, you will get credits. These credits can be used on cloudy days or at night, resulting in the reduction of electricity bills. 

3. Incentives and Rebates

In India, the government generally provides incentives, tax credits, and rebates to those people who install solar panels in their homes. This helps to reduce the installation cost, making solar panels more affordable. 

4. Long-term Savings

To install solar panels, you need to pay an upfront cost but, after that the electricity generated by the panels is absolutely free, leading to more substantial long-term savings. 

5. Environmental Impact

Solar panels are not only good for you but also good for the environment. Why? Solar energy is clean and renewable, leading to a positive impact on the environment. 

What is the Overall Cost of Installing Solar Panels?

The main concern of every individual is, ‘How much will it cost to install the solar panels?’ The cost depends on different factors such as size, location, and the type of solar panels. 

In India, on an average, the price of solar panels ranges from ₹20 to ₹30 per watt, with the entire solar panel installation cost falling between ₹1,00,000 to ₹3,00,000. 

Moreover, the Indian government generally provides different subsidies that can cover up to 40% of the installation cost, reducing the initial cost. 

Note: However, remember, this is just an estimate. The installation cost depends on the company. Therefore, it is recommended to do thorough research and get help from the experts while selecting the solar panel for your home. 

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What are the Ways to Earn Money by Sharing Excess Energy?

Did you know you can also earn money by sharing excess energy? Want to know how? Mentioned below are some ways:

1. Feed-in Tariffs (FiTs)

Under feed-in tariff programs, you receive a fixed amount for the electricity you send back into the grid. It is a beneficial alternative because this rate is typically higher than the rate you pay for power. 

 2. Selling Renewable Energy Certificates (RECs)

You may be able to produce and sell renewable energy credits if your solar system is big enough.  A megawatt-hour (MWh) of electricity produced from renewable energy sources is attested to by each certificate. These certificates can be purchased by businesses or individuals to offset their carbon footprint.

3. Peer-to-Peer (P2P) Energy Trading

You can sell your extra energy directly to other customers or companies in certain sophisticated energy markets. A peer-to-peer energy trading platform makes this possible by enabling direct energy trading between energy producers and consumers.

4. Battery Storage Systems

Investing in a battery storage system enables you to store extra energy produced during the day and resell it when electricity rates are at their highest, during periods of peak demand. This can be very advantageous in dynamic pricing marketplaces.

Is Solar Right for You?

Is Solar Right for You?

Are you confused about whether installing solar panels is right for you? Here are the things to consider before installing solar panels:

  • Good Exposure to Sunlight: Solar panels work best in plenty of sunshine. Therefore, check whether your roof receives good sunlight.
  • Roof Condition: Does your roof have enough space and facing in the right direction? South-facing roofs typically get the most sunlight.
  • Local Regulations: Check local laws and homeowner association rules regarding solar panel installations.

Conclusion

Solar panels can help you to reduce your electricity bills along with creating a positive impact on the environment. Moreover, as you have seen above, you can earn money by sharing excess energy in different ways.

If you are still confused about whether to install the solar panel or which panel is best for you? You can book the free consultation and our mentor group team will help you choose the best solar system for your room for the installation process. 

Mentor Group also provides Solar Power Plant AMC Services such as routine inspections, cleaning, maintenance, warranty management, and many more. Give us a call at 7351002123 to contact Mentor Group, your go-to experts for solar panel systems. 

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