As inflation is increasing all over the world people are looking for new investment opportunities which are profitable and save them a lot for their future. It is the same in Pakistan too. As Dollar and Gold prices are very volatile, it requires another option for investment that is safe and secure and does not have volatile prices.
Does Solar Save Me Money?
The current safe and secure investment in Pakistan is the installation of solar power systems in your home, offices, businesses, and agriculture sector. Solar power System is a money saver despite the initial and upfront high costs.
In this blog, we will discuss how solar saves your money.
Lower Electricity Bills:
By generating your electricity through your solar power system, you can easily reduce the amount of electricity you need to purchase from WAPDA. You can reduce a significant portion of your electricity bills if solar power system equipment is working at full capacity and maintained according to the need. If you do all the major electrical work in the time when sunlight is available, it will reduce your dependence on WAPDA.
Higher sunlight availability ensures more electricity production as the time is greater. The higher current production means less dependence on WAPDA. It leads to lower electricity bills and helps the users save up every month.
Solar energy is useful where the electricity per unit price is high. The total bill is a significant number even when used a little bit. In this case, solar energy helps users save the money every month.
If this is not the case, or electricity prices are low then there is no need to invest so much in solar energy. But as electricity prices are high and increasing with every passing day, the solar power system will help save a lot of money.
Return on Investment (ROI):
While the initial cost of installing solar panels can be high, many regions offer government incentives, tax credits, or rebates that can substantially reduce the initial investment. In the budget 2023-24, the import taxes on solar panels are reduced to zero percent in Pakistan.
Additionally, over time, the savings on your electricity bills can contribute to a relatively quick return on investment. After the system pays for itself, you’ll continue to save on your electricity bills.
Users can also opt for Net metering after consulting with solar experts. In this way, any excess electricity your solar panels generate can be sent back to WAPDA. Users can receive credits for this excess electricity, which can further reduce their electricity bills, particularly during months when your solar panels generate more electricity than you consume.
The current tariff on Net Metering is almost PKR 20.
Size of Solar Power System:
The production of electric current by solar power system depends upon the size of the solar power system. If the size of solar power system is greater than the current electrical usage, it can help users save money. If the size of panels is smaller, then it wont help save money as extra current will be withdrawn through WAPDA.
Relying on solar energy reduces your dependency on WAPDA. Solar power adds backup for electricity in case of load-shedding. It can protect you from future electricity price increases, making your energy costs more predictable and potentially saving you money in the long term.
Increased Property Value:
Solar panels can increase the resale value of your property. Many homebuyers are attracted to homes with solar installations because they know they will save on energy costs, making your property more appealing and potentially increasing its market value.
The total cost can be calculated with the help of solar experts as well as real estate experts. These professionals can help you get a better sale value in case of selling your home and also when buying the home with solar installations.
While not a direct monetary saving, using solar energy reduces your carbon footprint and contributes to environmental conservation. It is increasingly important for many people and can be seen as a valuable benefit of solar energy use.
However, it’s important to note that the actual savings from solar energy depend on various factors, including the amount of sunlight your location receives, the efficiency of your solar panels, the cost of electricity in your area, and the incentives or rebates available to you.
Before investing in a solar energy system, it’s advisable to conduct a thorough energy audit and consult with reputable solar energy providers. Bright Energy assesses your energy needs, evaluates your property’s solar potential, and provides you with a clear understanding of the potential savings and the payback period for your specific situation.