3 Financial Incentives Homeowners Can Revel In Once They Go Solar
Year after year, electricity prices in Singapore have steadily increased – just this year alone, electricity tariff for households has gone up by an average of 5.6%. From the onset, purchasing and installing a solar panel system upfront will be the last thing on your mind. However, with its long-term benefits and the sharp drop in price, residential solar installation may be worth considering. If you are still wondering if making the switch to home solar is a financially smart decision, here are three ways you can enjoy the benefits that come with renewable energy while still not breaking the bank.
1. Saving Money with Solar
Besides the environmental perks, solar panels offer bountiful opportunities to save money. Solar photovoltaics (PV) cells are designed to capture sunlight and convert that energy into electricity. Since the sun produces infinite solar energy, it is safe to assume that you will not run out of electricity either. Moreover, since solar panels have an expected lifespan of 40 years, opting for solar means you have locked in your electricity costs and will no longer be at the mercy of electric rate hikes.
While there is no doubt that you will accrue savings over time, the question then becomes how much. This will depend on a number of factors, including the direct hours of daily sunlight, the size and angle of your roof, and the like. To further quantify your savings, you can start by calculating how much of your household expenses went to electricity every single year (and the utility rate inflation) and compare the cost of utility electricity with home solar. Due to the nature of solar as an up-front investment, the only cost you are expected to cover will be the installation costs and any added electricity costs in the event that your panels are not able to generate enough electricity. As such, the amount of savings is highly dependent on how well you size and install your PV system.
Fortunately, SolarPVExchange can help you with that – if it is anything solar-related, we are your go-to. Besides carrying the best products from the best manufacturers of solar panels in Singapore, our team is fully equipped and professionally trained in handling solar projects from the design phase through installation till completion. We will make sure that your solar installation is done in the most efficient and meticulous way possible.
2. Further Savings: UOB U-Solar
If the initial upfront cost is an issue, you may consider the UOB U-Solar programme. Designed to let you enjoy all the benefits associated with solar energy, the U-Solar programme allows you to use your UOB credit card to enjoy an interest-free solar panel instalment payment plan for up to 36 months. This means you no longer need to make a huge commitment to arranging the entire installation cost upfront, removing what would have been an added stressor.
3. Get Paid for Excess Solar-Generated Electricity
The financial benefits of solar energy go beyond savings – you can even get paid for it! Any solar energy produced is first used to offset your own consumption, and the excess you are left with will then be exported to the grid. You will then receive payment (based on the prevailing low-tension electricity tariff minus grid charge) by way of a credit adjustment to the monthly electricity bill.
Alternatively, you may also look to sell energy in the open market. SolarShare is a recent peer-to-peer (P2P) solar energy trading platform that allows individuals and companies to buy or sell solar energy at their own discretion. This pilot project also allows for the matching of near real-time energy generation and energy usage, both of which are monitored using smart meters. All you need to do is list your energy offerings at your preferred rates on SolarShare and it will automatically match you to your prospective customers. Selling solar energy is that easy.
So make your switch today! If you have any enquiries, feel free to book a consultation with us.