The benefits of solar power

The benefits of solar power

Using the Sun to power your home can help reduce your electricity bills and your carbon footprint. Giving you access to a renewable and clean source of energy, we take a look at how a solar power system can benefit your home.  It doesn’t matter if it’s summer or winter, throughout the year our country bakes under the relentless sun. Australia is not called the Sunburnt Country for nothing: we experience more solar radiation per square kilometre on average than anywhere else in the worldi. The Sun gives us 10,000 times the energy annually than Australian’s consume in a yearii. Solar panels allow us to make the most of this incredibly large and renewable source of energy.

 

Solar power makes use of the renewable energy that the sun constantly provides us with.

Harnessing solar energy

Solar electricity panels capture the Sun’s energy and convert it into electricity that we can use in the home to power our appliancesi. The panels, comprised of photovoltaic (PV) cells, are usually mounted onto a home’s roof and oriented in a way that maximises their exposure to the Sun’s lightiii. When the sunlight hits them, they generate electricity. An inverter is used to convert the energy into AC electricity that you can use in your home.

 

Energy from the Sun can also be used to warm your water and to heat your homei. Heating water can account for up to one third of a typical home electricity billv and so even just heating your household’s water with a solar hot water system can make a difference to the amount of energy that you draw from the grid.  And it seems that many Australian homeowners agree: in April 2013, more than a million households across the country had solar panels while nearly 800,000 are using solar to warm their homes and water (solar hot water systems and air source heat pump systems).

 

The financial benefits of solar panels

Solar power systems have financial benefits that materialise over time. There are initial start-up and set-up costs of a home solar power system. But it’s worth looking at the upfront expenditure as an investment, as there are many ongoing benefits for owners that make up for the initial cost and could save them thousands of dollars over time.

 

The first is obvious: as you create your own energy, you use less from the grid and you save on your power billsvii. The second is that when your panels generate more electricity than your household requires, the excess electricity can be sold back to the grid (depending on schemes in different States or Territories) An argument could be made for solar panels as a way of protecting your household against future price increases of electricity produced by more traditional energy sources (coal, oil and gas). As a provider of your own electricity from a renewable source, you can reduce your household’s dependence on fossil fuels and energy providers.  In the long term, solar panels can be a real estate selling point and potentially add market value to your home.

 

Solar power saves society billions or trillions of dollars. Even long before society’s very existence is threatened by global warming, within the coming decades, global warming is projected to cost society trillions of dollars if left unabated. So, even ignoring the very long-term threat of societal suicide, fighting global warming with solar power will likely save society billions or even trillions of dollars.

 

Solar power creates jobs. As a source of energy, solar power is a job-creating powerhouse. Money invested in solar power creates two to three times more jobs than money invested in coal or natural gas. Here’s a simple chart on that point:

 

solar energy advantages jobs

 

Additional benefits

Installing a solar power system at home can reduce your carbon footprint. Unlike traditional sources of electricity from the grid, solar energy is green, clean and renewable. In use solar panels release no greenhouse gases and they don’t pollute the airvii. And even the amount of electricity used in the manufacturing process is minimal compared to the electricity saved by using them.

 

Solar power helps to slow/stop global warming. Global warming threatens the survival of human society, as well as the survival of countless species. Luckily, decades of research have led to efficient solar panel systems that create electricity without producing global warming pollution. Solar power is now very clearly one of the most important solutions to the global warming crisis.

 

What you need to know

As a considerable investment, it’s worth evaluating a solar power system for your home before have it installed. Doing your research and seeking professional advice can help you to make an informed decisionviii. Here are a couple of other things to consider before making the change:

 

  • The efficiency of your solar power system will depend on many factors including the type of panels you have installed, the size of your system, where your home is locatediii
  • The efficiency of your solar system and how much electricity your household uses will influence the extent to which you can rely on your solar-generated power to replace grid power
  • Be realistic in your expectations. Solar power can work in tandem with grid electricity, so you don’t have to worry about being thrust into the Middle Ages at night or on a rainy day. You’ll still have electricity that you can access from the grid when the sun-generated electricity isn’t sufficient. Similarly, it is unrealistic to expect to only power your home by solarix
  • For a solar power system to be worthwhile, your home has to have a roof that’s not shaded and which is oriented to maximise the sun (preferably north-facing)x
  • Government policies will affect how your solar power system is subsidised and how you receive rebates for the electricity you produce. It’s best to check out your respective State/Territory policies to see what you would be eligible for and how you can benefit further from your solar power systemviii
  • Ensure that any purchase meets government standards and that any consultation or installation is conducted by an accredited installer.

Solar Power Disadvantages

Solar power disadvantages are actually not so plentiful. In fact, there’s only one notable disadvantage to solar power that I can think of. That disadvantage is that the sun doesn’t shine 24 hours a day. When the sun goes down or is heavily shaded, solar PV panels stop producing electricity. If we need electricity at that time, we have to get it from some other source. In other words, we couldn’t be 100% powered by solar panels. At the very least, we need batteries to store electricity produced by solar panels for use sometime later.

 

However, there are a couple of key things to note regarding this solar power disadvantage. Firstly, the sun actually does shine when we need electricity most. As humans (not vampires), our days more or less follow the movement of the sun. Society more or less wakes up when the sun rises. At the time of the sun’s greatest height and visibility, humans tend to be most active. At this time, we are of course using much more electricity than in the middle of the night, so electricity is in greater demand. (This also makes electricity more expensive in the middle of the day, making electricity produced from solar panels more valuable.)

 

Another important point worth noting on this front is that, with storage, solar power could theoretically supply the world with all of its electricity needs. In fact, nothing on earth compares to the energy potential of sunshine:

 

solar resource potential

Annual energy potential of renewable energy resources vs. total known recoverable reserves of non-renewable energy sources.

Solar power is one way to gain financially and to have a greener home with a reduced carbon footprint. Contact Excellent Investor for our solar packages and options for your home or business.

References

www.Allianz.com.au

www.cleantechnica.com