All About Solar
6 Economic Benefits of Rooftop Solar
Decisions we make as rooftop solar developers have an impact on both economy and the climate. Below please check the important economic benefits of rooftop solar:
- Electricity Bill Reduction
Using rooftop solar system will drastically reduce your electricity bill. It is a one-time investment which has a guaranteed life of 25 years. A normal electricity connection that you get from the state government is chargeable on a monthly basis which amounts to much more than what one pays for rooftop solar system at the time of installation. Furthermore, there is a lot of hustle attached to it than the solar arrangement. In the long run, it is going to be much more economical than the traditional one.
- Increase of Your Home Value
Value of your home goes up high as soon as you get Rooftop Solar System installed. Every potential buyer would want to reduce long-term recurring costs like electricity and thus the home gets more appealing to them. With Internal Rate of Return of 9% and above from smaller systems to 20% on bigger systems, the payback periods on your investments could be from 5 years to 9 years respectively.
- Cost-Output comparison
As solar panel installations are increasing in number over residential and commercial roofs, the most talked about thing is the total energy costs incurred. It has been found out that savings in cooling costs amounted to sending 5 percent more solar energy to the grid than the system is actually producing for the building. So, to put it simply, the system works on 100% of its capacity which equals 105% of the traditional system and to top it all off, it demands more money and attention than the system.
- Save water
In any thermal power plant, heat generated by burning the fuels is utilized to turn the water into steam to produce the electricity. A typical thermal power plant uses 1800 to 3000 liters of water to produce 1 MWh (Mega Watt Hour) of energy. While a typical rooftop solar system uses 75 to 100 liters, for cleaning purposes, to produce 1 MWh of equivalent energy. That’s 1700% more water than what could have been used for other utilities.
- Low maintenance cost
Rooftop Solar System is a very low-cost maintenance system. It just requires proper cleaning of the system from time to time which is a very basic thing that it can demand. The lifespan is at least 25 years, which keeps you worry free for a much longer period of time. Connection stay put and everything holds tight. Basically, no major costs involved.
Through the installation of rooftop solar panels, we help ourselves, the environment, wildlife and our coming generations by saving a lot of non-renewable energy. So, there will be no harm and only benefits of taking this step towards contributing to the economy on a personal level.
- Incentives for rooftop solar
For the rooftop solar projects that connect to the grid and sell the (part of) produced electricity to EVN, there will be incentives for the developers. According to the FiT2, rooftop solar projects in Vietnam with a capacity not exceeding 1MW, which enter into operation between 1 July 2019 and 31 December 2020, can benefit from the new FiT of VND 1,943 per kWh (about US$0.0838 per kWh) for selling the power generated to EVN. All rooftop solar systems must have a minimum solar cell efficiency of greater than 16% or minimum solar module efficiency of greater than 15%.
Reference: Lexology, Ujaas Energy