5 reasons why you should invest in solar panels right now

GSC Campaign “Empowering people to join the race to net-zero with solar PV”

CHAPTER 1 – Benefits for the individual

Decarbonising our planet and reducing global warming requires everyone’s help. IEA indicates we need to reach 100 million households with rooftop solar PV by 2030, up from the current 25 million, if we want to reach net-zero by 2050. With solar PV for your house or business, you can really make a difference. Although you’d be wrong to think that solar panels only yield environmental benefits. They also make financial sense, especially as the price of clean technologies continues to fall and the cost of fossil fuels rises sharply around the world. If you’re on the fence about investing in solar panels, here are 5 reasons why you should stop waiting and get them installed as soon as possible.

1 - Benefit from energy sharing and decarbonization

While reducing your own carbon footprint and creating a healthier environment, solar panels help greening efforts to wean off fossil fuels and reduce global warming. Distributed clean energy generation and, rooftop solar PV in particular, can pave the way for the growth of energy communities and smart cities around the world, allowing people to share the benefits of renewable energy. Switching over to solar power makes a lot of sense for many individuals and businesses alike, as they can join a movement that will not only benefit them directly but be important in protecting our planet and all its residents as well.

2- Be your own energy provider

One of the key benefits of distributed solar power generation is that it can allow people to create their own (clean) energy and power their homes completely, particularly when coupled with energy storage systems. Thanks to its remarkable flexibility, solar photovoltaics can power every building, from houses to schools, commercial buildings and more. With solar panels, everyone can become independent of the electricity grid through self-producing their own energy, whilst also becoming more resilient during extreme weather events and being less responsible for the pollution of our planet. Coupled with energy storage, solar power can be used at any time, even if the electricity grid goes down or if there is a blackout. During such times, your home will still have access to light and heat. That's an incredible benefit as extreme weather events are more frequently causing power outages around the world.

3 - Save money and increase efficiency

The World Bank forecasts the price of Brent crude oil to reach in 2022 the highest level since 2013, increasing by more than 40 percent compared to 2021. It also forecasts that the price of natural gas in Europe is set to double in 2022 as compared to 2021, while coal prices are expected to be 80 percent higher. These increasing fossil fuel prices suggest that investing in clean energy sources has significant advantages as they can stabilize the households’ energy bills. Solar panels can reduce or even eliminate energy bills for years. You can also save money on maintenance costs because solar panels need minimal upkeep (although cleaning them regularly will ensure better output). Over time, these savings will add up to thousands of dollars and make solar panels one of your best investments. Unlike other investments, solar panels offer tax breaks to households and business owners: depending on your country’s legislation, you can deduct the costs associated with your solar panels from your taxes, including installation costs and materials. Furthermore, solar PV really paves the way for other energy efficiency solutions in buildings, such as heat pumps and hybrid boilers, unlocking even more savings.

4 - Earn additional income

With falling costs to install solar panels, as well as incentives in place, the payback time for rooftop solar PV is reducing quickly - to as short as 5-6 years in some countries, even based on energy bills savings alone now that energy prices are skyrocketing. Once the investment is recuperated, and with minimal maintenance (around 1% cost impact) and cleaning, not only can the energy bills reach zero, but you can also earn passive income through selling the excess energy produced to the grid or sharing it in an energy community.

5 - Protect yourself from market shocks and inflation

In the context of surging global energy prices, driven by the volatility of fossil fuels prices and international supply disruption, solar PV can offer protection due its stable low costs. Solar panels can also help protect you from spiking inflation by reducing your energy costs, combining increased energy efficiency with energy storage technologies that allow you to store excess energy generated during sunlight hours.

Which Kind of Solar Meets My Needs?
- An informative video from IRENA.

Our partner IRENA has released a set of informative videos on solar systems covering a wide variety of topics. This one (below) focuses on the different setup connections of solar PV systems; such as off-grid and grid-connected AC or DC setups.