How Will Solar Power Save Me Money?

Price increases for traditional energy forms continue to reach staggering new heights so customers are spending more and more every year to heat, light and run their homes.

If this sounds like you, you’re no doubt thinking there must be a better way. There is.

Solar energy can offer significantly reduced power bills for a lifetime, and you can start saving as soon as you install a solar system.

Solar panels, or photovoltaics (PV), capture the sun’s energy using photovoltaic cells and then convert it into electricity. Solar PV cells are nestled between layers of semiconducting material, usually silicon. When light shines on them, electrons are knocked loose, and this creates a flow of electricity.

When solar cells are combined they form solar panels, while multiple solar panels connected together form a solar array.

How Going Solar Saves You Money

When you install solar panels on your roof, you are essentially turning your home into its own mini power plant. You generate renewable energy, reducing or eliminating your electricity costs altogether.

The savings you may see by going solar are dependent on two simple factors:

● The price you currently pay to buy electricity from the grid

● The price you’ll pay to generate your own electricity with solar

Generally, the rule of thumb is if your electricity costs are higher than your solar costs, you’re going to see savings by switching to solar.

Solar Incentives 

If you live in Nova Scotia, here’s another reason to consider yourself lucky — there are now rebates available to help homeowners go solar. 

All Nova Scotian homeowners are able to participate in Efficiency Nova Scotia’s SolarHomes program, supported by Environment and Climate Change Canada and the Government of Nova Scotia. SolarHomes offers rebates to help homeowners install eligible solar photovoltaic (PV) systems, using professional solar contractors approved by Efficiency Nova Scotia. To be eligible for rebates, pre-approval is required from Efficiency NS prior to installing the equipment.

The rebate is $0.30 per Watt for eligible solar PV systems up to 25% of the total cost, or a maximum of $3,000. For most solar installations, the rebate will equate to approximately 16% of the total cost.

You can also combine your SolarHomes rebate with any Nova Scotia financing program that supports clean energy!

Saving with Solar: The Bottom Line

Regardless of going solar or not, you will continue to make an electricity payment every single month for as long as you require electricity – or until your solar purchased solar system is paid off. In turn, utility companies will continue to raise their rates year after year, and your costs will continue to increase. The grid will continue to fluctuate and electricity costs will peak at unexpected moments over the course of a year.

With solar, you avoid these issues by taking control of your costs. Instead you’ll pay a fixed monthly loan payment with an end date and eliminate your electricity bill completely! Once your loan payment is over, you’ll be generating your own renewable energy for free. Wouldn’t you rather put your money towards paying off an investment that’s adding value to your house at the same time as reducing or eliminating your electric bill and netting your savings right away?

Seems like a no brainer? ☺