Investing in solar energy plants can bring about a plethora of benefits. Some of them are listed here:
Savings in energy bills
Conventional sources of energy are limited in supply, which explains the huge cost associated with it. Monthly energy bills make up a huge proportion of the expenditure of a home or industry.
Investing in a solar energy power plant can significantly reduce the monthly expenditure on electricity. These cost savings help people divert the amount saved to other productive purposes.
Solar power systems do not produce any carbon emissions like the non-renewable sources of power. We know that global warming and changes in the climatic conditions are the main issues with huge carbon emissions causing environmental damage. With the use of solar energy plants, we can minimize the damage to the environment as they are a green and clean energy source.
Unlike conventional sources of power, a solar plant draws its power from sunlight, which is unlimited in supply. There is no fear of using up the available resource, as it is renewable.
Common mistakes to avoid while investing in solar energy plants
Here are some dos and don’ts to consider while investing in solar power plants.
While investing in a solar plant, care should be taken to plan well for the requirements that may arise in the future. For example, when you are setting up a solar plant for home use, you should consider the increase in consumption in the future. This may be due to additional construction with extra electrical fittings, an increase in the number of members, etc.
Long-term planning supported by adequate research is essential to make your solar power investment worthwhile.
Cost is one of the key factors governing the investment decision. You should analyse and compare the solar panel cost of various suppliers before deciding. Many people consider the initial investment high in cost and are hesitant to proceed with solar plant installation.
They should perform a detailed analysis of the initial, maintenance, and return on investment costs. Also, the subsidies from the government are to be considered.
Do consider the location compatibility for your solar power plant. The efficacy of the solar plant depends on the amount and quality of sunlight it receives. An assessment of the location has to be performed before installing the solar panels.
Investment in solar energy is a significant investment, and when location is not considered, it may be a huge mistake.
Compliance with regulatory requirements
The regional and national regulations with respect to the setting up of solar power systems should be understood and complied with. The government has issued various policies on solar energy from time to time. All these must be referred to, and necessary permits must be obtained before setting up a plant.
Do consider battery storage for your solar energy plant. Excess energy generated by your solar power plant will be wasted without sufficient backup. Battery storage helps with adequate power backup during times of outage. Battery storage must be set up according to your plant capacity. The solar energy professional could guide you on the specific details in this regard.
The efficiency and durability of a solar energy plant depend largely on the quality of the panels used. All solar panels are not the same. Some prefer to save on the cost of panels and choose cheaper ones without verifying the quality. Weightage should be given not just to the price but also to aspects like efficiency, quality, warranty, etc. Low-quality panels may discolor in the long run, can lead to a reduction in the amount of power generated, etc.
Investing without knowledge of the system
Many people invest in solar plants without any knowledge about the system. This can lead them to choose solar power systems that are not suitable for their homes/industries. The size of the system, inverters, battery storage, etc., are some things that investors should be aware of. They should also understand the limitations involved in a solar power plant.
A faulty design can significantly reduce the efficacy of your solar power system. In certain areas, rooftop panels provide good results, but they may not be suitable for certain other places. The orientation of the panels should be noticed, too.
Underestimation of the return period
While investing in solar power plants, many people think the returns can be realized immediately. While commercial plants' payback in 3 to 5 years, home systems take around 5 years. The underestimation of the lock-in period leads to unrealistic expectations from consumers. This should be avoided to gain long-term energy independence.
Ignoring maintenance factor
Do not ignore the cost of operation and maintenance of a solar energy plant. Planning for the cost involved in maintenance is imperative at the time of finance allocations. If not done, operating costs come as a surprise to consumers who consider this as an extra expense.
Ignoring location factor
Location is an important factor that decides the efficiency of the solar plant. Adequate amount of sunlight, continuous availability, space for fixing panels, etc., are key aspects to consider. Setting up a solar energy plant in colder regions that receive minimal sunlight cannot bring in the desired outcome.
Solar power investment can be highly productive if the above dos and don’ts are followed. To enable this, the role of solar energy professionals is considered key. Freyr Energy is a leading solar expert providing solar solutions for residential and commercial buildings. We are ISO 9001 and 14001 certified and have expertise in handling large-scale projects across industries.
We have been instrumental in helping people significantly reduce their power bills. With remote monitoring systems, tracking energy generation from any place is now possible through SunPro+. Our team of experts offers customized solar solutions to help in securing energy independence and contribute to making the Earth a greener space.