Environmental Advantages of Solar PV Energy Systems
Solar energy helps you reduce greenhouse gas (GHG) emissions and makes you an active participant in the expanding green energy sector.
Solar energy also reduces your dependency on utility generated electricity.
Energy Independence with Solar
Take control of your energy “transactions” (production and consumption). Offset some of your personal energy consumption with your own means of renewable energy generation.
Reliability & Maintenance of a Solar PV System
One key feature of a solar PV system is that there are no moving parts; the conversion of energy is done with solid-state devices. There are no turbines, valves, and no liquid or pressure levels to monitor. Resultantly, the system can be expected to run for 30+ years with virtually no maintenance. Some owners clean bird droppings, pollen, or dust from the panels – but in practice rain usually takes care of this task.
Power production output in Solar PV panels is typically guaranteed for 25 years. The product warranty on materials and workmanship is usually 10 years.
Inverter manufacturers offer warranties ranging from 10-25 years. Warranty extensions are available on most products, at an extra charge for the client.
Financial Advantages of Solar PV Systems
When you chose to install a solar PV energy system, you essentially purchase 30+ years of electricity at a fixed rate. This rate is dependent on the purchase price of the complete system, divided by the estimated energy production over the lifespan of the system. Today, many systems can provide energy at a rate comparable to or lower than the current cost of energy with BC Hydro. This creates an opportunity for the owner to yield a rate of return competitive with many other forms of investment, with very low risk.
Since electric utility rates are not static but increasing, the value of the electricity increases every year. Historically BC Hydro rates have increased at a rate of 5% annually. Remember that increases to BC Hydro’s rates will also increase the cost of applicable taxes on your bill. This has a compounding effect on the actual published rate increase.
To assess the return on investment one must consider this escalating cost of utility power. Ask your contractor to include detailed financial analysis as part of your proposal.
Important financial considerations include Increased Value to Your Home, Average Annual Rate of Return (from utility savings), Projected Average Annual Cost of Solar Electricity vs. Utility Power, Years for Capital Cost Payback.