Well, if you are planning to set up a solar panel system on your rooftop, then knowing about the costs and the benefits is imperative. In fact, trying to know about these are the most vital factors involved in buying. The solar panels and battery cost will determine whether a buyer is interested in buying them along with getting the value for his/her money. Solar panels are amazing alternatives to the traditional model of electricity, and they have existed for quite some time now. Not to mention it is the most ecological source of power which could help man in his everyday chores.
Some solar panels come without batteries while others come with batteries and so obviously the price differs. If you pay high electricity bills, installing solar panels will definitely help in cutting them off because you will be generating your own electricity. The cost of setting up solar panels is definitely less in comparison to the electricity bills generated by the board. However, adding a battery to the system might just increase the cost of installation in some cases while in others it may incur more cost. The solar panels and battery cost also vary according to the economic condition of the nation.
1. What is the Cost?
The batteries for solar panels are a relatively new addition and thus the price is not fixed everywhere. It depends on the materials of which these are made and also on the power of the batteries. The more powerful the battery, the bigger the amount you have to shelve from your pocket. Installing a battery operable off-grid costs more than installing a battery-operable on the grid. The solar panels and battery cost has decreased over the last few years and experts are hopeful that it is going to remain that way.
The list prices of batteries are only half of the story. The batteries must come with an inverter to convert the power. But if that is not the case, then a compatible battery inverter must also be found to manage the flow of electricity from DC to AC. That also enhances the total solar panels and battery cost. Also, you cannot forget the fact that the battery needs to be installed by a professional which will also cost some money on your end. Thus, the cost multiplies taking in a lot of factors and is a little more complicated than just following the list price.
2. How Much Is It Worth?
The solar battery costs will only be worth it if you consider various other factors. For example, the biggest factor to be considered is how much your utility service is charging you. This is the most vital step which will help determine the worthiness of solar panels and battery cost. If your electricity board is charging a standard per kWh rate irrespective of the hour of the day or peak consumption period, then you might want to think about setting up a solar panel with a battery. In such a scenario the only advantage of an additional power backup will be to compensate for the outage of electricity.
3. The TOU or Time-of-Use
If your electricity board uses the TOU method, then you will be paying a huge bill for consumption during peak hours. These rates sometimes are just double the ones during normal hours. Now, if you are using a solar panel with batteries, you will be able to use the stored energy from the battery during the peak hours to cut back on your use of electricity from the board thus cutting back on the bill. Normally, people store energy during the early morning so that it can be used in the evening and afternoon when consumption is quite high.
4. Demand Charges
If your electricity board is using demand charges, then you will be paying on the consumption as a whole. Demand charges are usually determined by tracking your usage during the peak hours of the day or by the amount of electricity you are buying on the whole for a month. Now, if you have a solar panel backup, then you can use the stored energy to buy less electricity from the board thus cutting back on your demand charges. Thus, the solar panels and battery cost will seem justified in such a condition.
5. Reduced Metering Credits
Sometimes, your electricity board will not offer full net metering credits, and this is another time where having a solar panel backup can come to help. If the board offers a wholesale rate for solar electricity that is being sent back to the grid, then using the solar panel backup at home is more valuable.
If you are still bothered by the solar panels and battery cost, you can lease solar batteries instead of buying and installing them. Do your research properly to find out such companies which provide batteries on lease. Also, find out whether your solar system is equipped to install a battery later on.