The overall savings and expenses of solar panels in the Philippines are influenced by a number of factors. Over the past few decades, household solar systems have grown in popularity as a way for consumers to lower their monthly electric bills and lessen their carbon footprint. However, savings differ greatly depending on a product, region, and numerous other factors.
We've examined important factors and examined data from national averages to assist you estimate the savings your home will experience when buying a solar panel for your home.
Let us learn how to calculate your savings from solar panels. Interestingly, the cost of solar panels in the Philippines went down significantly while government incentives are spiking to encourage many Filipinos to make a smart switch with solar panels.
Can Solar Panels in the Philippines Help You Save?
Solar panels have become increasingly popular in the Philippines as a cost-effective and sustainable energy solution. Not only do they reduce your carbon footprint, but they can also lead to significant savings on your electricity bills. But just how much can you save by switching to solar panels? Let's break it down.
1. Lower Electricity Bills
The most obvious savings come from lower electricity bills. By generating your own electricity from the sun, you can reduce or even eliminate your reliance on the grid. This can lead to substantial savings over time, especially as electricity rates continue to rise in the Philippines.
2. Return on Investment (ROI)
The initial cost of installing solar panels can be significant. However, it's important to consider the long-term savings and ROI. According to CNET, homeowners in the United States can expect to break even on their investment in about 6 to 10 years. In the Philippines, where electricity rates are typically higher, the payback period may be even shorter.
How to compute your payback period?
Here are the steps to calculate how many years you can get your investment from getting solar panels:
Calculate your upfront cost
With many solar panel providers in the Philippines, find a reliable solar panel company that offers affordable downpayment and flexible payment methods.
At Solaready we are offering FREE solar consultation, wherein we can help you calculate how much savings you can get from investing in solar panels in the Philippines.
We are also giving exclusive deals to help you the best solar panel solutions for your property.
Subtract your tax incentives (tax credits and other local government discounts)
Calculate the anticipated reduction in your solar expenses and deduct it. Always consult your local utility provider for the given incentives. If you have multiple properties nationwide, whether residential or commercial, let a reliable renewable energy consultant in the Philippines help you.
Check your monthly bills
Although some households may be able to use solar power exclusively, others will still need to pay for normal fees or some electricity usage. It's easy to imagine that solar power will provide all of your energy needs. Certain utilities impose costs simply for maintaining grid connectivity.
Importantly, savings will differ significantly from house to house based on a number of factors, including the number of solar panels installed and typical energy usage.
Multiply your monthly estimates to 12 so you can get the annual electricity bill.
After getting these computations, divide the net cost of the system (Cost of solar panels- incentives). The number that you get at is the number of years that your panels will require to "pay for themselves."
3. Net Metering
Many utility companies in the Philippines offer net metering programs, which allow you to sell excess electricity generated by your solar panels back to the grid. This can further reduce your electricity bills and increase your savings.
Respectively, this program will help you attain savings for getting solar panels for your property.
Additionally, you want to become aware of any time-of-use prices that can affect the amount the utility bills you for energy use and pays for energy production both during peak and off-peak hours. In certain circumstances, using solar panels combined with a solar battery can result in more energy savings than using solar panels alone.
4. Environmental Benefits
In addition to the financial savings, solar panels also offer environmental benefits. By reducing your reliance on fossil fuels, you're helping to reduce greenhouse gas emissions and combat climate change.
If you do not consider this as a monetary savings, our country is spending a significant amount to mitigate the cost of climate change and most commonly, the destruction caused by many severe climate conditions such as drought season that compromised the quality of our agricultural produce.
You may not realize today, but the worsening effects of climate change, takes a toll on human health.
Making Quality of Life Better with Solaready Solar Panels
While the exact savings will vary depending on factors such as your location, energy usage, and the size of your solar system, one thing is clear: solar panels can lead to significant savings in the long run. By investing in solar panels, you're not only saving money but also contributing to a more sustainable future for the Philippines.
If you find this blog helpful, share this on your socials so we can help many Filipinos switch to a cheaper and cleaner source of energy. Be #Solaready for quality and happy homes.
