Solar isn’t perfect – here are 5 things to keep in mind when considering solar:
1. Solar panels don’t work for every type of roof
Rooftop solar panels are installed by connecting a mounting system (also known as “racking”) to your roof. Certain roofing materials used in older or historical homes, such as slate or cedar tiles, can be difficult for solar installers to work with, throwing up a roadblock for solar power. Additionally, many homes and apartment buildings have skylights or other rooftop additions like roof decks that can make the solar installation process difficult or costly. In the long run, however, this shouldn’t be a barrier to the mass adoption of solar power in Singapore. If your home doesn’t qualify for a rooftop solar installation, you still have option: ground-mounted solar panels can get you around this disadvantage of solar energy.
2. Solar isn’t ideal if you’re about to move
Solar is a great financial investment, but it can take some time to reach the break-even point so often heralded by industry sales reps. The average solar panel payback period in Singapore, is around 7 years. For a young homeowner who may be moving in the coming years, putting solar panels on his or her roof might feel like an unworthy investment. However, solar can actually improve your property value and thus increase your return when you do sell your home. So as long as you plan to buy your system with a cash purchase or loan, this disadvantage of solar power can be easily avoided.
3. If your electricity costs are low, so are your solar savings
The ultimate benefit of solar energy is that it will reduce your use of utility-provided electricity and save you money every month as a result. However, that condition assumes a homeowner has sizable electric bills to begin with. For a homeowner, the cost of electricity is less than S$ 100 every month. They might think this investment is not worth. In long term investment, purchase a solar power system is always a great investment instead.
4. If you can’t access solar financing, up-front solar costs can be intimidating
There’s a nationwide debate going on about how much homeowners have to pay out-of-pocket for solar. The total out-of-pocket price tag for a solar panel system depends on the financing option you choose. Though you can easily get a figure for the average cost of solar or even a personalized estimate for your home, the simple answer is that the up-front cost of solar is sizable if you don’t qualify for a zero-down solar loan.
The disadvantage here is clear: not everyone has the cash on hand to make an investment of this size with an up-front payment. That being said, there are a number of solar financing options to help you such as solar leases and power purchase agreements.
5. Finding quality, local solar installers and easily comparing quotes can be difficult
There’s a common association that many homeowners have with solar. It has to do with pushy door-to-door solar sales reps that pressure consumers to sign a 20-year solar contract before they explain the full scope of the offer. Solar is one of the fastest growing markets in the world, and there are plenty of companies that are deploying aggressive sales tactics to get their fair share of the market. As a result, for many people, shopping for solar can be a stressful and confusing scenario. Luckily, there are easier ways to shop for solar that puts the homeowner in control. Solar Era allows you to get FREE Quotes in your area.