Solar energy is finally getting the recognition it deserves in Pakistan. However, many people are still unsure of installing a solar system in their offices and homes because of the high upfront costs associated with them. And this leads us to the question: are solar panels even worth the investment?
The answer is yes. The rising costs of electricity in the country and the constant power failure make the solar system a very lucrative investment.
Why does the solar system cost too much?
Solar energy is very capital intensive, which is the main cost of a solar system that basically arises upon buying the equipment, with the solar module being the largest expense. Other equipment such as an inverter, metering equipment, and other components like wiring gear and cables also have a lot of costs.
You may also want to buy battery storage or a net metering facility. Accordingly, the equipment of a solar system can cost a lot. In Pakistan, the price of a solar system can easily be more than Rs. 10,000.
Besides installation costs, solar panels may also include costs for operating and maintaining the system, together with regular cleaning of the panels and replacing batteries after some years of use.
So why is the solar system worth investing money in?
Even though a solar system might have a high installation cost, it usually has a higher return on investment. In other words, a solar panel system can pay for itself over time.
Solar panels create substantial electricity for the entire house. In this way, you won’t have to pay a high electricity bill to your local electricity provider. Instead, you will be able to produce electricity on your own and even provide the excess energy to the national grid.
Solar systems that produce excess energy can add electricity to the national grid through the policy of net metering. In return, owners can either earn credit depending upon the energy provided or get their electricity bills reduced.
Pakistan also experiences long summers, which means that the country receives a lot of sunlight throughout the year. In this way, solar systems get enough exposure all around the year to produce energy.
There are many solar providers in Pakistan who also offer financing support through installment opportunities, making it easier for people to get a solar system of their own without paying a high-cost upfront.
When is a solar system not worth the investment?
A good solar system requires maximum exposure to the sun. If your facility, be it office or home, does not get enough sun exposure, let’s say because of its direction, then it might be difficult to produce sufficient electricity using the system.
Many solar companies also offer incentives to their customers. However, if you are ineligible for the incentives, let’s say because of poor credit history, then it can be difficult to get financing support and install a solar panel.
In Conclusion
A solar system is really worth the investment if you want to cut down your electricity bills and produce your own energy. In Pakistan especially, solar energy is becoming a popular method of producing electricity.
