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Photovoltaics: Is it worth it and When?
- Romana Beňová
- 21.5.2024
In recent years, photovoltaics have become an increasingly popular choice for households and businesses looking for a way to reduce their energy costs and contribute to environmental protection. In this article, we will look at whether photovoltaics is really worth it, what is its return and when is the ideal time to invest in this technology.
Why consider photovoltaics?
- Cost savings: One of the main reasons why people choose photovoltaics is to save on electricity costs. After the initial investment in the system, you can significantly reduce your monthly electricity bills.
- Energy independence: With photovoltaics, you can be less dependent on the distribution network and less vulnerable to power outages and rising energy prices.
- Ecological benefit: Photovoltaics is a clean source of energy that does not produce greenhouse gas emissions, thus contributing to reducing your carbon footprint and protecting the environment.
Return on investment in photovoltaics
The return on investment in photovoltaics depends on several factors, including the cost of installation, the amount of energy produced and the savings in electricity costs. On average, the payback of a photovoltaic system is between 7 and 12 years, but this time can vary depending on specific conditions.
- Initial costs: The price of photovoltaic systems depends on their size and capacity. For households, costs typically range from €5,000 to €15,000, while for businesses, costs can be higher, depending on size and energy needs.
- Savings on electricity costs: Depending on the size of the system and the amount of energy produced, you can expect annual savings of hundreds to thousands of euros. For households, the annual savings are usually between 200 and 1,000 euros, while
for companies, these savings can be much more significant. - Subsidies and incentives: Through the new national project Green Homes, households can receive a subsidy for the installation of equipment for the use of renewable energy sources. Installations can be carried out from 30.10.2023. Issuance and reimbursement of vouchers from the new project will begin on the dates that will be specified in the special support conditions. You can find more information on our blog in the article Green for households.
Is photovoltaics worthwhile for households?
For homes, photovoltaics is a great choice, especially if you have enough sunlight and
suitable space for installing panels. In addition to financial savings, it also brings benefits such as
energy independence and improving environmental sustainability. For households that
plan to stay in their home for a long time, photovoltaics is a profitable investment with a long term
benefit.
Is photovoltaics worthwhile for companies?
For companies, photovoltaics can be even more attractive, because they often have a higher consumption
energy and can thus achieve greater savings. In addition, companies can use photovoltaics as
part of its environmentally and socially responsible approach, which it can
improve their image and attract ecologically oriented customers. Depending on the size and
depending on the company's energy needs, the return on investment in photovoltaics can vary between
5 and 10 years.
When to invest in photovoltaics?
- Under suitable conditions: If you have enough sunlight and a suitable space to install the panels, photovoltaics is definitely worth it.
- At high electricity prices: If electricity prices are high in your area, the return on investment will be faster.
- With a long-term plan: Photovoltaics is a long-term investment. If you plan to stay in your home or operate a business in one place for a long time, investing in photovoltaics will be more beneficial.
Photovoltaics is a profitable investment for households and companies, which brings financial savings, energy independence and ecological benefits. The return on investment varies according to specific conditions, but with the right conditions and a long-term plan, it can be very attractive. If you are interested in more detailed information or want to find out how photovoltaics could work for you, please do not hesitate to contact us. We will be happy to help you find the best solution for your needs.
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