Sell electricity back to the grid and make money from solar. With many homes opting for solar power as an alternative to Eskom’s continual loadshedding woes, many are looking into how their solar installation can financially benefit them in the long term.
Sell Electricity Back to the Grid
Installing solar energy can be quite costly. A site assessment, solar design, plan, installation, and certification can all run into the thousands, excluding the cost of the solar panels themselves. InPower Solar is able to lessen the load of deciphering the solar power installation and streamline the process for ease and convenience.
The best way to profit from your solar panel installation is to sell electricity back to the grid through net metering.
Net gain/metering allows residential properties and businesses that generate their own solar energy to feed some of the excess energy back into the grid. This method credits solar customers against their electricity consumption, lowering their monthly bills. Savings from solar panels add up; most solar solutions start “paying back” after three to eight years – while loan term financing options are generally for a period of +/- six years.
We’ve outlined an example for you:
If you pay R3000 per month for a solar installation, and you produce a net gain of R3000 the cost of your monthly solar cost will be zero. This is because your net gain can be used to pay for your solar energy system. Once the solar installation has been paid off, you can essentially start pocketing the additional R3000 and make money from solar.
Solar Incentives
In addition to selling electricity back to the grid, You can also gain from tax breaks and incentives, which you can use to subsidise the cost of your solar installation.
In an effort to encourage solar energy and to reduce the already constrained Eskom power grid, the City of Cape Town announced the finalisation of its plan to pay residents cash for their surplus electricity - electricity generated from solar panels that could be fed back into the city’s grid.
In addition to the efforts made by the City of Cape to implement solar, the South African government also announced its tax incentive for individuals and businesses. The incentive, which came into effect on 1 March 2023, offers a rebate of 25% on the cost of new or unused solar panels, up to a maximum rebate of R15,000
InPower Solar Financing
The cost of a solar solution is entirely determined by the size of the product or the type of system desired. As well as reducing the reliance on traditional energy systems, a solar power system can increase the value of a home by 4%. InPower Solar is able to advise on the best system for your home or business, and with our affordable financing options, we provide you with the best possible solar system, including installation, on the market.
Whether you are looking to invest in a grid-tied solar system, a hybrid system, or an off-grid solar system, we are able to help you.
There can be no doubt that the benefits of solar far outweigh the cons and with the help of InPower, we can help you gain even more!
