According to the Energy Savings, one third of people would pay more for a home that had been fitted with a renewable energy source such as wind, solar or geothermal power.
Half also want to know if their home is suitable for renewable energy, so the interest in sustainable forms of energy is definitely increasing.
But the research also reveals that around half of respondents are put off investing in renewable energy such as solar panels and wind turbines, because of the upfront cost of installing them.
That’s understandable; installing a solar water heating system, costs between $4,000 and $6,000, while a solar electricity system costs between $12,000 and $18,000.These can save you around $100 and $500 per year respectively, so payback is a long time.
However, recently the technological advancements of silica-based solar panels are being produced for less and less each year. Its just a matter of time when the installation costs of a solar-powered home-based system become cost-effective.
I guess for the moment, you don’t invest in a renewable energy system as a financial move; you do it because you want self sufficiency or you feel it is the right thing to do.
There are a few upsides to implementing renewable technology for your home; one is that there is now the option of selling back any excess electricity you produce to the grid for cash. In addition, the Energy Savings has a range of grants for converting to most renewable energy, and, don’t forget: the resale value of your home will be higher!
It’s worth checking out Government provincial and federal rebates and grants to see if you’re eligible for financial help with installing renewable energies. If the cost is still too much for you, then keep an eye on our Blog – we’ll be sharing tons of tips on going green on a budget. We plan to have heaps of ideas for more eco friendly living which are frugal too!
Saverio Manzo
saveriomanzo.com
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