In this article we are going to look at switching to a renewable energy solution and how both businesses and individuals can benefit. But first, let’s look at different types of renewable energy solutions currently available on the market
Benefits of Renewable Energy Solutions
Renewable Energy Solutions have seen an increase in popularity in recent years for a number of different reasons, such as, government support in the form of grants, and protection from energy prices
Inverters
Inverters, available in both Hybrid and String configurations allow users to convert the electricity generated from their solar panels and directed back into the grid, allowing them to generate a revenue from their energy provider, while hybrid inverters allow its users to also store excess power for later consumption.
Inverters are the perfect solution for those that are looking to become more self-sufficient and resilient in their renewable energy setups.
Battery Storage Systems
Battery Storage Systems, as the name implies, allows you to store excess electrical energy for use at a later time. For example, during the summer you can use your solar panels to ‘charge’ a battery storage system for use during the night time. Allowing you to operate almost completely free of charge and free from a service provider.
With options available from LEDVANCE, users can take advantage of their stackable battery module system, allowing you to increase your storage capacity with your requirements.
Benefits of Renewable Energy Solutions
By integrating solutions such as photovoltaic panels, a battery storage system, and an inverter, both individuals and businesses can benefit from a range of positive improvements.
Reduced Carbon Footprint:
One of the key selling points of renewable energy solutions is the reduction of your carbon footprint. As climate change continues to be an issue to the world, integrating renewable energy solutions is an important step to reducing your carbon footprint.
For businesses, reducing your carbon footprint can also be an incredibly effective way to increase your corporate social responsibility with the public, allowing you to be seen as a more environmentally conscious company.
Long-Term Financial Savings:
While some may see the initial cost of purchasing and installing renewable energy solutions into your business or home as a barrier for entry, this mustn’t prevent you as the average payback period on solar panels for example, is roughly six years. This shows that individuals can not only save regularly on their energy costs, but a shorter payback period when compared to previous years, shows that individuals can eventually turn a profit on selling electricity back to the grid.
By installing renewable energy solutions, you now have the opportunity to become self-sufficient from rising energy and fossil fuel costs, as you can now generate and store your own electricity.
Government Support:
Currently in Ireland the Sustainable Energy Authority of Ireland (SEAI) has several grants available for both businesses and individuals to avail from. Businesses can receive a €2000 voucher to help them start with an energy audit and find out additional information on how much energy their business draws on a regular basis and get a better understanding on what equipment is needed to supply sufficient energy for their premises. This application is not only easy to apply for but eligible businesses will also get automatic approval upon applying.
Businesses can also apply for rapid approval or tailored grants depending on the type of business they are. For example, the rapid approval grant is an excellent way for small and medium sized businesses to receive immediate approval from the SEAI and receive a payout that is based on your business type and area of the building.
Potential Return on Investment:
Not only can you reduce costs, but by integrating an inverter into your business or home, you have the opportunity to sell back your electricity to the grid allowing you to further reduce your energy costs.
With SEAI grants, and zero VAT on solar panels supplied and installed by the supply and install scheme, the reduced cost of most Photovoltaic panels allows them to pay for themselves within 6 or 7 years, and with the rising cost of energy prices, this potential return on investment can become greater for those who install renewable systems sooner rather than later.
Conclusions
While the initial investment into renewable energy systems can be quite costly, it’s important to note that the benefits of renewable energy can be seen almost immediately after installation. By harvesting solar energy, users can see a reduction in their monthly energy costs which can lead to an accelerated payback period on their investment.
Those who implement renewable systems can also take pride in knowing they are helping reduce their carbon emissions and mitigate their carbon footprint.
