The goal of anyone who installs Solar Panels on their home or business is to reduce or completely eliminate their power bill. The environmental benefits also play a part in the decision but the bottom line is consumers look at the bottom line on their path to purchase.
A recent article on solar panels at CBC.ca highlights a man named Vince Sharpe from the NWT, who installed 42 solar panels at a cost of $33,000 on his Inuvik home. At 200 km north of the Arctic Circle, the community doesn’t see sun for several months of the year. But once the sun started shining in February, the power started flowing. And this May his power bill was effectively zero.
Using the NWT Power Corporation Net Metering Program, Vince had a new meter installed which tracks how much power he is putting back into the grid. During the summer months when he is over producing power, he receives credits from the power company which he can use in the fall and winter when the sun is not shining as brightly or at all.
I’m not going to have a power bill again. It’s like putting power in the bank. ~ Vince Sharpe
Sharpe’s initial investment of $33,000 was a decent one, but he has calculated that with no power bills anymore, he will pay off this investment in seven years. That could even increase as electricity rates climb each year. And with a 25 year guarantee on the solar panels Sharpe says that he will then have at least 18 years of free power.
His usage for last year was around 8,000 kWh and he expects to produce 13,000 kWh this year. That is 5,000 kWh of extra power that he gives back to the grid.
All in all, this is a story that is happening around the world as people come to realize that solar power is an excellent investment and a clean one as well.
Interested in learning how you to can eliminate your power bill? Contact Mark Tizya at Novo Solar Solutions.