Reduce your power bill and your environmental footprint
Solar energy provides you with an opportunity to reduce your power bill and with the rising cost of energy, this will provide some long term relief after the initial investment. Depending on the size of the system installed, using solar panels at home can help cut your electricity cost by half or even more. The payback period is between 3 to 5 years depending on the size of your installation and the output generated. If you have installed a system larger than your personal usage, you will be able to sell the excess electricity generated to your local power company. Solar power is not only a way to save on your bills, but is an environmentally responsible energy source which does not release greenhouse gases, carcinogens or CO2.
Small-scale Technology Certificates (STCs)
A renewable energy certificate (REC) is an electronic form of currency created by the Renewable Energy (Electricity) Act 2000. A single REC is equal to 1mW hour of electricity generated by your PV power system. The special type of RECs that you get for a residential solar system are called "Small Scale Technology Certificates" (STCs). The price of STCs changes according to market conditions depending on supply and demand. The level of subsidy will depend on a number of factors such as the location (zone and size of the system) as well as the current price of STCs at the time of installation.
Feed In Tariffs
If your system generates more energy than you use, the excess energy is fed back into the grid and you receive what is called a feed-in tariff. Currently the ERGON/ENERGEX FIT is 10.1 cents/KWH which has increased 35% from 7.44 cents/KWH in late 2017.