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The green energy revolution grows by the day, home solar panel energy generation being a cornerstone of this progress. In the age of advanced technology, people are looking for ways to make more significant savings while making the Earth a better place.
Solar energy has proved to be a game-changer for many, mainly because it requires minimal expenses to have it up and running. Currently, the solar energy industry amount to over $17 billion a year, with this number expected to rise higher by 2025.
The UK PM Boris Johnson earlier this year called for deeper investment ties between Britain and Africa at a summit for leaders of 21 African countries in January 2020. The PM also announced an end to British support for thermal coal mining or coal power plants overseas, saying it made no sense for Britain to cut its carbon emissions from power generation at home while supporting coal-fired projects abroad.
Home Solar Panels – How They Work
Before having solar panels installed in your home, you need to understand how they work. Solar panels are designed to work by absorbing sunlight with photovoltaic cells. They then generate direct current (DC) energy, which is then converted into usable alternating current (AC) energy through inverters. Finally, the AC energy then flows through the home’s electrical panel and is distributed accordingly to the house. Notably, many homes feed any excess electricity produced by solar panels to the electric grid.
Home Solar Panels and peer-to-peer energy trading
Peer-to-peer energy (P2P) trading can be defined as the buying and selling of energy between two or more grid-connected parties. This allows residents or offices with excess renewable energy to sell off the power to others within their community. In peer to peer energy trading, both buyers and sellers use a secure platform through technologies like blockchain. In this process, the buyer decides who to buy the power from, and sellers decide whether or not they are willing to sell to the particular buyer.
Problems With The Current Market For Home Solar Panels Energy Generation
Peer-to-peer energy trading has made a significant difference when it comes to energy supply. The current market is mostly centralized and highly dependent on monopoly companies. In the current market, the excess solar energy is exported back to the grid for a low feed-in tariff rate.
The current system lack system in place to track the origin of the power. In addition, most of the money collected in the traditional system goes into managing and maintaining equipment (poles and wires) that deliver electricity to consumers.
Are Home Solar Panels Economically Viable?
When calculating the economic viability of home solar panels, you need to consider the repayment time, expenses and expected revenue. The solar installation will vary depending on the solar company you want to use, and the equipment you are willing to install.
Before settling on any home solar installers or materials, you will need to do comprehensive research on which companies provide the best services. While choosing the cheapest solar panel might be the easiest way out, the long term savings from high-quality equipment could be much more significant compared to cheap ones.
Another essential thing to consider is sunlight exposure in the region. According to records, about 67% of home solar panels owners in Wales generate an estimate of about 3000kWh per year. East Midlands makes about 60%, while only 25% of homeowners in London can produce this amount.
What’s The Cost Of A Home Solar Panel System Installation
When you talk about solar panel installation, the first thing that comes to mind is how much it costs to install home solar panels. Over the last couple of years, the price of home solar panels has fallen thanks to technology. The average domestic solar PV system is 4kW and costs around £4,800 (including VAT at 5 percent).
A 3.5kWp system in the south of England can generate around 3,700 kilowatt-hours of electricity a year – that’s the same amount of electricity as it takes to turn the London Eye 49 times. It will save around 1 tonne of carbon dioxide every year.
This costs however will keep growing depending on the square meters and the solar installer company. Ideally, the more electricity you need, the higher the cost of installation.
It is essential to key in the cost of maintaining and repairing the solar panels. Usually, this will cost about £1,750 over the lifetime.
Does Owning Solar Panels On Your Property Increase The Value?
In some areas across the continent, home solar panels have increased the value of homes at the time of sale. The same way homeowners are willing to pay thousands of dollars for renovations, and many are eager to pay more for solar-powered homes. Each house in the UK has a valid Energy Performance Certificate (EPC), with grades ranging from the A to G. Home solar panel installation can increase the grade of the Energy Performance Certificate (EPC) rasing it to as much as two.
According to The Department of Energy and Climate Change (DECC), solar installation could raise the prices of selling a house to up to 14%. This means that a homeowner could increase the value of their home to about £16,000 and more.
How To Sell Solar Power To Utility Companies
So you have gone ahead and lept to install the solar energy system in your home. Now you are wondering what t do with the excess energy produced. You can sell the excess power to utility companies through a process called net metering. Net metering will allow you to reduce your electric bill.
Before you can begin selling the excess energy, you will need to consult your energy measuring equipment to determine the amount of energy you are willing to sell. Generally, most solar systems installed will have a power meter with gauges that run forwards and backwards tracking the amount of energy you use in your home. Inside the meter, there is an inverter that allows companies to measure the amount of power you are generating from your solar system.
Typical ROI Of Home Solar Panels
For every investment you make, it is essential to determine the general Return of Investment (ROI) and the payback period (the timeline taken for the solar panels to pay for themselves). For home solar panels, the typical ROI is calculated by considering what your annual electricity bill cost. You will also need to determine the total cost of a solar energy system. Note the price of solar will vary from one company to the other.
Once you determine what your Initial net investment would be and the yearly benefits you stand to gain, it would be easy to calculate the payback period.
The major problem in the home solar energy space is that it is just NOT PROFITABLE to have new panels installed or even dare I say possible to generate a good ROI on home solar panel energy generation especially since the closure of the Feed-in Tariff scheme to new solar PV system applicants in March 2019. There was a glimmer of hope for small generators as they can apply for financial support from the Smart Export Guarantee (SEG) scheme to however you can clearly see below the minor effects it has on the overall picture of profitability.
Using the same example as mentioned earlier in the article a typical example of PV system is 3.5kWp and costs around £4,800 (including VAT at 5 percent). At that rate feeding in 12KW to the grid per day on average makes your break-even point 30 years, longer if you have a Battery installed with the system costing an additional £4k alone with an expected lifespan on 15 years which you will never recoup that investment.
Given the length of time to break-even or dare is say make any actual profit from the investment you can understand why people are have been relatively slow to adopt this option for their homes.
This is where Rowan Energy plan to not only assist but change the industry altogether, with official statistics, released by the DECC, show that over 800,000 British households produce electricity from solar PV panels, with the STA claiming that solar thermal hot water heating panels cover an estimated 775,000 square meters, the equivalent of 250,000 properties there is a huge market of households who need exactly what Rowan Energy is offering.
How Rowan Energy Will Change The Home Solar Energy Market
Rowan Energy is a company that has built a community-supported green Energy blockchain. This blockchain will help create a better system for buyers and sellers to trader their energy sources.
Rowan Energy came in place to harness the power of blockchain technology to enable owners of solar panels to sell their energy to other consumers through peer to peer trading. Additionally, this solution is created to help ordinary households increase their earnings while speeding up the payment process to almost instantly.
The company created this blockchain to encourage more people to invest or own solar panels.
Home Solar Panel Owners Can Benefit From Using Rowan Energy Blockchain Technology
Rowan Energy Blockchain is based on a low powered POA consensus mechanism that uses certificates to authorize transactions. By using blockchain technology, the solution eliminates third parties who traditionally make the process lengthy and costly. Since there are no intermediaries, homeowners can increase their income by more than 70%.
Through the custom-built blockchain platform, homeowners can each detail of the electricity generated, i.e., the amount of power consumed on-site and how much was fed onto the grid.
The Rowan Energy Vision
One of their website, Rowan Energy, explains that the intent to build a new kind of blockchain that is genuinely decentralized. Through their solution, the company allows its energy community to validate the energy transactions. For their contributions, they are rewarded for their contribution to the community. The company also hopes to encourage people to buy green energy and also have solar installed to produce their green energy.
Rowan plans to make this solution even better by allowing its members to buy their electricity other members of peer to peer and in almost real-time in the coming days.
How rowan energy will make home solar panels profitable
Rowan has created a platform that takes of certified meter readings. The platform is also able to issue two certificates from the meter readings collected. The certificates stored on the blockchain contain information on the source of energy, the meter ID, and the grid reference of the generation. They also provide the time and date the power was generated.
The first certificate is given to the Energy company. The company can use the certificates as a guarantee of origin increasing transparency on the source of energy supplied. On the other hand, the second certificate is issued to the resident producer.
The certificates can be tokenized, which increases the homeowner’s monthly profits. Homeowners also gain additional income for validating transactions on the Rowan Energy Blockchain. They earn 1 RWN token each day for participating in the Rowan mining pool.
Rowan Energy Reward Economy
The Rowan platform as created an ERC20 token based on Rowan Energy POA blockchain called the Rowan Token (RWN). Through their smart contract, the company will issue pre-mined tokens for distribution to early adopters and supporters. These tokens are intended to be sold during the LATOKEN Initial Token Oﬀering (ICO). This is intended to support the community ecosystem while the platform is being developed. According to the white paper, only 45 million RWN will be available.
The company plans to charge a transaction fee for both certificates and energy trading to generate revenue. One thing to note is that Rowan Energy has reserved 2 million RWN tokens for its vault feature. This feature is currently only available to the first 2000 Rowan customers. These saved tokens will be subjected to dividend payments off between 0.1-0.2percent per day.
Lastly, homeowners who participate in token validation will receive tokens for their efforts.
Recent Solar Panel News
In an ever-evolving and adaptive industry, strides in development occur from many areas including solar panels, battery development and overall infrastructure. Three of the main solar news story right now are
NREL Research Points to Strategies for Recycling of Solar Panels
A new aluminum solar panel could be used to produce clean drinking water
Solar farm bid to make Grimsby the biggest in the UK
Conclusion – Rowan Energy Project
It is without a doubt that the Rowan Energy project will make the renewable energy market a much better place. With the constant changes in system through technology, Rowan provides an excellent avenue to protect the current energy sources that have proved to be unsustainable to global ecosystems. Rowan is the perfect solution that creates more attention to green energy forcing more homeowners to rethink investing in home solar panels and other green projects. While the project is still relatively new, it is making significant milestones in the industry.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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