Saving Money with Solar Energy

One of the main appeals and selling points for solar would probably be how they cut your energy bills. So, do solar panels actually save you money? If they do, how much money exactly would solar panels save you?

Do solar panels really save you money?

The simple answer is YES!

To begin with, it is important to note that solar panels will cost you money upfront. However, it will no doubt save you money on energy bills in the long term. If your solar panels are large enough, you may be able to produce enough electricity for your whole home and sell the excess back to the grid under the NEM scheme. On average, a home can save between RM40,000 and RM125,000 over the lifetime of your solar panel system.

How much money can you save on electric bills with solar energy?

First of all, you have to calculate how much you are currently spending on electricity every year. The average annual electricity consumption for a Malaysian household was 4140 kWh in 2021. Multiply that by the average basic electricity tariff rate as of June 2021 (39.5 cents per kWh) and you’ll know that the typical Malaysian family is spending at least RM1,600 a year on electricity alone.

With solar energy, both residential and commercial consumers are able to save up to 90% on their monthly electricity bill. Below, we will give you examples on how much you could save if you have a solar system for your house or for your business.

Brief Breakdown of Savings with Solar Energy

Besides saving on monthly electricity bills, companies that undertake qualifying green technology projects for business or own consumption can enjoy double tax incentives: Capital Allowance (CA) and Green Incentives Tax Allowance (GITA).

If you’re interested in finding out your potential savings with solar energy, try out the Solar Calculator on the buySolar website! Go solar, and we know you’ll start enjoying the benefits of solar energy in no time!