An overview of solar energy and its growing importance for homes and businesses. Introduce solar panels as a reliable, eco-friendly source of electricity. Check your business loan eligibility to see if you can finance your solar project.
What are solar panels?
Solar panels are devices that capture sunlight and convert it into electricity. They consist of photovoltaic (PV) cells that generate power for residential, commercial, and industrial use.
How do solar panels work?
Solar panels absorb sunlight and turn it into electricity through photovoltaic cells. Key points:
- Sunlight strikes the PV cells, producing direct current (DC).
- An inverter converts DC into alternating current (AC) for use in homes or businesses.
- Any excess electricity can be stored in batteries or fed back to the national grid.
Benefits of installing solar panels
Installing solar panels offers several advantages:
- Reduces electricity bills and overall energy costs.
- Environmentally friendly, helping lower carbon emissions.
- Increases property value.
- Provides backup power during outages.
What are solar panels made of?
The main components of solar panels include:
- Photovoltaic (PV) cells – usually made from silicon.
- Protective glass covering.
- Metal frame for durability.
- Encapsulation materials to keep panels stable and weather-resistant.
Types of solar panels
Different solar panels suit different needs:
- Monocrystalline: High efficiency, sleek appearance.
- Polycrystalline: Cost-effective, slightly lower efficiency.
- Thin-film: Lightweight, flexible, ideal for unusual surfaces.
Price range of solar panels
Costs vary based on type, capacity, and installation:
- Monocrystalline panels: Higher initial cost but greater long-term savings.
- Polycrystalline panels: Moderate cost, suitable for smaller setups.
- Thin-film panels: Lower cost but less efficient.
Financing options for solar panels
Solar panel installation can be financed in several ways:
- Personal savings or business funds.
- Solar-specific loans or financing schemes.
- Business loan options for commercial installations.
- Check the business loan interest rate before applying.
- Use a business loan EMI calculator to plan repayments.
You can also check your pre-approved business loan offer to quickly fund solar projects.
Tips for the maintenance of solar panels
Proper maintenance keeps solar panels working efficiently:
- Clean panels regularly to remove dust and debris.
- Check wiring and connections for any damage.
- Trim nearby trees to avoid shading.
- Schedule professional inspections periodically.
Conclusion
Solar panels are a smart investment for lowering energy costs and supporting sustainability. Correct installation, financing, and maintenance maximise their benefits. Businesses can also fund solar panel projects through a secured business loan.
