A photovoltaic plant produces electricity, as opposed to the solar heating system, which produces heat. The advantage is that the power can be distributed to other consumers – it cannot normally be solar heat. Since production is also highest in the summer months, when the heat consumption is lowest, it is not always a good solution with a solar heating system. The solar cell system, on the other hand, only sends the power out to the mains if you cannot use it yourself.
Practically, it happens that if the solar cells’ electricity production is larger than the household’s consumption, yes, then the electricity meter simply drives backwards and you thus get a smaller electricity consumption.
A photovoltaic system can be easily financed
A photovoltaic plant for a typical detached house costs around DKK 100,000. It is more money than most people have, and therefore it can often be necessary to borrow for solar cells. But this is rarely a problem, as most banks see loans for photovoltaic plants as a good investment.
Before you go out and borrow for solar cells, it would be a good idea to explore several different loan options. As a starting point, there are the following:
- Loan for photovoltaic systems with a regular bank loan
- Loans for solar cells with a mortgage loan
- Or financing of solar cells through the electricity company or supplier
Loans for solar cells in the bank
As mentioned, borrowing for solar cells in the bank is often not a problem as long as you have a healthy economy. The banks see solar cells as a sound investment.
Do you have free-living in the house? Then a mortgage loan will most often be the cheapest solution
Before you borrow, however, you should get a calculation to see if the cost of interest on the bank loan is offset by the savings on electricity. Some bank loans are a bit expensive, and it may not pay off.
It can often also be an opportunity to borrow for solar cells through your mortgage credit institution. Then you also have the advantage of a low interest rate. Either the loan can be made as a separate loan or it can be attributed to your current loan. It does, however, require that there is free value in the house, and perhaps there needs to be a new assessment where the new solar cell system is also taken into account. It will actually have a positive effect on the house’s assessment, and thus how much you can borrow for solar cells.
Financing through the supplier
Finally, it is also often possible to get the solar cell plant financed through the supplier. Whether it’s a power company or a private supplier, you can often get a cheap financing through it. Contact your local power company to find out more about the possibilities of lending to solar cells through them.
What is the payback time for solar cells?
An important factor when investing in solar cells is the payback time. So the time it takes before the savings have paid for the investment. At today’s electricity prices, the repayment period is around 8-12 years. If the electricity price rises or there are more taxes on electricity, the repayment period will decrease significantly.
But there is no doubt: Solar cells are a very good investment, and it probably will not deteriorate with time.
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