How Solar Panels Can Cut Electricity Costs?

Unless you’ve been living under a rock you must’ve heard that electricity can now be produced by alternate methods. Some of the most common alternatives include using wind energy, solar energy, hydro energy, and even the usage of bio waste to produce electricity. Amongst all these, producing electricity using solar panels is the most popular because it can easily be installed over your roof and can quietly produce electricity while reducing your electricity bill.

In UK, solar panels are most popular source of alternate energy and around 80% of Brits support the generation of electricity through solar panels. Also, 15% of total energy demand of the UK is expected to be met through electricity produced by solar panels. This popularity in solar panels is not just an irrational exuberance. There is proof that it can cut the electricity cost. How? Read on and you’ll have the answer.

How Solar Panel Works?

Sun rays produce electromagnetic radiations that are then converted into electricity. This electricity is then transmitted throughout your home via circuitry. It is important to note here that the energy demand of your home can not be completely supported by the solar panels installed on your house’s roof, but it will surely reduce your electricity bill to some extent.

Are all The Solar Panels Same?

Glad you asked. The answer is a big NO! Some are more efficient than the others. Broadly speaking, there are two of solar panels that will reduce your electricity costs. First is the crystalline silicon one that converts 23% of sunlight into electricity while the other ones that are used in satellites can convert 50% of sun light into electricity.

How Long Will It Work?

Solar panels are a long term investment that will provide you with a benefit of reduced electricity bill for a period of over 25 years. That’s right. Most solar panels will come with a warranty of 25 years but if they are maintained properly and cleaned on a regular basis, they can last for 35 years.

How Much Will It Reduce My Electricity Cost?

The most obvious reason to buy a solar panel is to reduce the electricity cost. Typically, it will reduce around 30% of your electricity bill. This may not seem much but considering that you will save 30% of your money for 25-35 years, it definitely is a good value for your money.

The electricity that you receive is priced in such a way that it also includes various operational costs that the electricity generation company is charging you. After all, they are running a business not a charity. But the cost of electricity produced in home is that cost for which you bought your solar panel and got it installed. There is no other cost so you will essentially be consuming electricity for free by using the blessing of the Mother Nature ‘The Sun’.

Saving Tricks that can help you save Thousands

Imagine all the things that you could do with thousands of dollars. You can go on a vacation, spend your time in luxury and even treat your special one to a flurry of gifts. But for all of this you need to have thousands which are not easy to come by unless you are a millionaire. Fortunately, if you save smartly and start saving early you may be able to save thousands of dollars.

This article outlines some of the everyday saving tricks that can help you save thousands of dollars each year and spend it where you like it.

·        Repair and Reuse

Buying new items is way more expensive than repairing old and damaged good. This is particularly true for clothes. Instead of tossing your clothes into the dustbin after a few uses, continue to use and reuse them. It is easy to toss out a pant or a jacket if it has a small hole in it. But when you are looking to save money, these are the details that we can often miss. Add a patch over the hole and you’ll be able to save yourself from the extra expenses of buying a jacket or jeans.

·        Keep Your Energy Consumption Low

Turning off lights in rooms that are not in use may seem like a minute expense on its own but it sure does cost you if you analyze it in the long run. Utility bills make up a significant part of your monthly expenses. If you start saving on your monthly expenses you may be taking one of the few little saving steps that could help you save thousands of dollars in the longer run.

·        Don’t Buy Unless You have Made a Price Comparison

Anybody that is selling good to you is looking to make a profit. Some people can charge higher prices to match their profit target while others may sell goods on the cheap to increase profit in the long run. As a buyer you should compare and contrast the prices of at least two places before making a purchase. Choosing the cheapest product may not necessarily be of value to you if its low quality, which is why quality, should also be considered in any decision.

·        Review and Cancel Unwanted Subscriptions/memberships

The average person has a number of different unwanted subscriptions, from club memberships to magazine subscriptions. Anything that charges you an annual or monthly retainer fee despite the fact that you don’t use it needs to go if you want to save cash. Review the pre existing subscriptions and memberships and be careful before signing up for new ones.

·        Try DIY as much as you can

Cheap labor is hard to find, even cheap labor doesn’t come for free and when you are looking to save up every single dollar counts. Instead of calling a painter to paint your walls or hiring a cleaner to wash your car, try doing it yourself. This will save up the labor costs and keep you busy.

Follow the tips mentioned above and you can save thousands of dollars each year.

Your one stop guide to Financial Awesomeness

Being awesome comes naturally to most people. You can be awesome in any skill that you have mastered or in your attitude or the way you dress up. But there is one form of awesomeness that most people crave, it is called financial awesomeness. Financial awesomeness is when you know that you are no longer financially dependent on any one and that you are able to finance your own dreams, needs and wants.

If financial awesomeness was a book it would have three sections:

  • Having cash reserves
  • Investing Prudently
  • Living a Debt Free Life

This article will take a look at how to achieve each of the three things that lead to financial awesomeness.

How to Have Cash in Reserve?

This is the single most important question people have in their day to day lives. How does one build cash reserves? The answer is simple earn more or save more. What you earn is what you will have. You cannot expect to have cash in reserve if what you earn is barely fulfilling your most basic needs. If you think your current profession isn’t making you enough money, go ahead and adopt a side hustle. This would mean more cash on you at the end of the month considering you are now earning more than you need.

This money then needs to be saved up. You cannot expect to earn more and spend all of it and then hope against hope that you’ll have cash in reserve. Start a savings account and deposit the amount saved each month in it.

How to Invest Prudently?

Having money is not as important as what you actually do with the money now that you have it. You need to be able to invest that money prudently into an entity that gives you a healthy rate of return. Deciding on how to invest and where to invest can be a big challenge for most people. But this is the stage that will differentiate amongst people who were nearly awesome and those who were able to achieve financial awesomeness.

There are so many things you can invest your money in.  You can go for stocks, real estate, IRA, HAS and bonds, etc. Where you invest is your call. What you should make sure is that you don’t end up putting all of your eggs in one investment basket. Diversify your investment so that the risk decreases across various investment opportunities.

How to Live Debt free?

What are debts? They are loans that you take from the bank when you are unable to meet the gap between your needs and wants and your income. Getting into debt is easy, getting out of debt is the hard part. Getting rid of debts is important. The best way to do that is to make it your single most important objective. Whatever amount you earn in a month, make sure you deduct the monthly debt payments from it at the start of the month. Then use whatever is left to live your life.

The sooner you get rid of debt the better. The simplest tip to follow for not getting into debt is dreaming big but spending only as much as your wallet permits.

Use this guide as a beacon to achieve financial awesomeness.

Loans you can depend on!

First of all welcome! To set the tone, we will be covering more than mortgages and/or home-related loans. There will be a mix of content to watch out for.

However, let’s start with some property-market news: In New York, recent times have seen significant and sustained increases in property prices. However, this appears to have come to an end with prices stabilizing.

Why the sudden change? Well… a four-year construction project aimed at buyers looking to spend circa $10 million plus has flooded the market. This effect has been compounded by ongoing turmoil in global markets, which is causing wealthy investors to pull back on investments, leaving room at this end of the market.

Is it just global volatility that is curbing big property spends in New York. We don’t think so. More to the point, China has increased restrictions on the outflow of capital, uncertainty around the UK’s exit from Europe, low oil prices, which is impacting wealth in the middle east, and rising taxes have all contributed to rising property costs.

Price drops and lack of interest is not isolated to New York. Many major cities around the world are experiencing a similar effect since 2014. These cities are traditionally seen as places where people store wealth in property investments. However, since the recent ‘bull run’ from 2008 to present, it could be argued that the current stagnation is to be expected.

We’re pretty sure that we’re nowhere near the threat of a fire sale… we think it’s pretty clear that a price ceiling has been reached in New York. However, sales may be dropping off… but in general the property market remains strong and relatively healthy.

In contrast, Miami saw a 43 percent reduction from a year ago in property sales for houses priced around the $10 million mark. It doesn’t take an expert to see that this is not healthy for their property market. This figure equates to more than $2 billion in unsold, unoccupied homes!

Across the board, supply is steadily outstripping demand within the luxury property market. This has an effect of lowering property values in this market, which is the opposite of what is being experienced in other, lower markets. What’s more, sellers of luxury, high-end properties are willing to take significant losses in order to sell their properties, which is at ends to the reason most bought them for–investment.

So, what’s interesting about all this… is that arguably, the people who have abundant wealth have a market with significant buying options. Those who hold property are likely to experience a loss if they sell… the opposite is true of buyers. Lower-level markets are on the other end of the spectrum, experiencing significant price rises, as demand outstrips supply.