The lottery jackpot is the sought-after ‘holy grail’ in the eyes of all players. It is the one prize lottery players strategise, plan, pray to and dream of winning. A massive lottery jackpot gives you a ‘passport’ to live the life you’ve always dreamt of.
As a lottery jackpot winner, just like other previous winners, you’ll want to buy a new home that reflects your new-found wealth and status. But, when choosing your new mansion to dwell in, have you thought of taking your new home off the grid?
Living off the grid, five or 10 years ago, was something many did not give much thought to. However, using solar power and battery storage as the only source of energy has become more alluring as it is now more affordable. Homeowners in urban areas who are reliant on the electrical grid, are now considering becoming energy self-sufficient.
So, what has changed? What are the benefits of taking your home off the grid? And why are homes going off the grid?
Why are homes considering going off the grid?
There are numerous reasons why many are considering living off the grid, but the main reasons are;
- The affordability of solar power has made it an inexpensive option for homes to generate a portion of its own electricity.
- The prices of battery storage are becoming cheaper.
- Electricity is becoming increasingly expensive due to various factors, such as the increasing price of electricity and grid network infrastructure costs.
- Solar energy is worth more to a home when it is directly used. That is, solar self-consumption is the main reason homes save money by using solar power.
Thinking of going off the grid when you win the lottery jackpot? Keep this in mind
It may seem like a sensible financial move and an attractive option, considering the above-mentioned reasons, going entirely off the grid. But, under scrutiny does this promise hold up?
If you’re considering investing part of your millions into turning your home into an off-grid sanctuary, here are some things to keep in mind;
- Consider the paybacks – the affordability of solar power has shortened the payback period to between three to five years. Though battery system prices are still expensive, their prices have recently slightly started to go down, enough to deliver on their payback periods which are shorter than their 10-year warranty periods.
- Roof space limitations – whether your house will be able to go off the grid or not is dependent on the size of your roof. A majority of suburban homes don’t have enough roof space to fit the required solar panels to go off the grid completely.
- Back-up power generation – if you are looking to completely go off the grid with solar and batteries, you will need a system that can reliably deliver 3 – 4 days of energy autonomy. This is especially important during periods of inclement weather or above-average energy use. It means about 3 – 5 times more solar and battery capacity required to achieve one day of autonomy.
- Usage of spikes – it is important to plan accordingly for usage spikes. This is because despite having your solar-plus-storage system sized to meet your daily needs, you may at some point exceed these limits.
- Changes in your lifestyle – during installation, your solar system will be sized according to your energy needs. A change in your work schedule or an addition of a family member may alter your energy consumption, which may require a system upgrade.
- Ongoing costs – as the owner of the solar equipment, you’ll have to foot the bill for routine maintenance and component replacements. Not that it will be a concern considering you won a massive jackpot.
The best of both worlds: grid-connected with batteries
When it comes to energy independence, it does not have to be a distinct choice between total grid reliance and total self-reliance. Most homes are likely to maintain their connection to the grid, despite installing a solar or battery bank, to avoid the complications mentioned above.
In simpler terms, you have three options;
- Be 100% grid reliant, meaning that you stay connected to the grid without solar or batteries.
- Partial grid-reliance / partial self-reliance – you’ll stay connected to the grid, but with the use of solar and batteries to help meet your daily energy needs.
- Total self-reliance – this will mean being completely cut off the grid and relying on solar, batteries and generators for your energy needs.
Opting for partial grid-reliance / partial self-reliance gives you a significant amount of flexibility in how much self-reliance you may have or can afford. One of the simplest things you can do is to install a small grid-connected system and it can be easily ratcheted up from there.
You can still be 100% energy self-sufficient while staying on the grid as a ‘backup’ source of power.
After winning a massive lottery jackpot, are you going to take your home off the grid or will you rely on the electrical grid? Regardless of what you decide, just make sure that you have enough power to charge your cellphone or laptop to enter your favourite online lotteries.