Are Solar Panels Worth It?
The rising cost of electricity around the world is compelling many people to seek alternative sources of energy. Today, many homeowners are turning to solar panels to power their homes and meet other energy demands. In case you didn’t know, solar panels are a technology based on sunray-absorbing medium that converts solar energy into electricity used in homes, offices, and industries. Many people are asking, “Are solar panels worth it?” Well, you will know the answer to that and other interesting facts about this rapidly evolving technology after reading this informative guide.
How to Determine If You Need to Go Solar
You see, you don’t have to think so hard to know why you should contact a professional to help you switch from the traditional energy source to solar energy. The main reasons are outlined below:
- Eco-friendly power solution: If you care about sustaining our degrading environment, you need to try solar. It is a clean and green source of energy. It does not have any form of carbon, greenhouse emission, or other environmental pollutants.
- Get off the national grid: If you go solar, you already know that you have no business with the national grid anymore. Put simply, you are now independent, so any power outages does not affect you.
- Cheap source of energy: All you need is to get power solar that can generate up to 4KW, and you will power your home. In the end, you will save a lot of money from unprecedented rises of power bills.
- Free source of energy: Nobody can monopolize the sunlight because the sunlight is not fossil fuel, either. You won’t be worried sick that you are exhausting the natural resources that the next generation will use to generate power.
- Job creation: Because you opted for that source of power generation, you are putting food on someone’s table. That should matter to you if you care about helping your local community, state, or country to create jobs. For instance, the UK created over 35,000 jobs in the industry in 2015.
Is Your Home Suitable for Solar and Does the Solar Increase the Value of the Home?
Now that you know the benefits of going solar, it is safe to say that the question, “Are solar panels worth it?” has been answered. The next hurdle you have to overcome is to determine if your home is appropriate for that type of energy source. To do that, you have to consider certain factors:
- Electricity bill: In fact, this is first question you have to ask yourself because it will help you find out whether you need it or not. The reason is that it will determine if the move is beneficial. If you spend more than $75 on monthly bills, then solar panel installation will make perfect sense. You will realize that you will start paying little or nothing on electricity.
- Type of roof: Are solar panels worth it? Well, you cannot be certain until you consider your roof type. The thing is, a strong and durable roof for solar panels is good for houses. In precise terms, the roof has to be composite and asphalt shingle. Other models that go well with the technology are concrete tile and standing seam metal. Some people have wood shake, slate tile, and a clayed roof. If you are one of them, you need to get a professional to help you with the installation.
- Climatic condition: No doubt, solar energy is generated from extreme temperatures in both rainy and hot locations. Nowadays, there are special tools that help user find out how climate can affect the performance of their energy source. You should also check the durability rating of the panel if your area is prone to severe weather.
- Maintenance cost: Can you maintain the installations? The old grid system does not need constant maintenance in your home. However, the same cannot be said of this technology. For instance, you have to ensure that you keep the panel clean all the time. The reason is that dust and bird droppings reduce its energy-absorbing capacity. If the debris is allowed to build up for a while, it can reduce its efficiency by 7%.
- Surrounding: If you have large trees and shadow-casting buildings all over the place, your home may not be an ideal place for installing the power-generating technology. Plus, different types of panels react differently to shades. For instance, while shades reduce the output of the polycrystalline panel, monocrystalline panels do not even produce if there is an obstruction from shade.
Upon installing solar power in your home, you will realize that the solar panels have increased its value on the real estate market. In fact, recent studies have shown that the resale value of properties revs to $4,020-$5,911 for every kilowatt of solar panel installed in them. For instance, in the United States, a 3.1 kilowatt system would add $18,324 worth of value to a midsized home. Beyond questions, that is an amount most buyers are ever willing to cough up, thus leaving you with more money. In other words, you will recoup the cost of installing solar panels and batteries the moment you put your property on the US real estate market.
Factors that Impact Solar Payback Period
The solar payback period is the time it takes you to break even in your solar investment. These factors affect the solar payback period.
- Electricity usage: Well, this is about the panel size. You have to calculate the average usage of power in your home or office. Afterward, you have to design a system that generates enough energy to offset your energy demand over the course of the year.
- Total system cost: Put simply, you have to determine how much it costs to procure and install the entire system. Keep in mind that it is the amount you have to spend before considering federal solar tax credit. If you didn’t know, the US federal solar tax credit allows solar users to enjoy 26% of cost of system installation if the installation is done before the end of 2022.
- Solar rebate and incentive: Solar rebate and incentive is yet another factor that affects solar payback period. In addition to the federal solar tax credit that many users enjoy, states offer their solar rebates and incentives based on the system performance.
- Energy production: Once you know the system capacity, you should multiply the total number of kilowatts it can generate by the number of kWh of each kilowatt. You should work it out over the course of the year. Afterward, multiply the result by the total amount you pay for every kWh paid per utility.
- Electricity cost: Lastly, you have to consider the electricity cost because it is a crucial factor here. To work out your annual solar savings, multiply the number of kWh of your system by the per-kWh rate of your utility. To get the actual number of years it will take your solar savings to equal the net cost of the system, divide the net cost by the average annual savings.
Are Solar Panels Good Investment Now?
At this juncture, you will learn the economic benefits of using solar panels.
- Cuts electricity bill: Solar panels are good investments because it helps you cut your electricity bills significantly. Nevertheless, the amount you save depends on the panel size and power usage.
- Accessibility: Even in the world’s remotest places, it can supply power to the locals, most especially if there is no access to the national grid.
- Environment-friendly: Unlike using fossil energy sources, you also enjoy lower carbon emission into the milieu and improve overall air quality
- Low maintenance cost: All you need to do is keep the panels clean, meaning that you won’t have to pay through your nose to maintain them. Interestingly, some solar systems come with 20-25 years warranty.
- Improves property value: As explained earlier, studies have shown that homes with the technology sell higher than those without it, meaning that it rockets your property value on the real estate market.
Without mincing words, this guide answered the question: Is solar panel worth it? It has even explained other facts that you should know before giving the technology a shot. The cost of installing the technology depends on the appliances you wish to power with it. If your home meets all the aforementioned requirements, you should gift yourself this eco-friendly, cost-effective energy generator.