Solar energy is essential to combating climate change. However, solar panels are quite an investment so you need to consider the factors involved to decide whether this is a worthy investment.
1.What Is Solar Energy and Solar Panels
173,000 terawatts of solar energy reach the Earth at any given time. This is more than 10,000 times the world’s total energy needs, making solar the most abundant source of energy we’ve got. Solar panels capture it and turn it into electricity for your home or your business.
Currently, this photovoltaic power accounts for only five-tenths of one percent of the total energy consumed in the United States. But solar technology is improving and so is our ability to harness this energy, making it more affordable with each passing day.
Solar is a proven technology that works in many climates and it is more affordable than ever.
2. What To Know Before Installing Solar Panels
Weather conditions can impact the amount of electricity a solar system produces. Solar panels are actually more efficient in colder winter, but sunny weather is what get them to produce more electricity. Obviously, some states have more sunny days than others but even residents of cloudy and foggy locations such as Seattle and San Francisco can get huge savings by going solar. In simple words, solar works anywhere where there is daylight.
Don’t be discouraged by clouds as just as you can burn on a cloudy day, solar panels can also generate electricity when it’s cloudy. But, it depends on the quality of solar panels and thickness of the clouds that can reduce their efficiency by 25 percent.
You should keep in mind that solar panels are mostly used in real time which means they are idle at night. Their look is not stylish in design. You cannot install them on your own as you need professionals who know how to capture the maximum amount of sunlight available. Their greatest downside is that they don’t work on every roof but solar companies do their best to customize them. Roofs come in all shapes and sizes so the more room you have for them, the better.
Although they generate energy in a sustainable manner, they are still a manufactured product, so their production does have an environmental impact. Moreover, like with every product, there are many kinds of solar panels out there, with some not being of high quality.
3. Are Solar Panels Worth the Investment
Solar panels have a long lifespan and they are durable. This is another reason why they increase your home’s value with a typical PV system added estimated to add $15,000 in value. But, unlike what a sales person will tell you, there’s more to the story. Whether investing in solar panels is a smart choice for you depends on several factors.
The price you pay for electricity
Your PECO energy utility bill is the largest factor in determining whether this is a worthy investment. The bigger it is, the more you can save by switching to solar power.
The cost of going solar
Installation prices will vary significantly depending on the solar company you choose and the equipment you install. Although cheaper offers are always attractive, high quality equipment will pay off in the long-run.
How will you fund for your investment
If you can make the purchase in cash, you’ll save more than with any other option. But, you will achieve savings with a loan as well. Solar leases and power purchase agreements don’t require any money upfront and come with maintenance-free option, but they will reduce your total savings which can only be somewhere between 10 to 30 percent of your electricity bill and not more. If you are lucky to live in a state that offers incentives for making your home more sustainable, you could be eligible for a tax credit or deduction.
Takeaway – Across the globe, people are starting to invest in solar panels for good reason. They reduce our impact on the environment, help us lower our monthly costs and reduce our dependency on electricity providers and yearly price increases. Installing solar panels makes good financial sense and it contributed to preserving the planet as they help us turn away from fossil fuels.