Best Answer – #1 Reason on “Are solar panels worth it?”

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Are solar panels worth it?

Here at sunnymacaffiliates we are here to make solar education unbiased and completely transparent. If it’s not for you, we won’t waste your or our valuable time. There are many sources of electricity and many electric providers. In this post we’ll make sure to go in depth into all the options, so you can be sure to be an expert at making a decision by the end of this. Now let’s get right into it.

Is it a secure investment?

The “fuel” (the sun) for photovoltaic panels can’t be purchased or monopolized. Once you’ve got photovoltaic panels on your roof, you’ve basically got an impartial supply of electrical energy that is all yours. This is essential for people, but also for cities, counties, states, countries, and even companies.  Are solar panels worth it?

Why is it a secure investment?

Researchers have found that Ukraine, lately, has roughly $3 billion in decreased oil and gas imports from Russia due to the solar energy developed by a single developer. (Basis of research: eia.gov)

Solar cost analysis: Is solar energy affordable?

Long Term Benefits

Solar energy that’s harmless to the surroundings will be a vital supply for the future – beginning now, in the present. Even if you aren’t 100% sure of the answer to “are solar panels worth it?”. It’s clear that solar panels are a worthwhile expense for residents and business homeowners in many US states, if not all states. Even with the price of purchase and set up, the financial savings more than make up for it over time. (Stats for conclusion: World-Nuclear.org)

Cash Option

This means that you’ll have to pay extra on top of the price of the photovoltaic panels. Solar panels, if bought with cash, do require a higher investment at entrance than non-renewable energy sources. However, your monthly utility costs lower significantly when you have solar panels installed.

Over time, these monthly financial savings successfully pay for the installation. It normally takes about 15 to 20 years for a solar power system to pay for itself in financial savings, if bought in cash.

(Source: EnergySage.com)

Short Term Benefits

With solar loans and leases you could start seeing returns immediately.

Are solar panels worth it?

(Energysage.com)

How long will my solar panels last?

Solar panels usually last for 25 to 30 years. (Energy Sage) Are solar panels worth it?

Reliability

Batteries can store electrical energy produced by photovoltaic panels, to be used sometime later. Solar energy supplies the nice advantage of power independence. Are solar panels worth it?

Backup Energy

As solar energy is produced in excess during the summer, it’s given back to the grid (electric companies). During the winter, we can get back electricity with what’s in our bank of our excess. This tends to cover any low production months. Making solar still an affordable option. Plus, 55% of the grid’s clean energy is still nuclear energy. Which means we’ll still be minimizing our carbon footprint while saving money.

Warranty

Most systems also include a guarantee that’s for much longer, meaning the savings proceed even after the system has completely paid for itself. Most dependable solar panel producers offer 20-25 years warranty.

Disadvantages

There’s just one notable disadvantage to solar power that I can think of. When the solar goes down or is heavily shaded, photovoltaic (PV)  panels cease to produce electrical energy. If we want electrical energy at the moment, we now have to get it from some other source. Like the grid.

Home Value

In addition to cutting down in your monthly power invoice, solar panels offer the advantage of adding an average of 4% value to your home.

One of the major incentives to change to photo voltaic panels or solar energy is to save money, in any other case it would have been spent on electric bill payments. To be able to get there you first must make a large sum of an investment. The savings you earn by going solar can take anywhere from seven to twenty years to cover the preliminary price, if paying cash. Although, returns may be immediate through solar loans and leases.

On that note, no one can go and buy solar or flip daylight into a monopoly. Any effort that may cut back the pollution to the environment, helps to avoid harming earth.

Solar panels are able to harness the power from the sun and convert it to electrical energy. How?

Are solar panels worth it?

How do solar panels work?

Solar panels are dependent on sunlight to effectively collect photovoltaic energy. Therefore, a few cloudy or wet days can have a noticeable impact on the vitality of a system. You should also take into account that solar energy can’t be collected during the night. Solar panels require sunlight to generate electricity for your home so they do not work in darkness. Thus – the simple answer to this question is no. The confusion around solar working at night is often due to the concept of solar storage, which allows homes to still have energy supply at night.

(EnergySage)

Maintenance Are solar panels worth it?

You have to maintain them to stay relatively clean, so cleaning them a couple of times per year will do the job. If unsure, you can at all times depend on specialised cleaning corporations, which supply this service from around 100-300 bucks. Remember, most dependable solar panel producers offer 20-25 years warranty.

On the opposite hand, should you also require your water heating to work at night or throughout wintertime, thermodynamic panels are an alternative to think about. However, most suppliers have manufactured panels with a shorter lifespan. Solar energy typically doesn’t require plenty of maintenance.

The Science

When sunlight strikes the photovoltaic cells, it induces chemical reactions that launch the electrons, thus generating electrical currents. Most rooftop solar panel cells are known as photovoltaic cells, that are additionally found in tiny home equipment like calculators. According to some manufacturing requirements, a 25 °C (77 °F) temperature signifies the peak of the optimum temperature range of solar panels. It is when solar photovoltaic cells are capable of intaking in daylight with most efficiency. Solar panels are made up of a number of smaller items often known as photovoltaic cells.

The devices work by gathering light supplied by our neighborhood star, the solar. You might have heard the ability they produce known as photovoltaic (PV) energy; this translates to ‘light-electricity.’ A single panel will just generate electrical energy enough for 1 or 2 smaller appliances. To create a photovoltaic system that can provide electricity to a home or building, you would require an array with many photovoltaic panels linked together. Although solar vitality can still be collected throughout cloudy and wet days, the effectivity of the solar system drops.

Rooftop solar panels depend on the flexibility of the photovoltaic cells to harness the energy of the sun and convert it to electrical energy. Are solar panels worth it?

What is solar energy?

Solar, simply put, is the act of converting sunlight into electricity. It’s a form of electric production which helps alleviate our dependency on finite resources such as gas, coal and oil. Not only is natural gas one of our biggest dependencies, it’s also one of the least efficient resources.

Solar Origins

In 1955, Hoffman Electronics introduced the first commercial photovoltaic product with a 2% efficiency and an energy cost of $1,785 per watt. Now this is 1,955 and to adjust for inflation in today’s money, that would be somewhere around $17,118 per watt.  Are solar panels worth it?

Current Solar Pricing as of 2020

Now here we are in 2020 and PV solar panels have an efficiency right around 20% on average. The cost is on average somewhere around $2.96 per watt. Modern solar panels are ten times more efficient and 5,700 times less expensive, if you adjust for inflation.

Why go solar now?

So let’s examine the data and see why 2020 just might be the best year to purchase solar. So as I mentioned in the beginning, the first commercially viable solar panel had an efficiency of around 2%. Here’s a list of some of the top solar panel Brands and their rated efficiencies.  Are solar panels worth it?

You’ll see there that SunPower actually has some of the most efficient solar panels, though pricier, on the market, topping out at 22.2%. Panasonic which also has a solar partnership with Tesla has an efficiency of up to 21.6% and of course LG up to 21.1%. You’ll see that there are many choices right around that 20% range and so efficiency has reached a good place in the technology right now.

Here’s another reason to go solar now

Another important thing that helps you determine the best time to purchase solar, is the average cost per watt of a solar system. The cost of solar has fallen 22% over the last five years or an average of 4.4% each year.

5-year average cost of solar – Stabalizing

From 2015 to 2016 the price decreased 11%.

From 2016 to 2017 the price per what decreased 6.8%.

From 2017 to 2018 the price decrease 2.5%

From 2018 to 2019 the price has decreased 2.9%

You noticed the price appears to be stabilizing somewhere around that 2.5% to 3% mark. So not only is the cost per watt of solar stabilizing, but also the US federal tax credit will be ending after 2021.

 

Deductions

Currently in the United States, if you put solar on your residential or commercial property you can take a 26% tax deduction off of the cost.

In 2021, the deduction will go down to 22% for both residential and Commercial.

In 2022 the residential deduction will disappear and a 10% deduction for commercial only will apply.

 

Conclusion

So you can see based on these numbers that financially 2020 is a really good year to purchase solar. If the US government does not extend the tax credit or add a new tax credit for solar, it’ll take somewhere around ten years before you can achieve that price of $2.19 per watt with just the 3% each year of cost decrease.

Another factor that supports getting solar as soon as possible are the rising electricity costs. According to eia.gov, the average monthly bill in the United States in 2018 was $117.65. That is 5.4% up from the average bill in 2017 and up 4.5% from the average bill in 2016.

So according to that same data from eia.gov, from 2017 to 2018 there were 6 US states that actually saw a rise in electricity cost over 10%. Rhode Island tops the list with a 14.5% average electricity bill increase, Hawaii with a 12.6% increase, and Massachusetts with a 12.3% increase.

As the price of electricity goes up and the price of Solar goes down, of course it makes more sense to get solar as soon as possible.

So what are your thoughts of solar and why haven’t you gone solar yet? If you have already, then comment down below with your experience!

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