When it comes to reducing your home’s carbon footprint and saving money on your energy bill, solar power is a no-brainer. In fact, going solar is one of the best ways for homeowners to achieve both goals simultaneously. With so many people switching to solar energy, you might wonder if it’s still a worthwhile investment. The good news is that the return on investment for installing solar panels has never been better. Solar panel costs have dropped precipitously in recent years—in some areas even under $3 per watt—making them an increasingly attractive investment for homeowners who qualify for financial incentives or lease programs.
Panel Sizes and Their Output
Solar panels are measured in watts and typically range in size from 100 to 500 watts or more. Larger panels produce more electricity, but they cost more as well. If you’re considering installing solar panels, you should know that not all panels are created equal. There are three main types of solar panels for residential applications: mono-silicon, poly-crystalline, and mono-crystalline. Each type has its own benefits and drawbacks, but generally speaking, mono-silicon panels are cheaper than mono-crystalline panels but less efficient. Poly-crystalline panels fall somewhere in between. Poly-crystalline panels are the most common variety in the UK, while mono-silicon panels are more common in other parts of the world. If you’re unsure of which type of panel is best for your home, it’s a good idea to consult an expert. The output of a solar panel is measured in kilowatts. One kilowatt is enough energy to power 10 100-watt light bulbs simultaneously.
Types of Solar Panels
Solar panels are made up of photovoltaic cells, which are semiconductors that generate an electric current from sunlight. Solar panels are made out of silicon, a mineral that’s abundant in the Earth’s crust. Solar panels can be made with either silicon wafers or crystalline silicon. Silicon wafers are used in smaller panels and are less efficient. Crystalline silicon panels are larger and more efficient.
Installing Solar Panels
Before investing in solar panels, you should be aware that installation can be expensive and there’s often a waiting list for qualified contractors. Fortunately, there are also financing options available, including advanced cash-out refinancing, third-party financing, or home improvement loans. Once you’ve found a contractor, you’ll need to get an estimate for the cost of installation. Installation costs vary widely depending on your location, the size of your home, and the quality of the panels you choose. In general, you can expect to spend at least $10,000 per kilowatt of capacity. Once you’ve determined how many kilowatts you’ll need, you can research average installation costs in your area. You can also look at the following factors to help you determine how much your installation will cost:
- The number of panels: More panels mean more energy output, but it also means higher installation costs.
- Your roof type: A roof with good solar exposure will reduce installation costs.
- Your roof’s condition: new roofs are sturdier than old ones, so they cost more to install.
Pros of Going Solar
If you’re already sold on the idea of going solar, here are some of the biggest benefits to installing a solar power system:
- Reduced or eliminated electricity bills: If you choose to go solar, there’s a good chance you’ll never have to pay an electricity bill again. Solar power systems generate enough energy to fully power a home.
- Built-in resale value: Solar panels have a high resale value, which means you can recoup a portion of their cost when you sell your home.
- Potential tax credits: Many states offer tax credits for home solar installations. The exact amount varies depending on where you live.
- Reduced environmental impact: Burning fossil fuels has a devastating environmental impact, but solar panels generate clean energy from the sun.
Cons of Going Solar
While solar panels generate clean energy, they also require maintenance. Here are some of the downsides to installing solar panels:
- Cost: Solar panels are an expensive upfront investment.
- Ongoing maintenance: Solar panels last for decades, but they need occasional cleaning and maintenance. You can take out an O&M service agreement to make the whole system is working as it should.
- Potential for theft: Solar panels are often located on the roof, making them vulnerable to theft.
- Potential for damage: The sun’s rays are extremely powerful. You’ll need to keep a close eye on your panels and make repairs as needed.
- Potential for an increase in your electricity bill: Solar panels generate an excess of energy during the day and feed it back into the grid. You may end up paying a higher electricity bill at night when you actually need power. However, you can apply for Net Metering to sell the excess power to the grid.
How to pay for solar panel installation?
If you’re planning to finance the installation of solar panels, the first thing you should do is determine if you qualify for a solar energy loan or solar energy lease. Solar energy loans are more common for commercial operations, but some homeowners also qualify. Solar energy loans require no down payment and have low-interest rates. Solar energy leases also have low-interest rates and no down payment, but you’re responsible for maintenance and repairs to the panels.
Final Words
Solar power is a great investment for homeowners who want to reduce their carbon footprint and save money on energy bills. Solar panels are an expensive upfront investment, but they last for decades and are projected to save homeowners thousands of cedis in the long run.
