Everyone scratches their head with the query ‘are solar panels worth it to investment’ before installing them at their residence or business spaces. And whenever you Google this question, you will get your answer in the first line ‘Yes, it is’. Thus, in this blog, we are cracking this in detail for you, ‘Why and how solar panels are worth it’.
Key Takeaways
- If the rooftop of any home receives enough sunlight throughout the year, solar panels are worth to invest.
- The saving by solar panels depends on various factors like, how much you pay for the electricity bill, the installation cost in your respective State, and what incentives and rebates are available.
- Solar panels are worth it when you own the space and you will get the return on investment in the coming 8-10 years.
- Be sure to know both the social and economic factors, before you opt for solar power.
- Try to maximize solar savings by comparing the available options.
I never thought I would take a solar plunge like many people do. But the time has changed so fast and many roofs are popping up with solar panels on them like mine. With the added advantage of government subsidies, it’s not hard to understand the importance of solar panels.
Nevertheless, many households are unsure if an inclination to solar panels is worth it for their residencies. The confusion about going solar can be due to various factors like unawareness of solar technology, the heavy costs associated with solar systems, or choosing the right solar company.
That’s why, we are going ahead with some of the major points to satisfy the statement that solar is the right choice for your home or is it just a waste of economic resources.
Come and be with us to know!
Solar Panels: Are they worth it?
Things have changed a lot in the past years. Energy prices are skyrocketing and as per the situation, it looks like, they will continue to rise. So, in such scenarios, not only solar power is worth using, but also it becomes an obvious decision for many households.
For the following reason,
A solar system can generate solar power at approx. 5-6 cents per kWh. Compare it with your latest bill and you will know why over 3 million homes have opted for solar panels in some past years.
The price of solar panel installation is lower now because of growing competition in the respective field. The average size of a good quality solar system is 8KW and its whole installation costs around $8000-$9000. And this generates 30 kWh per day of solar energy on a yearly average.
If your assumption comes near to this value, expectations are to save above $3000-$3500 from your yearly power bills with an average-sized solar system.
To give you an average idea of bill savings from different-sized solar systems, here are some stats:
| Size of the system | The daily output of solar energy | Cost of power | Savings per year |
|---|---|---|---|
| 5 kW | 20 kWh | 30 cents | $2000-$2200 |
| 8 kW | 30-32 kWh | 30 cents | $3000-$3500 |
| 10 kW | 40 kWh | 30 cents | $4000-$4500 |
Remember these numbers are just an estimate. Your PV system’s value is directly related to the quality output it generates. The more expensive the technical PV system, the more quality output you can get.
Still wondering, why should you go for solar panels?
Let’s know more about if solar panels worth it to invest!
Should you really use solar panels?
The answer from our perspective is a big ‘yes’. Having a solar power system is good for financial benefits and cost-cutting. Apart from this, you can become an environment-saver.
As everybody is well aware of the good impact of using solar energy over other energy resources. Less carbon emission is the major point to saving the atmosphere from various pollutants. It doesn’t release any greenhouse gas, hence it is environment-friendly. Those seeking to go green can consider solar-based energy in their homes. And with the abundant sun’s energy usage, you can save other resources too.
Overall, apart from saving your own pocket, you can contribute to nature as well. I think these two big reasons are sufficient for you to use solar panels.
Now, many people have doubts about the initial cost that one has to pay for installing solar systems. The doubt is real, you have to little lose your pocket initially, but soon you will get the return in some years.
So to clear the air and get the answer to our question that are solar panel worth it to install on your house or not, let’s dive more into it.
How long do solar panels last?
Solar panels or Photovoltaic panels, are manufactured to last 25-30 years. Most of these systems can produce quality output for the expected years without much maintenance. Just you need to upkeep a little for the years, you are good to take full advantage of power generation.
For instance, your panel may need yearly or half-yearly cleaning to maintain the efficiency of the system. With a large upfront investment, you can save your pocket from electricity bills for almost 25 years.
But one important thing that I would love to mention here is the reduced cost of solar panel installation over the last few years. On average, it has been decreased upto 50% and that is huge… right?
And the cherry on the cake is the government subsidy support that one can get by going solar. With such added advantages, you can save a lot on overall installation costs.
But there are certain conditions where solar panels are not worth it. Like, if your roof area is shaded, your spare roof area is directed towards the north, or your region faces more cloudy days. In such conditions, your solar system can’t perform upto the mark.
Therefore, before going solar, knowing ‘Are solar panels worth it in what conditions’ is necessary.
When are solar panels worth it?
There are several factors and locations that make the most out of solar panels. But if the conditions aren’t favorable, you may miss out on the results.
So, be wise and know the conditions where solar panels are worth it.
- Does your geographic location meet the need for solar energy generation?
- The overall average of your home energy consumption.
- Does the shape, size, and steepness of your roof meet the desired parameters?
- Are the incentives for solar installation available in your State?
For example, if you live in a region, where abundant solar energy is available, solar panels are worth spending money on. Or if the government subsidies are ample, you can go for solar power without a doubt.
Now if you go for this green energy, you may have a doubt in your mind, if solar panels weaken over time. Let’s clear this confusion too!
Do solar panels weaken over time?
The productive life of any solar power system depends on various factors. Like, as regular maintenance, climate all around the year, racking system, etc.
The decrease in the overall output of the solar system is degradation. As per a study by NREL (National Renewable Energy Laboratory), every solar panel has an average degradation rate of approximately 0.5% in a year. And in some rooftop systems or hotter climatic conditions, it may be even higher.
This directly means the output of a solar panel will reduce at the rate of 0.5% per year. And as per calculations, around 90% of the electricity will generate in the 20th year than generated today in the 1st year.
But remember, there are no end dates intrinsically for the productive life of a solar panel. Although, general solar panels have an average lifespan of 25 years which is normally warranted.
Now, the point is how one can maintain solar panels for such a long period. If one is not able to make this possible, then are solar panels worth it?
Have a look at the little discussion on the maintenance of solar panels!
Are solar panels hard to maintain?
No, solar panels aren’t hard to maintain!
Generally, solar panels require little to no maintenance and cleaning. But yes, they need periodic cleaning, and keeping the obstacles away from the panel top. One needs to maintain an unobstructed route to reach the sunlight effectively to the solar panels.
Solar grids can withstand harsh weather conditions like hails, wind, snow, etc. Normally, you can get effective output with solar systems for over 25 years, but if you face a little quality degradation in the output, you must take care of the cleaning.
Also, solar grids remain easy to maintain as they are made at an angle which makes it good for snow or dirt to slide off by itself. You can spray them with any garden sprayer to clean off but yes, don’t use the heavy washer or pressure sprays. Or you can clean them with a microfibre cloth too.
And the best part is, this cleaning is needed 2-4 times a year. You can also consult your solar panel installation company to do regular maintenance and cleaning or just follow their manual.
Consequently, if one can save a lot from their pocket via solar panels, in return this little upkeep is not a tough task to do.
Lastly, everyone compares anything’s worth with the benefits they get. That’s why, a quick look at the advantages of solar energy is mandatory.
Some other factors influencing solar panels’ worth
A Long-term and secure investment
In the case of traditional electricity, it might be confusing to calculate the electricity consumption expenses as the unit rates continue to fluctuate. But this is not the case with solar energy.
You can calculate the cost of electricity generation for the coming decade due to no fluctuations in rates. Thus, it is a long-term and secure investment.
Advantages of government subsidies
If you make the decision to go green, you are not alone then. The government will offer some tax credits and subsidies.
The major reason behind this support is to motivate people to go green and contribute to the environment. So, if you take one step forward towards solar energy, the government will back you up to a great level.
Use of underutilized space
One of the great benefits of using solar energy is using unused space on the roofs of homes or offices, especially in urban areas. Also, big companies can utilize the land to install solar panels outside the cities. This way you can generate good value from the lands which are underutilized.
Solar farms are one of the good examples of this. Under this, solar energy is produced at a large scale with large solar panels. This collected is supplied to homes to fulfill the power demand.
No wastage of electricity during transportation
Do you know around 2-4% is wasted during transportation from the production units? But why it is so?
Due to the long distances between supply and generation points. More will be the energy loss if more will be the distance. This percentage may seem low to you, but not for the areas that face more power cuts.
So, you may cut down on this problem when panels are installed on your rooftop. And you always have a backup within your reach. This is one of the greatest reasons why are solar panels worth it.
No stress of power interruption
Interruption in the power supply is one of the major drawbacks of getting electricity from traditional sources. A large number of end consumers may get affected if any issue comes in the generation networks. And this has become a very common problem these days because of the heavy usage of electrical appliances.
But with a pre-installed solar system on your rooftop, you can overcome this problem. Hence, no more blackouts for homes equipped with solar panels.
Increases home value
The majority of people have a query ‘Do solar panels increases home value’?
Yes, solar panels can increase your home value or give a little more profit to the homeowner while making any housing deal. The amount of value depends totally on the size of the system installed.
With such awesome advantages, there is not even a single doubt ‘Are solar panels really worth it’?
The Rub
Deciding ‘Are solar panels worth it in 2023’ is a daunting task, but remember this kind of system installation is a long-term investment. Also, it is a nice choice from a monetary perspective for many geographical regions.
But keep in mind, solar panels are not advantageous for everyone. Many factors like weather conditions, electricity per unit rates, government subsidies, or incentives, affect this decision to a great level.
If the conditions are favorable, solar panels are worth it in terms of energy savings and rising home value. But don’t expect overnight electricity bill savings, it takes some time to give you back the upfront cost you spent.
Remember to take full advantage of government schemes and choose the right finance option before installing the panels. Also comparing the different solar panel providers is the key to getting them at the correct amount. This way you can get a higher return on your investment.
So, what are you waiting for when you got your answer on Are solar panels worth it?
Go green, go clean, and make the environment happier!
