The actual cost of solar Panels: Do They Really Worth the investment?

Are you thinking of going solar, but don't know if you're making the right choice? With so many aspects and variables to consider in determining the price of solar panels could be a challenging task. But do not worry! In this blog we'll discuss the costs and benefits of solar energy. This will assist you in making an informed decision as to whether or not solar energy is right for your home or business. Let's begin to discover: what is the actual cost for solar panel panels?

What are Solar Panels?

Solar panels are devices that turn sunlight into electric power. They're comprised in photovoltaic (PV) cells, which form the basis that make up solar panels. PV cells are constructed of substances that permit them to absorb sunlight and convert it into electricity. Once PV cells have been joined to each other in a solar panel, they form an electrical circuit. This circuit permits the solar panel's panels to produce electricity. Solar system packages

Benefits of installing solar Panels

There are a myriad of benefits to installing solar panels, including the following:

1. Reduce your energy bills - Solar panels can save you money on your energy bills, by diminishing your dependence on grid.

2. Increase the value of your home with solar panels - Solar panels can improve the value of your house by up to 4%, making it an investment worth the cost.

3. Help protect the environment. Solar panels create clean, sustainable energy that does not create harmful emissions.

4. Find tax incentives and incentives There are many states that offer tax credits and other incentives for installing solar panels, making it more affordable.

Cons of installing Solar Panels

There are several disadvantages of installing solar panels to look at before making the switch from traditional energy sources. They include:

1. The initial cost for solar panels can be costly to set up, with an average installation cost of around $15,000. But, there are numerous rebates and incentives that can help offset the cost.

2. Maintenance: Solar panels need very little maintenance, but they will need regularly cleaned to ensure they are performing at optimum efficiency.

3. Conditions of the weather solar panels perform best in sunny environments, and areas that are prone to a lot of snow or clouds may not see as much benefit from solar panels.

4. Shaded: Trees or other objects that create shade on solar panels can cut the power output by up 50%. This means you might be required to trim back trees near your home to ensure that your panels are getting optimal exposure to sunlight.

Cost of putting up Solar Panels

The cost of solar panels across the United States is around $3 per watt. The typical size of the system is 5 kilowatts (kW). This means that the average price of a 5kW solar system is $15,000 including tax credits.

However, the price of solar is dropping rapidly in recent years and is expected to to do so. In some cases solar panels are now able to be installed as low to $2 per watt, or even less.

The cost of installation differs based on the type of system you pick (rooftop and ground mounted) as well as your location and other factors. In the average, solar panels on your roof is about $1.50 per unit of power, or $7500 for a 5-kW system. Ground-mounted systems tend to be somewhat less expensive, at about $1 per watt, or $5,000 for a 5kW system.

These are however estimates and the actual cost will depend on numerous factors. The best way to get an accurate estimate of how much it will cost to put in solar panels at home is to ask for estimates from several installers.

Return on investment for solar panels

The cost of solar panels has fallen substantially over the last couple of years this makes solar panels a more appealing investment for homeowners. But what exactly is the cost of a return on investment (ROI) of solar panel systems?

Simply put, the ROI for solar panels is what that you'll earn on your electricity bill each month, minus the cost of installing maintenance and upkeep of the device. The size of your solar system, the amount of sunlight you'll get, and the cost of electricity in your region can all impact the ROI.

In the majority of instances, you'll be able to receive a profit from your investment in 5-10 years. And because solar panels have longevity of between 20 and 25 years that means you'll continue to reap savings over the course of many years after that. In some instances homeowners have seen RPA as high as 20%.

Of course, there are many other aspects to be considered when deciding whether or not you should opt for solar. Solar panels boost the value of your house, and help reduce the carbon footprint of your home. If however, saving money is your main objective, then solar panels are definitely worth the investment.

Alternatives to Investing in Solar Panels

There are a variety of ways to invest in solar panels, including:

1. Investing in energy efficiency: This is among the most effective ways to lower your energy costs and ensure that your home is more sustainable. Simple changes such as switching to LED lighting and insulating your home, you can significantly reduce your energy use.

2. Producing your own energy: If you live in an area with good sun exposure, then you may be able to generate your own electricity with solar panel systems. This is a cost-effective option initially, but it can reduce your energy bills in the long term.

3. Purchase renewable energy credits: Credits for renewable energy (RECs) are a method to invest in renewable energy sources without installing solar panels by yourself. They can be purchased from companies or other organizations that provide them.

4. Power purchase agreements Power purchase agreements (PPA) is a contract which allows you to purchase electricity from a solar power plant for a specific period of time. It's a great option if your don't have the money upfront to buy solar panels by yourself.

5. Community solar gardens Community solar gardens are initiatives where groups of people join forces to raise funds and install a solar array. It's a great choice to consider if you're interested by solar energy but can't put up panels at home or work.

Conclusion

Solar panels are a great option to cut down on your electric bills and help the environment. Although there is an upfront cost, but with tax credits, incentives, plus other loan options available, it can be worthwhile over the long term. Furthermore, solar power is becoming increasingly affordable because of the advances in technology. Weighing out what are the positives and negatives when making a decision on whether or not to put up solar panels on your home could help you make an informed choice that is best for you along with your spending budget.