Although installing solar panels have many advantages, as they assist in saving electricity, decrease pollution and boost the value of a place, they sometimes aren’t worth the investment you put in. Let’s look into some points that will help you decide when installing solar panels is worth it and when installing them is not.
IMAGE CREDIT: https://unsplash.com/photos/Jw7VU4vxjnY
What is a Solar Panel?
A frame on which many photovoltaic solar cells are attached is known as a solar panel. This device converts sunlight into electricity. By this, solar panels can power almost all electricity-related items.
What Homes are Best Suited?
Only some places or homes are solar panel friendly, and this is because only some of the homes have a perfectly aligned roof. In North America, installing solar panels is a wise decision, especially if a house has a roof in the direction of the south rather than towards the west or east. Moreover, homes around open skies are worth the solar panels compared to houses with trees and buildings surrounding them.
Positives and Negatives of Solar Panels
Let’s see some pros and cons pertaining to solar panels.
Pros
- Encourage Green energy that reduces pollution
- you might qualify for tax breaks
- You can sell extra energy if produced through net metering.
Cons
- The cost of maintenance is high
- Will work efficiently only when the sun is shining
- Some parts, like batteries, need replacement after some years
- Tax breaks may expire soon
Are Solar Panels Sufficient to Run a House Alone?
There needs to be more than solar panels to run a place. The reason is solar panels perform best when the sunlight is there. The batteries help when it is nighttime or cloudy weather but can be expensive. Therefore, houses that have solar panels need an electricity backup.
What to Consider Before Installation
If some aspects are being fulfilled, solar panels are worth installing. Let’s see when they are Solar panel worthy.
Location
Houses close to the equator get the maximum benefit from Solar Panels, and they might not need backup electricity due to the sun’s intensity. Moreover, if you live in an area where electricity is quite expensive, like the states, investment in Solar Panels is worth it.
Design of the Roof
Your roof’s design and angle are essential for solar panels. You need a lot of space to install solar panels on your rooftop. Therefore, if you have less space, you will need few but good quality solar panels that can be expensive. If your house’s pitch is steep, you might need separate equipment to adjust solar panels, and doing so will increase the labor cost.
Electricity Consumption
In America, more than $122 per month is spent on electricity bills. If you live in the states like California, New York, or Hawaii, where electricity is expensive, there will be a need for Solar panels. If your home already consumes less electricity, you won’t feel the difference in cost savings if you install solar panels.
However, if it is a shopping center or a place that needs a lot of electricity, you will see the long-term cost-saving advantages of installing solar panels. Even solar companies will only recommend installing solar panels if your electricity consumption is less.
Return on Investment
How much you benefit depends on your location and your solar panel system. On average, recouping your initial investment in solar panels can take at least ten years.
The Total Cost
There are occasional service charges and battery replacement costs which can be expensive depending on who you hire to install Solar panels. The price of getting solar panels is around $20,000. However, the price may vary depending on the size and number of required solar panels, the rate of solar panels in your local area, and your chosen solar contractor.
Incentives
The final cost of the solar panels also depends on your financing options. Owners who pay for solar panel systems will notice a high return on investment rate due to no interest payment as they have incentives for solar panels. A solar loan will also make you eligible for Solar incentives. However, do know that the interest amount will accumulate over time.
Conclusion
Deciding whether it is worth installing solar panels is not easy. However, keeping your current location, the shape of the roof, and your total electricity consumption in mind, you can decide whether it’s wise to invest in solar panels or not. Do remember that the benefit of solar panels is long-term. You will get financial benefits that’s for sure.
