Solar Panels: What Do They Cost & Are They Worth It?

by Nancy

Solar panels can be installed at the rooftop of your home or building and are designed to absorb the Sun’s radiation as a source of energy and convert it into electricity. Most people know what solar panels are and what they are used for, however few know their benefits aside from efficient cost-saving. As easy as installing solar panels sounds, many other factors should be taken into consideration before making this choice.

Solar Energy is the new trend when it comes to renewable and reliable energy sources. While you may already know that solar power can save you hundreds of dollars, it may be best for you to consider other pertinent factors before purchasing and installing solar panels. If you plan on investing in solar energy for economic, environmental, or personal reasons, but are unsure, here is a guide to help you make a firm decision.

What Do The Solar Panels Cost?

Solar Panel Installment costs highly depend on the company and the equipment you choose. While cheap solar panels might seem the easiest way out, they may not be as easy on your pocket later on. Take your time to find the right combination of reasonable price and quality. For prolonged use, it is best to choose a reliable company that uses high-quality equipment that lasts for a long time.

Before installing solar panels, several other factors should also be reviewed. The cost for solar panels for an average-sized installation can cost between $11,000 to $14,000 after your energy rebates.  This means that your average cost per watt will run between $250 and $3.50.

Your electricity cost per watt may differ depending on the area or city you live in. In most cases, solar panels may cost a lot initially, but prove to be a smart investment in the long term. They allow you to use low to high power-consuming gadgets without having to worry about electricity usage and the bill.

Drastic Reduction in Electricity Bills

The foremost benefit that comes into mind when talking about solar panels is money-saving. Whether you pay electricity bills for your home, business, or other places of interest, it probably takes up a major chunk of your monthly income. Installing solar panels enables you to produce your very own electricity and run all your utility appliances. This eliminates the stress of paying hefty amounts to your local electricity supplier and allows you to save more. Even if you do not produce 100 percent of the energy you consume, you can cover more than half of the electricity you use. This drastically reduces the amount you pay for electricity. In some instances power companies have been known to purchase your surplus electricity and in those cases, you get a refund or credit on your bill. If you want to find out how much electricity a solar panel could actually produce in your area, there is a free solar estimate calculator you can use.

Managing Fluctuations

As the demand for the primary current source of electricity, fossil fuels, increases, its price often fluctuates. It can, at times, rise much higher than the average. Owners of houses or businesses powered by solar energy experience little to no effect on these sudden fluctuations since the cost of the Sun’s energy remains approximately the same (which is, fortunately, zero). Consider that in many parts of the country heating or cooling bills soar in the height of the summer or winter months. With solar power your bill stays relatively unchanged from one month to the next.

In recent years, electricity costs have risen by several percents as compared to their previous rate. This is troublesome for the majority of the population, who plan and budget all expenses beforehand. However, if you install solar panels and power your own utilities, this will cause little to no problem. Whether the rate is eight cents or 80 cents for each kilowatt of energy used, your electricity expenses are likely to remain the same throughout the years with minimal changes. So no surprises.

Raise Property Value

According to recent studies, houses equipped with solar panels have higher financial value and comparatively resell faster than houses with no solar equipment. Buyers prefer houses with already installed solar panel connections. This gives them a financial advantage in the long term, allowing greater savings and increasing the probability of faster resale. Large and quick investment returns are a topic of great interest for many.

Solar panels are unlike other risky investments such as stocks and bonds, earning you good investment returns within seven to eight years on average. Solar energy is a great way to reduce carbon footprint and decrease the release of greenhouse gases. Residential buildings make up a significant part of sources of carbon emission. Just one house running on solar power can reduce three to four tons of carbon emission each year.

Helping Local Economy

The Solar Energy industry creates jobs must faster than many other industries, adding to the overall growth and development of the country. The jobs associated with the solar sector tend to pay higher and are least likely to be outsourced, providing great opportunities to local workers. This benefits the community and contributes to the economy of the country.

Infinite Energy

As hot and warm as the sun can be, it is also free. Solar panels use up the energy of the Sun, which is absolutely free and infinite. This greatly decreases expenses, minimizes pollution, limits the emission of greenhouse gases, reduces demand for fossil fuels, and shrinks your carbon footprint. Therefore by using solar panels, you are not only making life easier for yourself but also for others.

Reputable and well-recognized organizations have switched to sustainable ways to provide services to the community. This includes the usage of solar power instead of the traditional use of fossil fuels for electricity.  While this has a good impact on the environment, it also leads to less expenditure and more savings overall.

Questions to Ask Yourself

Before you make the investment into solar panels for your home or office, ask yourself the following questions. Are you willing to put up with the adjustment phase? This is where your electricity is transitioning from traditional electricity sources to solar. Another question to consider is if you can wait four or five years to recoup the money you have invested. If the answer is no, then solar may not be for you. Like most major purchases it can take some time to break even. Households experiencing extreme fluctuations in power costs may find solar helps even out the charges across all months, avoiding spikes in cost. If this sounds like you, then solar power may be the answer.