With the world hugely relying on replenishing fossil fuels, it is imperative we opt for more renewable options for fulfilling our energy requirements. While the uptake process of solar energy is speeding up across the globe, it isn’t as widespread and rapid as it should be.
To forward the advancements in solar power and encourage its widespread adoption, it is important to educate ourselves on the subject.
To help with that, we brought in a panel of experts on renewable energy. Let’s learn what they say about whether it is worth investing in solar panels for home electricity.
Chris Davy is the Owner of Envirocraft. According to Chris…
Currently, solar panels are expensive. If you are buying new, they cost about $5 per watt of electricity produced. That means that if you need 6KW to run your home, it will cost around 30 thousand dollars. However, these prices are dropping rapidly and there are government grants available for installing them on existing homes.
Even with all the rest of the factors taken into account though, many people still believe that this is too much money to spend upfront in order to save money down the line. They would rather pay a monthly energy bill than make a one-time investment which reduces their monthly energy bills permanently.
This is especially true since electrical costs have not increased as fast as other utilities like natural gas and water over the past few years. Also, many people do not live in areas with high electricity prices. This means that their solar panels will only produce the home’s average electrical usage at most, and they would be better off investing in insulation or an energy-efficient vehicle.
Jay Whitacre is the Chief Scientist and Founder Aquion Energy. As the innovator of low-cost and sustainable Aqueous Hybrid Ion (AHI) batteries, Jay shares his views on the subject…
Solar energy is the top player in the electricity game. With the sun giving us free power, homeowners can save a lot of money on their monthly electricity bills alone.
However, the efficiency and effectiveness of investing in solar panels will depend on two important factors:
- Their household’s solar energy production potential
- The amount of energy they consume per day
By knowing these beforehand, homeowners can buy the solar modules they need that have the right power output. And if they do this right, they can power themselves 100% purely out of solar energy, where they can sell the excess through net metering.
Michail Korovin is a Chef, also known in the online world as “The Caviar Guy” PearlsofCaviar.com. According to Michail…
Putting solar panels on your roof quickly pays for itself and saves you money in the long term. Solar panels for home power are a fairly good investment.
The estimate right now is that a typical new solar panel system will produce about twice the lifetime savings – in the form of saved electricity – as its purchase price. Payback time varies depending on climate and other factors, but figure you’ll get back your investment around 8 to 10 years from now.
One of the most important things to consider when buying solar panels is the amount of sun you’ll be getting.
Obviously, if you live somewhere like Alaska or Russia, it’s not worth it..
That said, on average people get about five hours of sunlight per day even during winter, which is plenty enough to make a difference with solar panels!
The price for these home-solar electric systems has gone down dramatically in recent years (by as much as 40%), and the technology only improves every year.
Zac Houghton is the CEO at Loftera. According to Zac…
Investing in solar panels makes a lot of sense. However, setting yourself a budget should be the first step in any DIY project or home improvement project. Having said that, if you have the spare cash/savings to cover the initial solar panel cost and stick to your budget, it will be more about the time it takes to complete the project, as you will ultimately save money in the long run.
As the technology has improved and renewable energy sources continue to be pursued, solar panel prices have dropped by as much as 60% in the past ten years alone. Installing solar panels and using more green, renewable energy would save you hundreds of dollars a year.
Omer Reiner is a Licensed Realtor & president of FL Cash Home Buyers, LLC. According to Omer…
Solar panels are worth investing in. Solar panels can save the average consumer almost $1,500 each year and they cost only ten times that much to install. In addition, solar panels will last around 30 years with practically no maintenance. So not only are solar panels a good investment to make eco-friendly properties, but they pay for themselves three times over.
Joe Brown is the Chief Executive Officer of OMCH. According to Joe…
A solar power system for a house can be quite expensive, which is why people tend to shy away from this investment. But you need to look at solar energy from a holistic perspective. Solar panels for home electricity are really worth investing in, in the long run.
Installing solar panels for your home can considerably lower your energy bill. This saves you a lot of money each month to put into your other investments. Another benefit of solar panels is that you can sell off any excess electricity you’ve generated to your local grid station. Doing so helps recover your investment much faster. A solar energy system comes with a 15 to 20-year warranty, so you can rest assured that your investment won’t sink. According to the state that you live in, you can even get tax credits. Solar energy systems are worth investing in if you’re patient enough to recover your investment much further down the journey.
Alan Duncan is the Chief Executive Officer of Solar Panels Network. According to Alan…
Solar panels have numerous benefits; they lead to lower electricity bills, lower carbon footprint and potentially higher home values. Granted, they are heavy on your pocket in terms of installation and maintenance, but their advantages do make them worth every penny. So the question is that why do people still refrain from investing in solar panels? The answer is simple: they don’t conduct proper research.
Solar panels are a long-term investment, and if you treat them as such, you’ll truly understand their benefits. With a solar panel, you’ll pay a huge some up-front for installation, but with the amount of money you’ll save on electricity bills each month, you’ll probably recoup your investment 10 to 15 years down the line.
Furthermore, you can sell back excess power to the grid and make a good chunk of money in the process. So don’t think about the installation costs; think about the benefits you’ll receive in the long run. For these reasons, I believe solar panels are definitely worth investing in.