Solar energy is the most abundant power source on Earth. This type of energy is radiant light and heat from the Sun, which is harnessed using a range of ever-evolving technologies including solar heating, solar thermal energy, solar architecture, photovoltaics, artificial photosynthesis, and molten salt power plants.
It’s an essential source of renewable energy and there is a large magnitude of solar power available, making it a highly sought-after source of electricity.
Hopefully this information will help you on your quest to understanding solar power, its financial advantages, and its overall production value.
Solar Panel Cost vs. Production Value
Solar energy is clean and can power homes, vehicles, and appliances. Plus, any extra electricity can safely be routed back into the power grid. But its fiscal advantages cannot be overstated.
Solar panel costs have fallen 99% since the late 1970s. 99%! In 1977, it cost $77 per watt for a simple solar cell. Solar Energy Industries Association and GTM Research’s Solar Market Insight Report (Q3 2017) stated that the cost of a solar cell now is $0.21 per watt.
Silicon (Si) is the most common material used in solar panel cells and if you’re careful about your purchase, you can take advantage of plenty of cost savings. Monocrystalline Si cells are extremely efficient, durable, and aesthetically pleasing — but can be little pricey. Conversely, Polycrystalline and thin film Si cells are much more cost-effective (they certainly have visual and efficiency benefits, as well).
Here are some of the main financial benefits of going solar:
- Increase your property value — Using solar panels on your home not only translates into lower electricity costs, but they will also significantly increase your property’s attractiveness on the market. According to a study conducted by the National Renewable Energy Laboratory (NREL), homes with solar panels sell 20% faster and for 17% more money.
- Solar incentives available — As of the late 2000s, the $2,000 cap on the Federal Solar Tax Credit is officially lifted. Now, homeowners will get 30% of the total system expenses back (equipment and installation). Installing a solar system worth $25,000, for instance, would mean you’re saving $7,500. Combined with Solar Renewable Energy Credits (SRECs), state and local rebates, and general energy savings, taking advantage of these incentives can offer great financial rewards!
- Longlasting performance — Solar panel manufactures include 20- to 25-year warranties after panel installation. The solar industry standard actually guarantees 80% power performance after 25 years but the real lifespan of these panels is much longer — likely to remain effective for 30 or 40 years.
Whether you’re hoping to save a few bucks down the road on your residential property or want to improve the energy efficiency at your commercial business — solar energy is the way to go! If you want to learn more about solar panel cost, production value, or installation, contact a credible solar panel installer right away!