In the last two decades, there’s been a surge in the number of people using energy to power homes and businesses. Many have adopted solar in a bid to save money on rising bills, while others are more concerned with the eco-friendly credentials of the technology. Is it worth going solar? You only need to look to the United States to find the common consensus there.
As of 2023, more than 3.2 million American homes had been equipped with solar panels. By the end of the year, industry insiders forecast that the US will add a further 32 gigawatts of capacity to its network, with goals of achieving a total operating capacity of 375 GW by 2020 well within reach. For a typical homeowner, solar systems have proven to be a reliable solution that brings many benefits. However, this technology isn’t without its drawbacks. This begs the question of whether it’s worth going solar.
Are you thinking of making the switch to a more sustainable energy source? You’ve come to the right place. At EcoCation, we’re committed to ensuring a greener future, introducing businesses with more sustainable business models and bringing our readers essential information on how they can make more low-impact choices. Whether you’re keen to make major savings on your electric bill or enhance an eco-friendlier way to power your home, EcoCation is on hand to provide you with all the solar power insights.
Below, we’ll take a closer look at why solar energy is a worthwhile investment, along with the pros and cons.
When Are Solar Panels Worth It?
Wondering whether solar energy is a good fit for your property? Below are just a few of the reasons that make solar panels worthwhile for you.
1. You Want To Offset Your Carbon Footprint
If you’ve committed to doing your bit to help the planet, solar panels are an easy way to reduce your carbon footprint. According to research published in Nature Energy, the lifetime carbon footprint of a single solar panel is just 6 grams of CO2. While other renewable sources like wind have an even lower carbon footprint, solar holds up well against traditional energy sources like fuel and coal.
2. You Own Property
The installation of solar panels involves several steps, and this may require you to acquire relevant permissions from the concerned authorities. As a renter or business owner who does not own their property, it becomes twice as difficult. For this reason, installing solar panels is better when you own the property.
3. You Are Already Paying High Rates for Electricity
How much do you pay for your electricity bill? In the US, the average total electric bill stood at $142.73 in 2023. If you already pay high rates and your supplier looks set to raise prices further, switching to a solar panel system can save you a good chunk of money in the long run. With a large enough system and a reliable backup solution, you may even be able to cut yourself loose from the main grid electricity entirely.
4. You Can Have the Panels Professionally Installed
Is it worth going solar? If you can have them professionally installed, the answer is a resounding yes. In the internet age with instant access to endless how-to guides and tutorial videos, many people feel empowered to handle all manner of DIY projects. However, solar panel installation isn’t something you should ever attempt yourself. A professional installation brings peace of mind and ensures optimal performance.
5. You Can Afford It
The cost-saving benefits of solar panels can be enormous. However, the technology itself and installation can be pretty expensive. These one-time costs continue to discourage many homeowners from tapping into the benefits of solar power. However, if you can afford it and it’s a good fit for your energy demands, solar technology will quickly prove to be a good investment.
Is a Solar Panel System Worth It?
Going solar is a smart financial move for most homeowners. However, to determine how financially viable the switch is for you, you need to do some simple calculations. One of the first things you’ll need to establish is how many solar panels you’ll need.
First, find out the monthly energy consumption of your household. You’ll be able to find this on a copy of your electric bill.
Next, you’ll need to convert your monthly usage into daily usage. As an example, let’s say a household is using 1600 kWh each month. Divide that by the average number of days in any given month and you’ll have your answer. For this example, the daily average would be 52.6 kWh.
Now you need to look at peak sunlight hours. This varies considerably between locations, but we’ll use 6 peak hours for our example.
Now you’re ready to find out how much energy you’ll need to produce on any given day. Simply devide daily energy consumption by the peak sunlight hours figure and you’ll have your answer.
So that’s 52. 6 kWh divided by 6 hours, equalling 8.76 kW.
How Many Panels Will I Need?
To find out how many panels you’ll need, use the efficiency rating of your chosen technology. Let’s say a panel has an efficiency rating of 350 watts, or 0.35kW. Divide daily energy production requirements by solar panel output and you’ll have your answer. Here, that’s 8.76 kW / 0.35 kW, coming to 25.02 panels.
Our example homeowner would therefore need to invest in around 25 panels to generate enough electricity to meet their existing demand. A 25-panel system can be expensive, but even a partial system will deliver significant savings on monthly energy expenditure. If you want to be completely independent of the grid, consider how you can reduce everyday electricity consumption to bring down the number of panels you’ll need.
Pros of Going Solar
From major savings on your monthly electric bill to instant boosts to property value, there are many reasons to consider switching to solar power. Is going solar worth it? Below are just a few of the reasons to consider solar installation.
1. Reduced Electricity Bill
The majority of people switching to solar panel systems do so to save money. In recent years, the cost of electricity has been steadily increasing. In 2022, electricity prices in the US were 10.7% higher than the previous year. Unfortunately, costs aren’t showing any signs of slowing down. In response to rising energy prices, more people have shifted to solar panel systems to make a saving. A large enough solar energy system can power an entire home, including all the electronics and appliances you depend on. This can lead to a huge reduction in your energy expenditure.
2. Renewable Sources of Energy
Many different energy sources are available, but fossil fuels remain the most widely utilized ones. However, reserves of coal and oil have been declining, making these fuels more expensive. On the other hand, renewable sources of energy like solar power provide an endless supply of clean electricity. The sun has been shining brightly in our skies for billions of years, with a surface temperature of around 10000 degrees Fahrenheit. What’s more, as the sun grows older and gradually expands, that surface temperature is only going to get hotter. By capitalizing on this renewable source of energy, you can enjoy access to readily available electricity, without having to worry about the environmental impact of conventional fossil fuels.
3. Savings in the Long Term
Solar panel installation costs can be significant. In the US, homeowners can expect to pay around $25000 for an average residential system. While installation costs are considerably cheaper than they were just 15 years ago, these one-time expenses can seem daunting. However, it’s worth taking them on the chin if you want to unlock a lifetime of energy savings. Those savings start to become noticeable once you’ve recouped your investment. In most cases, solar panel users can break even within 6 to 10 years, depending on the quality and performance of their panels. Once your system has paid for itself, you’re essentially generating electricity for free.
4. Increase Your Home’s Value
Many things can have an impact on the resale value of your home. If you’re looking to maximize your future profit margins, investing in structural elements, interior design updates, and landscaping can all give your property instant curb appeal. A property with a solar panel system in place can also stand out in a crowded real estate market. The boosts to property value can be significant. In a survey carried out by real-estate marketplace Zillow, properties with solar panels had appraisal values that were around 4.1% higher than those without. New homeowners who have used every last cent from their savings are always looking for ways to restore their finances after a deal. A solar-equipped home that delivers instant energy discounts is always going to look appealing.
5. Durability
Solar panels are some of the most durable systems on the market. Solar panel manufacturers need to adhere to strict industry standards, with a typical lifespan for a modern-day panel being 25 to 30 years. A reputable manufacturer will offer 25-year warranties as standard, although this can vary depending on which system you have purchased. Robust and reliable, a solar system will continue to serve you well for years to come.
6. Minimal Maintenance Costs
As well as their durability and long-term saving potential, solar panels require little maintenance. As most panels are placed on rooftops, you’ll want to get them cleaned at least twice a year. However, arid environments like desert regions and dusty farmlands can be more punishing. Therefore, you’ll need to think about cleaning them more regularly to keep them performing at optimal levels.
Cons of Going Solar
Is it worth going solar? While this renewable energy source provides you with a host of perks, there are some drawbacks. Below, we’ll spotlight some of the biggest bugbears that can complicate things when using solar panels.
1. Dependent on Sunlight
Solar panel systems require sunlight to work. In short, when they don’t receive enough sunlight, they’ll fail to generate a sufficient supply of electricity. The United States is home to some of the sunniest places on the planet, with locations like Yuma in Arizona basking in more than 4000 hours of sunshine. Elsewhere, conditions aren’t so favourable, with places like Island County in Washington State enjoying far fewer sunny days each year than the US average. To compensate for this, those based in locations with less-than-ideal sun exposure levels will need to invest in solar batteries so they always have access to a store of surplus energy.
2. Requires a High Upfront Cost
Having a solar panel system installed doesn’t come cheap. Depending on the type of system you choose, you can pay anywhere from $16000 to $36000 to complete an installation. Is it worth going solar if you’re spending a small fortune on these upfront costs? While those installation figures can seem overwhelming, remember that most people recoup their investment within 10 years.
3. Poses Relocation Difficulties
Not sure that you’ve found your forever home yet? If you do end up relocating to the home of your dreams, there’s the awkward issue of your solar panel system. Many homeowners choose to leave their solar systems in place as a marketable asset for increasing property value. Once you’ve sealed a deal and moved to a new home, you can use some of your sales profit to invest in an even better solar panel system though.
| Pros | Cons |
|---|---|
| 1. Reduced Electricity Bill | 1. Dependent on Sunlight |
| 2. Renewable Sources of Energy | 2. Requires a High Upfront Cost |
| 3. Savings in the Long Term | 3. Poses Relocation Difficulties |
| 4. Increase Your Home’s Value | |
| 5. Durability | |
| 6. Minimal Maintenance Costs |
So, Are Solar Panels Worth the Investment?
If you’re ready to embrace a more sustainable lifestyle, investing in solar panel installation is an easy way of doing your part to protect the planet. Offering a clean source of energy that’s both durable and easy to maintain, it’s without doubt the best technology available for everyday homeowners. Solar panels can also add value to your property while bringing down the average cost of your monthly electricity bill.
FAQs
How Much are Solar Panels?
The cost of solar panels can vary considerably. How much you’ll pay ultimately depends on the size of your system and the technology you choose. The most basic systems can cost as little as $4000, but a high-end solar panel array can cost upwards of $36000. To avoid any unwanted surprises, make sure you’re engaging a solar panel expert early on in the process so you have a handle on costs.
How Much Do Solar Panels Save You Per Year?
Solar panels have a lifespan of around 25 to 30 years. After recouping your investment in six or ten years, you will still have 16 to 23 years to enjoy your savings. During this time, you can save up to $1500 every year.
Is It Worth Investing in a Battery for My System?
If you live in a sunny part of the world, battery storage isn’t a necessity. However, battery storage will provide you with peace of mind if you’re based in a location that experiences a below-average number of sunny days. If the electricity demands of your household are particularly high, batteries will also ensure you’ll always have access to the energy you need.
How Long Will My System Last For?
Most solar panels come with a 25-year warranty. However, modern-day panels tend to come with even longer ones. In most cases, a solar panel system will continue to perform well for the duration of this warranty period. Even once the technology reaches the end of this quoted lifespan, a well-maintained system should continue to provide electricity for your home.
Do I Need To Make Any Changes To My Property Beforehand?
Many people wonder whether they’ll need to make any changes to their roofs before solar panels are installed. If the structural integrity of your roof isn’t sound, you’ll need to arrange for repairs or a replacement before panels can be added.
Do Solar Panels Require Direct Sunlight?
While solar panels depend on light from the sun, they don’t need to be exposed to direct sunlight to generate electricity. Even on very cloudy days, a solar panel will continue to produce energy, it just won’t be as efficient.
