Solar Panels Promote Green Living but are They Worth the Cost? Read to Find Out

Homeowners who install solar energy systems can receive several benefits from solar installations. These benefits include low electricity bills, reduced carbon footprint, and an increased value of your home.

Shivani
Updated on: 2022-10-26T18:31:24+05:30
Solar Panels Promote Green Living but are They Worth the Cost? Read to Find Out
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Homeowners who install solar energy systems can receive several benefits from solar installations. These benefits include low electricity bills, reduced carbon footprint, and an increased value of your home.

However, these benefits typically come with a slightly higher installation cost. Therefore, for many, the question that comes to mind is,are solar panels worth the price, and what will be the magnitude of these gains?

Read on to understand.

Understanding Solar Power

Principle-wise, it makes financial sense to install solar power panels for homes. Here are some factors to consider while doing so:

-The cost of a solar power system and the amount of energy it will produce.

-The number of years for the upfront investment to pay for itself in terms of saved energy costs.

-It is important to keep in mind that there will be a large variation in these factors, which can make the costs and benefits of installing solar panels for two homes radically different.

The Cost of Solar Power for Homeowners

Let us look at the cost of installing a solar power system for home. While the initial cost of installing solar panels is on the higher end, there is a lot of variation in the costs depending on the size and type of solar panel system you are choosing to install.

Irrespective of the type of solar panels, it is important to keep in mind that solar panels are capital intensive and the main cost of owning a solar power system comes upfront when buying the equipment.

The solar module represents the largest singular component of the overall cost of installation.

There are some added costs as well. Some other equipment necessary for solar installation include a solar inverter (to convert DC electricity to AC to run appliances at home), metering equipment, wiring gear, and cables. Several other homeowners consider solar energy battery storage as well.

Additionally, it is also important to factor in the installation labor costs. However, the best part is that there is little to no cost once the solar panels are successfully installed. This is because maintaining a solar PV array is easy and only requires periodic cleaning, which the homeowners can perform annually or bi-annually.

What decides the worth of a solar panel installation is majorly your geographical location. The sun's irradiation levels available in your home's geographical location greatly determine the efficiency and output of the solar panels and whether they can live up to the cost of investment. Of course, being geographically closer to the equator is better, but other factors must also be considered, such as your utility, the size, and inclination of your rooftop, etc.

On a Parting Note

If you live in amostly sunny country and are paying high utility bills.Then, solar panel installation is a great decision as it will deliver the results you are looking for and live up to its cost in five years.

On the contrary, other homeowners must wait for 10 to 20 years if conditions for solar installations aren't met at first. In different words, most homeowners will witness profits and great output from solar panels. Whether it is worth installing a solar energy system or not usually comes down to the less technical factors like your utility needs, the subsidies, government incentives in your area, and simply if you wish to do your bit for your environment or not..

Visit the Luminous website to make the best investment in solar panels. Find the right type of solar panels based on your requirements at the most affordable price. Invest and start saving today!

Shivani

Shivani

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