Are Installing Solar Panels Worth the Investment?

One thing is for sure: We are never going to run out of solar energy. Solar energy is sustainable and in abundance in the world. Hence, there is a rising emphasis on installing solar panels for your home’s power supply. 

However, installing solar panels is a huge investment, so as a homeowner, you must be extremely sure whether it is worth your money. According to experts, installing solar panels from a reputable brand is worth every dollar. This is because even though the installation comes with a huge upfront cost, you eventually save a lot of money in the future. If you are interested in learning more about this investment, here is everything you need to know.

What are Solar Panels?

Solar panels are devices that harvest sunlight and convert it into electricity. The panels are made of smaller units called solar cells, which work as semiconductors. They absorb energy from the sun’s photons and knock electrons loose. This generates free-moving electrons, which leads to the formation of electric current. The electric current is captured and directed into electrical circuits that generate direct current (DC). The DC is converted into an alternating current (AC), which is then stored in the home’s power supply. 

The best thing about solar panels is that it works in all climate conditions. In fact, individuals living in regions that experience low sunlight, such as Alaska and the Pacific Northwest, can also benefit from the installation of solar panels. However, they may not work as efficiently as compared to a warm and sunny region. However, installing solar panels is a great idea if you want to reduce your electricity costs. 

What are the Advantages of Installing Solar Panels?

Solar panels have many advantages compared to any other energy source.

1. Reduced utility cost: With utility costs increasing every year, it has become imperative for every house owner to find ways to reduce expenses to some extent. Solar panels can greatly reduce the cost of running a household, and taxpayers can also claim a 30% tax credit for installing them. 
2. Safeguard your homes from power outrage: Getting solar panels is a great idea if power outages are common in your area. They provide you with a stable source of electricity when the primary power grid in your area is down. This also saves you money associated with renting out emergency generators. 
3. Increases your home value: Logically, a home with solar panels installed will have a greater market value compared to one that doesn’t. Many home buyers see sustainability as an essential upgrade to a house. So, having solar panels installed will definitely help you get a better price for your home if you plan to sell it in the future.  
4. It is great for the environment: Solar panels reduce the need to depend on exhaustible resources for electricity. Every kilowatt of electricity produced means less greenhouse gas emissions such as CO2, sulfur dioxide, and nitrogen oxides. 

What is the Cost of Installing Solar Panels?

Solar panels are great, but there is no denying that they come with an upfront cost. However, one thing that you must know is that the total cost of installing them decreases year by year. This is because the government introduces new subsidies and tax rebates every year to encourage individuals to embrace a more sustainable way of living. 

The total cost of solar panels depends on the size of your home, the type of panels you plan to install, and the location. Apart from this, here are some other things you must know: 

• The upfront cost: The upfront cost of installing solar panels includes the total cost of the panels, installation fee, paperwork, and all the other equipment required for their proper functioning. 
• The long-term cost: Solar panels work perfectly fine for 20 to 30 years with no major repairs or replacements. However, you may need occasional cleaning and repairs, which come at a nominal cost. 

Conclusion

Solar panels are great investments. They have the potential to save you hundreds of dollars on your utility bills, and on top of that, you can also avail of government rebates and incentives. So, install solar panels in your home today and enjoy great cost-saving benefits all year round.