Updated July 2022
Solar panel installation is quickly rising in popularity, thanks to impressive tax credits and solar incentives. Installing solar panels onto the roof of a home has several benefits, not the least of them being lower electricity costs.
Are you wondering if a renewable energy system is right for you? Review these impressive facts about solar panels and their ability to raise a home's value, and learn about their efficiency before using EnergyBillCruncher to get a few installation quotes.
1. You Can Go Completely Off-Grid
Most people now are aware of the fact that solar panels produce electricity during daylight hours and when the sun goes down, electricity is then drawn from the grid to power the home. What many don't realize is that solar panels can allow homeowners to go completely off the grid! If you're looking to not just reduce electricity costs but eliminate them, there are many solar battery options you can put to use. Homeowners who want to be completely free from the grid or those who frequently have to deal with blackouts find that batteries are a worthwhile investment.
2. Efficiency Up, Costs Down
Did you know that the photovoltaic effect was first discovered back in 1839 by French physicist Edmond Becquerel? And that the first big leap towards this renewable energy source came from Bell Labs in 1954, in the form of solar cells?
You may think of solar panels as a new technology and, thus, untested or unreliable. The fact of the matter is this technology has been around for decades and has come a long way since its discovery.
Panels are more efficient than ever, and thanks to enhancements in production, costs for homeowners are down. As we work to combat global warming, numerous states have introduced aggressive tax credits and incentives, all to make the switch to solar energy a cost-effective one.
While the benefits of solar panels last decades, many tax credits are coming to a close, so if you're thinking about installing a renewable energy system, now is the time!
3. Solar Panels Can Last More Than 30 Years
With minimal maintenance. What else in your home has that kind of lifespan?
Most solar panels last 25-30 years, and many come with warranty coverage for that same amount of time. Of course, every provider is different. It's important to note that there are performance warranties and workmanship warranties, so if you're going the renewable energy route, make sure you're aware of the terms of each.
A common misconception is that solar panels break and simply stop working after a few years. That's simply not the case. In fact, it takes a lot to break a solar panel in the traditional sense. They can even hold their own against extreme weather conditions.
So, what does happen to a solar panel after, say, 30 years? Like any other piece of technology, it won't be able to perform at 100%. But that doesn't mean that once they hit their 25- or 30-year mark, they simply stop working. Instead, as time goes on, solar panel efficiency decreases. They will still be able to produce usable power.
That means that something that has incentives, rebates, and a short payback period has the ability to lower or reduce your electricity bills for over 30 years. Interested in learning more? Connect with solar companies now!
4. Affordable Energy Source
Here's what the International Renewable Energy Agency (IRENA) has to say about renewable energy: "Newly installed renewable power capacity increasingly costs less than the cheapest power generation options based on fossil fuels."
The article goes on to say that new solar and wind projects are undercutting even the most cost-effective coal-fired plants. Additionally, IRENA states that solar photovoltaics showed the sharpest cost decline over 2010-2019, at 82%.
What does that mean for consumers? Making the switch to solar panels is a cost-effective way to power a home.
5. Panels Don't Need Direct Sunlight
Just as you can get a sunburn on a cloudy day, your solar panels can produce electricity during overcast weather as well! A common misconception when it comes to solar panels is that they need direct sunlight in order to work. Actually, panels use daylight energy to generate electricity. Yes, direct sunlight sets solar panels up for the most success, but thanks to advancements in solar technology, many modern panels include concentrators.
Those concentrators use a system of mirrors and lenses to help maximize any daylight that does reach the panels. The result? Panels can be effective in cloudy weather or on the roof of a home that doesn't provide an optimal angle for installation.
What's the key takeaway here? Panels are much more efficient than you may think, and a less traditional style of roof may not stop you from reaping the rewards that a renewable energy system has to offer!
6. Most Homeowners Break Even in 8 Years or Less
Did you know that many U.S. homeowners enjoy a solar payback period that is only eight years, all while enjoying lower electricity bills?
Homeowners can be put off by the seemingly hefty upfront costs of solar panels. What they don't take into account, however, are the numerous incentives, tax credits, and rebates that are available, which significantly lowers the cost of installing panels.
If you're interested in learning more about solar payback periods, check out this article that helps you estimate how long it would take you to break even.
7. Panels Are a Great Way to Increase Home Value
What about solar panels as a home improvement strategy? Energy.gov states that "solar homes sell for a premium," and that solar panels are seen as upgrades, which can add approximately $15,000 to $20,000 to your home's value.
Let's take a look at national averages for remodeling costs in 2019 for other popular home improvement projects.
- Minor kitchen remodel adds approx. $18,123
- Wood deck addition adds approx. $10,083
- Bath remodel adds approx. $13,717
- Window replacement adds approx. $12,332
Unfortunately for homeowners, many of these projects cost a lot of money. If you're looking for a project for which you can recoup your costs, it's time to connect with a solar installer.