Experts Weigh in on the Pros and Cons of Solar Panels

Solar energy is widely regarded as an innovative solution to high energy costs in the United States. It stands to reason that consumers would want to benefit from solar energy by capitalizing on solar radiation. Renewable energy sources are a viable alternative to rising electricity costs, increasing gas prices, and declining real wages. With summer in full swing, it simply makes sense to use solar radiation to decrease your monthly energy bill.

The solar panel industry has grown sharply in recent years, notably in 2016 when it experienced its best year on record. By 2020, experts anticipate that the solar panel industry will experience a 300% increase. Regardless, there are certain cost considerations to factor into the equation, and these need to be evaluated against the long-term benefits. Many homeowners have installed solar panels to raise the value of their properties. This is a strategic decision that can enhance your real estate investment and make it more attractive to buyers.

Good for the Environment

The decision to go the solar route is dependent on your personal circumstances, preferences, and budget. There is no blanket answer to the question: Is solar right for you? However, the benefits available through use of solar panels do not discriminate along income lines, or demographics. There are many inherent pluses when selecting solar power as your new energy source. For starters, it is environmentally friendly, and this bodes well for anyone who cares about the planet.

There is a limited carbon footprint, no unnecessary wastage of limited resources, and a virtually unlimited supply of energy to feed the system. While it certainly takes work to create the solar panels, once they have been produced, the benefits generated through them far outweigh the cons. Decreased use of fossil fuels, and traditional electricity are considered the primary reasons for adopting solar energy.

Once the solar panels have been installed, the cost savings begin accruing. However, it’s important to note that solar panel cost savings must be factored into the long-term projection. The initial outlay for solar energy panels is high, but it is falling fast. Once the panels have been installed on your roof, they soak up the sun’s energy and convert it into electrical energy to heat your pool, your boiler, and power your house.

Many Benefits of Installing Solar Panels

In summer, the electricity bills are often higher, owing to the air-conditioning units that are in constant use. Solar panels can help lower your energy bill during the summer months, resulting in sharp savings. At state and federal level, households intending on installing solar panels will receive a break from the federal government, and often at state level too. These are reflected in the form of tax credits and incentives. Various studies (Lawrence Berkeley National Laboratory) have been commissioned over the years, and they confirm that solar panels can improve your home’s value by as much as $15,000.

On the flip side, there is an initial investment required to get the solar panels installed. This may prove prohibitive for some households, but the long-term benefits have already been established. It is possible for costs to reach several thousand dollars, but many solar panel companies offer affordable payment plans to help clients with the upfront costs.

The long-term benefits of installing solar panels are ironclad, but if you move home you may not recoup the costs. Fortunately, they raise the value of your real estate and this can mitigate any losses that rack up. Another factor to bear in mind is that solar energy costs are decreasing. This industry is growing larger every year, and it is reaching an ‘economies of scale’ stage. The costs will invariably decrease, making them far more attractive to homeowners in the future. However, when that point is reached, it is unlikely that the federal government and state governments will offer tax breaks and incentives to homeowners.