Cost of Solar Panels
Cost of Solar Panels – What is the real cost?
The cost of solar panels sometimes causes people to hold back their plans to install them in their homes. But after digging deeper into the numerous benefits of solar powered energy and solar panels, I don’t think the cost of solar panels will really be a big issue after all.
Just to name a few of these benefits:
- They are a long term investment
- Solar panels do not harm the environment
- Solar energy is renewable, so we are never at risk of running out of this power even after many years
- The use of solar energy can slash your utility bills
What is the real cost of solar panels?
This question is not answerable by stating a fixed dollar amount, nor can it be answered with a simple statement that solar panels are expensive or not expensive. To fully understand and determine the cost of solar panels you need to take into consideration the following important factors:
- Installation cost
- Maintenance Cost
- Amount of energy savings
- Cost of materials like solar panels, inverter box, and wiring.
When you are trying to research the cost of solar panels for homes, it is essential to consider some important factors including the amount of energy your household utilizes in a month (you will need your monthly utility bills), your geographical location (because through this you will know how many hours a day the sun shines), and the best place to position your solar panels so that they are directly exposed to the sun’s rays.
Now, just to give you a rough idea of the cost of solar panels, for an average family house you will need at least $30,000 to $40,000 initially. This is inclusive of the solar panels installation. When it comes to materials cost, an average home will need a budget between $6 to $9 per watt of solar energy.
Reducing the cost of solar panels
If this initially appears to be too much for you, wait until you learn about the tax rebates and incentives. Normally, tax rebates or discounts range from 70 to 80% off the total cost. But if you think this amount is still overwhelming after all those rebates and incentives, then turn your focus to the positive side of things. Go over the benefits of using solar panels again, especially the real value you are about to reap 5 to 7 years from the time you purchased solar panels.
More and more countries are turning to solar power nowadays, and at the rate things are going, the number of solar power users is increasing because the efficiency of solar technology is also improving.
China is one of the leading countries when it comes to solar panel manufacturing. The cost of solar panels in China is among the cheapest in the world, mainly because as solar panel manufacturers they produce solar panels on a very large scale. They can produce them for around $1.50 to $1.60 per watt. This is arguably the lowest rate in the solar panel industry so far. China can manage to manufacture their own solar panels so cheaply because they are supported by their government, and the labor cost in China is lower compared with other nations.
Another country which is fast becoming an advocate of solar powered energy is India. The cost of solar panels in India is very competitive given the ever-increasing demand of solar panels in the world. Like China, the solar panel industry in India is backed by their government. As a matter of fact, more and more solar panel manufacturers are starting up in India proving that India has indeed realized the value of solar power energy in every home.
The cost of solar panels may always be the first and foremost consideration when deciding to install them in your home, but it is always best to check and evaluate both sides of the coin before giving up on your plan just because of the apparent high initial costs. Consider that you are actually making the earth a better world to live in because using solar powered energy is friendly to the environment. Start researching on the different cost of solar panels from different solar panel manufacturers. This is readily available from retailers and online shops – compare the cost of solar panels so that you can begin to enjoy fully the benefits of the sun.
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- Solar Panel Installation Cost