Buying Solar Panels for Your Home – is it Worth It?

Many people are becoming interested in converting to renewable energy with the intention of saving both the environment and their pockets. Converting to solar energy is certainly one of the best routes to take, as the benefits are many. Join in, and you will see why it is worth the investment.

Users of home solar panel systems have significantly reduced or eliminated electricity bills, which in itself satisfies most people after they have installed it. But apart from that, people are happy to know that over produced energy from a solar power system can be sold to the utility company, thereby negating their utility bills. From the environmental angle, solar panels contribute significantly to reduced fossil fuel emission, thereby protecting the environment from further damage. As previously indicated, the benefits are many and worth your while. Now, let us take a look at the costs behind such a worthwhile investment.

The first point to note is that the cost of your solar panel system will depend on what it will be supporting. Most households are fully equipped with televisions, washers, dryers, refrigerators, microwaves, computer, light bulbs and water heaters. Sure you could run through the painful task of calculating the cumulative wattage for all of them over a 24 hour period. That exercise would certainly tell you which appliances consume the most electricity. However, a much simpler method would be to consult your utility bill. You bill should highlight how many kilowatts (kW) you used for the number of days in the billing period. Just divide the total kilowatt hours (kWh) by the number of days to arrive at your average daily consumption.

Your next mission is to determine just how many hours of sunlight your roof receives on a daily basis. As a rule of thumb, most places receive about 5 hours of sunlight a day. Using that as a guide, let us look at an example. If you monthly kWh is 200 for a 30 day billing cycle, then your average daily consumption would be 6.6 kWh. As a starting point, a 1 kW rooftop system can generate about 5 kWh per day, i.e. 1 kW * 5 hours of sunlight. Therefore, a 1 kW system would not be enough to satisfy your 6.6 kWh daily needs. A 2 kW system, however, can generate about 10 kWh per day, making it an ideal size for your daily needs.

So what are the costs? Well, a 2 kW system would cost in the region of $18,000 to $20,000. As the wattage increases, so does the price. A k kW system would cost between $35,000 and $45,000, while an 8 kW system would cost upward of $50,000. However, the good news is that once installed, solar panel systems are virtually cost and maintenance free. Even more good news is that the installed cost of solar panels is expected to continue to drop as thin film panels from companies like First Solar, Nanosolar and AVA Solar become available to the residential market.

Further savings can be derived if you purchase a do it yourself home solar panel system, but whatever route you take, you are bound to reap worthwhile rewards. Make the choice today.