Since 2008, solar panels have proliferated in the U.S. as more people opt for solar energy, thanks to decreasing costs due in part to Solar Energy Technologies Office (SETO) investments. Harnessing freely available solar energy has become accessible with affordable mass-produced solar panels.
Amid the climate crisis and rising energy costs, adopting a solar energy system helps reduce carbon footprints, despite the significant upfront investment. However, navigating the complex installation process requires careful consideration. Explore the key pros and cons to make an informed decision.
Solar Panels: The Good and Not-So-Good Aspects To Consider Before Getting Them
Two Technologies That Harness Solar Power
There are two main technologies that harness the power of the sun and convert it into usable electricity, namely the following:
- Photovoltaics (PV)- Commonly observed on rooftops or in fields, these panels absorb photons when sunlight strikes. The absorbed photons create an electric field across the layers, inducing the flow of electricity.
- Concentrating solar power (CSP)- This technology, primarily utilized in large-scale power plants and not suitable for residential use, employs mirrors to reflect and concentrate sunlight onto receivers. These receivers collect solar energy and transform it into heat, which is subsequently utilized for electricity production.
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Pros and Cons of Solar Energy
Embracing solar panel installation brings notable advantages and certain drawbacks. Delving into both aspects is crucial when contemplating this eco-friendly transition.
Pros
- Cheaper electric bill -Residential solar panels can significantly reduce or eliminate electricity bills, offering savings amid rising electricity prices.
- Energy independence- Solar panels, combined with batteries, enable self-reliance and independence from the grid, storing energy for use during outages.
- Cleaner energy source- Solar panels contribute to clean, carbon-free energy generation, helping reduce greenhouse gas emissions and combat climate change.
- Improved home value- Solar panel installations increase home values by approximately $15,000, potentially facilitating quicker home sales.
- Decreasing solar panel cost- Ongoing improvements in solar panel technology enhance efficiency and return on investment, making systems more affordable.
- 30% federal tax credit available- The federal solar investment tax credit, extended to 2032, covers 30% of the total installed cost of residential solar panel systems.
- Net metering and faster payback- Net metering allows selling excess energy back to the utility company, speeding up the payback period for the initial investment.
Cons
- High Initial Cost- The national median cost is $3.80 per watt, totaling $26,600 for a 7-kilowatt system.
- Long Payback Period- The average payback period in the US is six to 12 years, potentially longer based on factors.
- Challenges in Suitable Conditions- Availability of sunlight, space, and installation challenges can increase costs.
- Property Taxes and Insurance Implications- Adding a solar panel system increases appraised home value and may raise property taxes.
- Regional Disparities in Incentives- Access and affordability vary based on state incentives and enforcement.
- Additional Expense for Solar Storage- Solar batteries are necessary for energy storage but can double the total system cost.
- Environmental Impact of Manufacturing- Manufacturing solar components has an environmental impact, considering the "energy payback" timeline.
- Non-Transferable Panels- Solar panels typically stay with the house if sold, impacting the return on investment.
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