Solar Energy: Are Solar Panels Worth It?

Are solar panels worth it? This is a common question that crosses our minds every time we think of an alternate energy source. You would be surprised to know that solar energy within a 100 square feet radius is enough to light up any average house. According to scientific research studies, tapping solar energy that is coming to the earth in an hour can provide sufficient power to serve mankind throughout the year. The best part about solar power is that it is completely natural source of energy and there is absolutely no wastage.

Solar energy and solar panels

It sounds exciting as solar power can be a viable source of energy and that it has numerous benefits. The only problem is to tap this highly potential energy source and to convert it into a power sources that will serve us year after year. But, even the best and the most efficient solar panels that we have today, do not have the potential to tap the entire solar energy as it can only tap a fraction of it i.e. 20% at the maximum.Purchasing the best and the most expensive solar panels is not even a problem for most households because each year they had to pay huge bills for conventional electricity.

Analyzing the return on investment

Consumers usually have to pay 3 to 5 dollars approximately per watt even after the government subsidy for purchasing solar panels. This means that they will have to wait almost 12 to 15 years after which they can expect a return on their investment. This would take twice the time without the subsidy or assistance of the government. This signifies that it will take almost 24 to 30 years to pay off the amount with the initial costs. On the other hand, the longevity or the span of any solar panel is not more than 30 years. Even with everything working for you i.e. government assistance, right state in which you are residing and small home; you will still get returns only after 12 years at the earliest. However, this does not include damage scenarios and maintenance costs. These are some of the scenarios that you might have to face during the time course, but taking into account that you might have to pay only the upfront cost means that you will still have minimal returns. It is obvious that that the amount of return that you will get from the stock market during this period is much better and could be somewhere around 5.2% approximately after considering market volatility. ‘Are solar panels worth it?’ is really a debatable subject or topic of discussion.

Focusing on making energy more efficient

So, coming back to the main point i.e. ‘are solar panels worth it?’ Considering all the aspects, it would not be logical to go for the solar panel at this point in time. However, there are others who feel that investing in solar panels can be a great option. There is absolutely no doubt that solar energy is the most natural and renewable form of energy. But our focus should not be on generating more energy or saving money on electric bills, it should be on the energy that we consume and how to make it more efficient and effective.

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