How to use a solar panel price

When pondering the decision to use solar energy, the price of solar panels is an unavoidable consideration. Though they could once be considered quite steep, the cost of solar panels has experienced a notable decline in recent times.

The ability of a solar panel to provide energy hinges on three criteria: size, efficiency and quality. Primarily, the bigger the panel, the more electricity can be produced. Secondly, efficiency speaks to how much of the sunlight’s energy can be harnessed. Lastly, a higher-grade panel guarantees durability and optimal performance over time.

When it comes to the price of solar panels, size matters. While a quality panel generally costs between one hundred and two hundred dollars, it should be noted that this price can be substantially higher depending on the size of the panel. Larger panels require more resources, making them pricier than their smaller counterparts.

When it comes to solar panels, having the more popular names such as SunPower and Panasonic carries a higher price tag than the lesser-known brands. However, one can still get good quality panels from the more affordable alternatives.

When making the sensible decision to invest in a solar panel, it’s essential to understand that cost is only one aspect of the equation; the other part is the return on investment (ROI). Specifically, it refers to the monetary savings generated from lower electricity bills, over the prolonged lifespan of the panel.

Before you can determine the return on investment of a solar panel, you must first factor in the initial cost of the panel, its projected operational lifespan, and the amount of electricity it will produce. Subtracting this cost from the present value of the saved electricity creates your ROI.

Let’s envision that you invest in a solar panel which cost you $1000 with an estimated long life of 20 years and a yearly production of 1000 kilowatt-hours (kWh) of electricity. Supposing each kWh costs $0.10, this alternative energy source will prove to have worthwhile returns.

Allowing you to save a staggering $590 through its lifetime, the total net present value offered by the electricity generated from the panel amounts to $1000 * (1 – 0.10)^20 – an impressive Return On Investment of 590% guaranteed.

Investing in solar panels has become increasingly more viable nowadays – prices have shown a considerable steep drop in the past few years, making them more accessible for many. Nevertheless, it is essential to give due attention to the cost of the panels when contemplating going down the solar energy route.

Post time: 2023-06-15

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