Posted on 28. Jun, 2012 by JohnnyB in Solar Panels Cost
Solar power is the new buzzword as an alternative to conventional electricity, which can help people in putting a check on their electricity bills. In places where there is an abundant supply of sunlight, solar power can help you save on your electricity bills to a great extent. As long as the sun shines, its radiations can be used to produce electricity. Despite the initial expenditure involved in installing a solar system, such as solar panels, flat plate connectors and batteries, solar power generation can be quite cost-effective in long run. Consumers that use solar systems in their home can enjoy energy independence from the local electricity supplier as well.
Solar Power Production
Three most common types of solar panels are amorphous panels, mono-crystalline panels, and poly-crystalline panels. Flat plate collectors are used for generation of solar electricity as well. In case of flat plate collectors, solar radiation is directly used to heat water supplies in home and offices.
Cost Effectiveness of using Solar Panels
Over past few years, cost of buying and installing solar panels has been reduced to a great extent. This has been further facilitated by the federal tax credits you gain when you install solar panels at your home. Cost can be further saved if you use solar power even in the smaller and portable devices like solar-powered lights. Such devices have smaller solar systems that can power only one single light, but can eventually save you a significant amount of money over time.
The ongoing evolution in solar energy utilization is also causing a decline in the cost of generating and using solar energy at your own building. Plus, the increasing competition in the solar system market is another factor that is causing these prices to fall at a rapid pace.
Energy savings that can be made using solar systems with the solar roof panels can cover its installation cost within 5 to 10 years. Considering that most systems are guaranteed to have a life span of around 25 years, production of electricity after the first 5 to 10 years will be simply profit. Also, many systems can be linked up with batteries or solar generators to store the excess electricity they produce. If your average use of electricity is low, you can even sell electricity to the local electricity supplier and earn some additional passive income. Also, you earn incentives given by the state and federal governments if you install energy-saving devices like solar panels and flat-plate collectors at your home or office buildings.