If there’s anything hampering the growth of solar power in the private sector, it’s the cost. In many cases, only people with major dispensable income and outstanding credit ratings even think about having one installed at home. Apart from them, it’s challenging to convince people who earn less to put aside their worldly desires and choose a photovoltaic (PV) system instead.
Nonetheless, renewable energy is not without support. Billionaire investor Warren Buffett and Tesla Motors CEO Elon Musk, business magnates with the senses of regular consumers and visionaries in their own ways, are battling it out for solar supremacy. It’s all business, but the result is still favorable to solar power’s growth.
All of these, however, have little to do with solar panels’ eventual cost. The R&D will ultimately decide the direction solar energy development goes in, whether the technology and the cost will be sustainable for personal use or big solar providers will control the market.
Tested by the company of Adam Savage, the myth buster, they looked at how much a regular homeowner can save with the addition of a solar panel. The study started back in 2008. The panels remained the same for five years, where they can look at how different the benefits are from the start-up to the panels’ age of maturity.
The results are optimistic, if not completely provide confirmation of solar panel efficiency. More importantly, people have to understand that the cost of a solar energy system is very likely to return quickly. Typical installations hover at around $10,000; bigger systems will include more panels and more men, leading to more expenses.
Normality of High Valuation
The prices of solar panels are actually going down every year, and in an installation, it’s not what costs the most. Labor takes more money, given that every PV system comes with permits, construction costs, and other expenses. The result remains the same, though: it’s expensive. So, why exactly are there a million homes on the East Coast with such systems in place?
Simply enough, the benefits far outweigh the initial capital requirement. Much of its value comes from the technology being new. The latest iPhone could cost more than the last one without much difference, and it’s the same with solar panels. It’s still in the premium bracket, but because of its potential and need for widespread application, the prices will go down.
In a larger sense, the world is at stake when talking about solar energy. In a more practical situation, solar energy could determine how much a family can spend for the next month. Nothing more portrays the significance of renewable energy better than this.