8 Benefits and Drawbacks of Switching to Solar Power Technology

The future of technology is leaning towards sustainable sources of clean energy. Solar is at the center of it all, but most people are unsure whether it is sustainable. For example, many people wonder whether solar panels can sustain their daily electricity needs. 

This begs the question, is it worth it to switch to solar in 2021? In this text, we analyze the advantages and limitations of changing your home to be powered by solar. 

Benefits of Using Solar

If you’re thinking to install a solar power system, you’ve possibly already identified some of its advantages, whether through advertisements or from figuring it on your own. Below are the most exceptional benefits you’ll enjoy.

Cheaper

For the last 40 years, the cost of solar has declined by 99%, being the cheapest it has ever been. 50% of that dropped has happened between 2015 and 2019. Manufacturers have found ways to improve the efficiency of the equipment while decreasing costs. The costs might continue to decrease.

Increases Your Home’s Value

Solar homeowners can be confident that their houses have a higher resale value than other non-solar homes of the same type. According to a study in California, households with solar systems sell for about 17% more in value and at 20% faster than regular homes. Homebuyers are willing for up to $4 per watt for a solar system, translating to around $15,000 over the regular price. 

Enables You to Earn from Investing in Renewable Energy

Solar energy can give some income, just like offering a paper writing service. The U.S has incentivized solar power by giving back to some of the users who install solar systems for their homes. As a person’s PV system produces electricity, they earn back some of their investment through Solar Renewable Energy Certificates (SREC) and net metering. With SRECs, the government awards one SREC for every 1000 Kilowatts produced by a person’s system. A single SREC can be worth up to $300 in some states. 

Net metering involves having a debit and credit relationship with the government concerning electricity. When your power system produces more energy than you consume, it is rerouted back to the grid. In turn, a client builds their credits. So, when their PV system is under-producing power, for example, during the winter, your electric bill becomes debited. So, net metering means you rarely have to pay electric bills. 

Reduces Household Bills

Setting up solar panels means you become less dependent on electricity, and hence bills would dip.

Limitations

Solar technology has some outstanding benefits, but it also has some drawbacks. These limitations should be considered before deciding to go solar or not.

Hefty Initial Costs

Set up costs might have reduced but installing the system is still quite pricy for the average consumer. Not everyone has the funds to install the system upfront, and some might even rely on other ways of financing the project, such as:

• Solar lease or PPA;
• Unsecured solar loans;
• FHA Title 1 loans;
• Home equity loans.

Suitable for a Permanent Home

Solar is reliable, but it also takes a while to break even or fully recovering the investment. It takes approximately seven years for the panels to have completely paid for themselves with service. So, one needs to ensure they make installations on a home they intend to live in for more years. Remember, unlike apnews.com that you can access anywhere, solar panels don’t move with you. They are fragile and can be damaged at the slightest mishandling during disassembly and transportation. 

Unsuitable for Some Roofs

Installation requires mounting panels fitted on the roof, and not all roofs are compatible. For example, slate roofs might present a challenge for the installers, requiring some renovations to maneuver. For example, some people might choose to place their panels on the ground or buying into a community solar garden. 

Batteries Are Costly

You don’t require batteries for your photovoltaic system, but they can be quite helpful in increasing the system’s value. Batteries can store electricity during peak grid times, and homeowners can rely on them to reduce their utility electricity rates. But, batteries are still quite costly even if their prices have dropped over the years. 

Final Thoughts

Solar has a bright future, and more people should start thinking about the shift. Currently, companies are working on more efficient panels to increase the quantities of energy harnessed from the sun. Whether you choose to wait or install the current panels, you’ll still reap the benefits. Finally, there will be less pollution when more people switch to solar power, thus leaving a better world for future generations.