Solar energy is expected to account for 20% of US electricity generation by 2050. This is a massive figure and more and more people are enjoying the benefits of using solar panels to produce power for their homes.
However, solar panel systems come at various price points, with some being reasonable and others being eye-watering. While you’ll be eager to buy high-quality solar panels, you’ll also want to buy a wallet-friendly option. In this guide, we’ll explain what to look for to ensure you can find a solar panel system that fits within your budget.
Let’s find out more.
How Solar Panels Save You Money
Before choosing a system, it’s helpful to learn how solar panels can save you money. As you’ll be generating electricity that doesn’t come from the main grid, you won’t have to pay a supplier for your power. In addition, you may benefit from tax incentives depending on where you live.
Even when paying an upfront or monthly fee for your solar system, this can significantly reduce your outgoings.
Factors That Affect Solar Panel Affordability
Not all solar panels are created equal, and you need to understand what makes certain systems cheaper than others. This will allow you to make an informed decision as to whether certain solar panel systems are worth the money.
Number of Solar Panels Required
You might want to power your entire home using solar energy, and this could require a large number of panels. The more solar panels you need, the higher the cost will be.
If you live in a sunny location, you may also decide to buy extra panels to maximize the amount of electricity you can generate. This can be a brilliant way to save huge amounts of money over time, but you may have to pay more in the beginning.
Solar Panel Efficiency
Solar panels do not convert all of the sunlight they receive into electricity. Therefore, you need to know how efficient a system is before you part with your cash.
For example, if you were to buy a system that has 15% efficiency, it may cost a lot less than a system offering 30% efficiency. You may then be tempted to opt for the cheaper option. However, this can be more expensive over the longer term.
This is because you will have to buy more electricity from the main grid which will increase your bills. To avoid this issue, be sure to ask a supplier about the efficiency rating of their solar panels.
Cost of Solar Panel Installation
A reputable contractor will always charge a fair rate for installing solar panels. They will explain their pricing and ensure you are aware of all the costs before starting work. A trustworthy business will also be happy to answer your questions regarding the installation process.
That being said, it’s still important to read more on solar energy so you know what to ask a contractor before buying a new system.
Solar Panel Life Span
A solar panel system may seem cheap, but it could turn out to be expensive if you have to replace it at an early stage. You can expect most solar panels to last at least 20 years, and a contractor should be willing to give you a warranty to cover this period.
By considering the cost of the system, the amount of savings you expect to make, and the lifespan of the panels, you can work out if using solar energy is affordable.
Solar Panel Payment Plan
You may be able to buy a system upfront, and this can mean you don’t have to pay any interest charges on a loan. But even if you take out financing to cover the cost of your panels, this can be a cost-effective way to buy a system.
Look at the overall costs in comparison to your expected savings to find out how much better off you’ll be in the long run.
Most Affordable Types of Solar Panel Systems
There are additional factors that can affect the price of your solar system. Depending on what the panels are made of, you could be delighted at the low cost.
Monocrystalline Solar Panels
These are the most common types of solar panels and for good reason. They are efficient, durable, and look great on a residential roof. However, before you rush off to buy these panels, you should know that they can be more expensive than alternative options.
Polycrystalline Solar Panels
Although polycrystalline solar panels are cheaper than monocrystalline panels, they aren’t as efficient. They are likely to last around 25 years, but this might not be a comfort if you aren’t getting the results you hoped for from your solar system.
Thin-Film Solar Panels
If you’re looking for a low-cost solar system, then one that uses thin-film panels may be the solution. These tend to be lighter than other panels, and as they are more flexible they are also easier to install.
Thin-film panels can be ideal if you’re shopping on a budget.
Solar Panel Systems Are More Affordable Than Ever
Thin-film solar panels may be the cheapest option on the market, but this isn’t the only factor to consider. You should take the installation cost into account, and also think about the full cost of your finance plan. It’s also a good idea to ask about the longevity of your panels to ensure they’ll last for many years.
These tips will make it easier to find a top-class solar panel system that is affordable.
Before you hire a solar panel installation company, check out more of our great blog posts.