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Are Household Solar Panels Worth the Investment?

Views:424     Author:Site Editor     Publish Time: 2021-07-02      Origin:Site


When the solar photovoltaic system just entered the market, the government introduced some tax credit policies in order to promote the development of this industry. With the increasing number of solar photovoltaic systems installed, the solar industry has become the trend of the times. As a result, the government is gradually phasing out the tax credit policy. The decision has raised concerns among many users who are considering installing solar energy systems. They are not sure whether installing solar photovoltaic systems will bring them the expected benefits without tax credits. 

 

The answer to this question depends on many factors. In order to give you a clear answer, we will tell you how much benefit the solar system can offer you. You will understand that even without a tax credit, people can still use solar panels with complete confidence.

 

 

solar photovoltaic panels

1. The Average Payback Period of Solar Panels

The payback period is how long it takes you to match the cost of buying a solar energy system with the amount of electricity it saves you. When the electricity bill saved by the solar energy system exceeds the electricity bill you originally needed to pay, then you start to reap the rewards.

 

According to the 2020 solar energy research report, the average payback period for residential solar systems is 7 years, which is equivalent to a 14% return on investment for your residential solar systems. Surprisingly, this data is only an average value, and the return on solar investment in many regions is much higher than this result.

 

solar photovoltaic systems

If you still don't understand how high this return on investment is, then you can compare it with the following data. At present, house prices around the world are rising by an average of 3% per year. The stock market is up 9% in history. The yield of government bonds is no more than 2% a year.  With these data for comparison, do you understand how obvious the advantages of solar energy are?

 

 

2. Additional Solar Cells

Most solar system users choose grid-tied solar energy system. So there is no need to buy solar cells when installing solar panels on the rooftop. Most utility companies will allow solar users to calculate a net meter, leading homeowners to sell excess energy generated by solar panels to power companies instead of physically storing it in batteries.

 

 

3. The Value of the House

A large amount of data shows that houses installed with solar photovoltaic systems can usually be sold at higher prices. If you plan to sell your house after installing solar panels, these panels can greatly increase the value of your house.

 

 

solar panels

4. Install the Solar Energy System by Yourself

If you are a person with relatively strong hands-on ability, you can buy a solar panel kit and install it by yourself. Installing a solar system on your own can save nearly $3,000. If you have purchased solar energy system components, you can also contact your local solar contractor to help you. Under normal circumstances, these solar installers will charge you a certain fee, but these fees are basically not high.

 

 

After reading the convenience offered by solar energy systems, you must have a clear judgment. Solar energy system is definitely an industry which is worth investing in.


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