Purchasing and installing solar panels is a significant investment. According to the consumer advocacy group, energy savings may return that initial upfront investment within two to seven years.
The type of solar panel chosen is a big factor in how quickly a homeowner can break even on their investment.
Cost
One of the primary reasons homeowners consider switching to solar energy is to reduce their electric bills. However, it’s important to understand how the upfront costs of a solar system can impact your savings in the long run.
The price of solar panels can differ based on the type and quality of the system. High-efficiency monocrystalline solar cells are typically more expensive than polycrystalline but offer a higher energy yield. Additionally, the black color of mono panels blends in with a home’s design.
Generally speaking, solar panel pricing is based on cost per watt. It’s important to shop around for a quote before making a decision, especially since solar companies have varying pricing structures and discounts. We recommend comparing quotes from vetted installers on the marketplace to find the best value for your home. By lowering energy rates, homeowners can begin to recover the initial cost of solar power within about 8-9 years.
Energy Efficiency
When choosing solar panels, you should look at their energy efficiency rate. This determines how much of the sun’s energy they convert into electricity. This is important because your solar panel system will produce power throughout the year, not just sunny days.
The most efficient solar panels on the market come from companies like Panasonic, SunPower and REC. These companies offer monocrystalline panels with high power output, low-temperature coefficient and strong warranties.
Polycrystalline and polycrystalline panels have a higher power output but a lower efficiency than monocrystalline. Thin-film solar panels, made of layers of semiconductor materials such as copper indium gallium selenide and amorphous silicon, have the lowest efficiency rate but also require the least amount of space.
A solar consultant can help you choose the most efficient solar panels for your home based on your roof size, location, and average energy use. A site visit conducted by a qualified solar installer will also assess your home’s natural shade and sunlight and help determine the best number of panels for your unique solar panel installation.
Warranty
A strong warranty is one of the most important indicators of solar panel quality. This is because good security will protect you against unexpected issues that may arise throughout their lifespans.
Researching is the best way to ensure you’re getting a good warranty. Review customer reviews and past experiences with various suppliers to understand their reliability. Also, find out if they offer product and artistry warranties and what the terms of those are.
Often, tier-one manufacturers offer stronger product warranties than their competitors. However, this doesn’t necessarily mean that their panels are better quality. Some reputable manufacturers still offer great panels not ranked as tier one. The other big factor to consider is whether the manufacturer’s product warranty covers issues such as “snail trails” and “hot spots.” These issues affect a solar panel’s performance over time, but they are typically excluded from most product warranties.
Installation
Many factors impact the price of a solar power system. These include panel type, solar inverter type, and how the panels mount to your roof. You’ll also want to consider your budget and energy production goals before choosing a solar power system.
The efficiency of a solar panel is another factor that impacts cost. A higher efficiency rating means the same amount of electricity is produced with fewer panels, making the system less expensive.
Additionally, consider how much sunlight your home receives daily and whether you have nearby shade trees that may affect energy production. These factors will influence your solar system’s size and energy savings.
Paying for a solar system in full is the best way to maximize your savings, as you won’t have to pay interest rates or loan fees. This payment option also grants you solar system ownership and qualifies you for state and federal incentives.