Solar Energy – How Do The Costs Compare To The Savings?
Several factors have created a good deal of curiosity about the implementation of solar energy sources in lieu of the traditional fossil fuels currently used for the generation of electricity. Solar energy has yet to replace fossil fuels as the primary source of energy in homes and businesses, and uncertainties about its cost are one of the major concerns keeping it from gaining a foothold. Just how cost effective is it to switch to solar energy?
The upfront cost is somewhat daunting to those who see only the immediate picture. The benefits of converting to solar energy won’t be instantly apparent. Depending on tax credits and government incentives, a solar system that would adequately power the average home has an initial cost of anywhere from about $2,500 to $82,000. Though that is a rather large range of costs, one must consider that fossil fuels would cost around almost $60,000 over 20 years if average inflation continues at its current rate. Bear in mind, though, that once the solar system is implemented, that’s it. The sun’s rays are free, so consider how large a home is, how much it will cost to power, and compare solar with fossil.
Even reducing dependence on fossil, or dirty, energy sources is beneficial. For those that have homes that don’t receive many sunny days or direct sunlight, a solar system will still reduce electric bills. Even homeowners and business owners who don’t rely totally on solar energy can maintain a cost effective utility system by utilizing a hybrid system. Depending on the size of the dwelling and how much energy is used, even a solar system that supplies only 10% of its needs will alleviate electrical costs.
Once, solar panels themselves were quite costly. Just as with any technology, as development has improved, the cost of panels has diminished recently. The frightening price attached to them is not nearly as steep as it once was, making them more attractive. The typical price of solar panels is $9.50 per watt to $11.00 per watt based on the material used to make them. If you are looking for flat plate collectors to heat 40 to 80 gallons of water per day, you can expect to pay $2,000 to $4,000.
Solar energy systems aren’t that much different than any other home improvements in price. They are a long-term investment that will improve home value and save money on energy. Determine usage and necessity and you will get a good idea for the cost effectiveness in switching to solar energy.
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