Today, the world is not only suffering from food shortage, but it’s also being confronted with the energy crisis. Nations whose economies are run by fuel are facing global challenges because they would certainly lose a lot of money if they will not find a solution to increase their energy supply. It should not be forgotten, however, that even third world countries whose economies are usually ran by agriculture and fishing are also encountering the same predicament.
Due to the continuing and hard-to-resolve power crisis, a lot of individuals today have sought for ways to combat it. Because of this, renewable energy sources have gained an overwhelming popularity among the citizens of the world. One of the most recognized renewable energy today is the solar energy. If you have noticed, a lot of people nowadays are building green homes to protect the environment and to save costs as well. Most of these green homes are equipped with solar panels that absorb the sun’s radiation and converting it to usable energy.
Due to the solar panel’s usefulness to save money, it has gained a lot of interests among the citizens and it actually increased environmental awareness. But there’s a problem, people are hesitant in procuring solar panels because they are steeply priced. This is a notion wrought with misunderstandings because on a long term basis, solar panels are a big money saver. The succeeding paragraphs will provide the full details about the pricing of solar panels and their installation.
Preliminary Solar Installation Expenses
Provisional to the design, size, and area, the cost of solar panel installation on residences greatly varies. Expenses calculation can be done by determining the amount of solar radiation in a certain area or place. Solar radiation data can be gathered from Hydrology and Meteorological Offices. The said data will assist you in defining the number of required solar panels that must be installed in your home.
Prices of Solar Panel Equipment
There are many factors that dictate the price of solar panels. Through the years, solar panels have seen a significant decline of prices due to technological advancement and innovations. Solar panel accessories like inverters and racking systems have also been improved, thus, decreasing their price tags. Summing it up, buyers will just have to pay around 40-50% of the installation costs to purchase solar panels.
Fees for Installation and Permitting
The fees that you’re going to pay for the installation will actually cover the apparatus necessary to connect the solar panel arrangement to your house’s current power source system. Meanwhile, licenses and other essential permits will be accomplished by the firm who handles the solar panel installation. Typically, the costs incurred in acquiring the permits will also be added to the price of the solar panel installation.
Just to give you a rough estimate, you need to save money that is around twenty five percent of the actual project cost.
The cost of installation and permits can typically be 25% of the total project price.
Other Financial Benefits
Due to the government’s effort to steer the people into doing environmentally friendly practices, households and residences equipped with solar panel systems and other eco-friendly apparatuses have the chance of being exempted from paying taxes.
Doing the Math
Determining the exact price of equipping your home with a solar panel system is a difficult task due to a lot of variables that must be taken into account. One thing’s for sure though, solar panels are great investments because the preliminary out-of-pocket expenses are usually very little to none. And the investment return is more than three times the actual cost of getting solar panels.