Are Solar Panels Worth It
A little known, but interesting fact is that there is enough solar energy within a hundred square feet to completely power the average size home. On a larger scale, there is enough solar energy hitting the earth in one hour to power all of mankind for an entire year! That's about 10^18 K.W.H., and the best part is there isn't residual waste that lasts up to 20,000 years in our atmosphere. Exciting right?It is very exciting that solar energy has such extreme potential and superb benefits, but what's the catch? The catch is that even the most efficient and expensive solar panels can only harvest around 20% of solar energy. This still isn't even the biggest problem for most consumers...When buying solar panels most consumers will to pay between $3.00-$5.00 dollars a watt after government subsidies. This will take you 12-15 years to see a return on investment at current rates per K.W.H., and twice as long without any kind of government help.So let's see...with initial costs you will be paying off your solar panels in 24-30 years. The average lifespan of solar panels is only 30 years! Let's say you live in the right state, you get the most from the government, and you live in a smaller home. With all the right scenarios you're looking at 12 years to start seeing a return. This isn't even considering maintenance costs or damaging storms. In reality you will run into these problems, and considering the time it takes to just pay the upfront cost, your return is minimal. Even in these times you will most likely see a better return investing in the stock market since the projected average return over the next 8 years is 5.2% according to gurufocus.com, a respected stock market analysis site.Let's get back to the original question, "Are solar panels worth it?" Well the facts speak for themselves, and I am inclined to follow logic, so I would have to say "No, unfortunately solar panels are not worth the cost at the moment". I don't write this article to undermine any source of renewable energy. I write this article in attempt to shed light on a cloudy question (Pun intended) "Are solar panels worth it?" Don't be fooled by the misconceptions commonly portrayed in clever sales letters by companies out to make a buck at your expense.For people trying to save money on energy bills your first step shouldn't be in creating more energy, but making the energy you already have more efficient. Studies show that the average home can be wasting up to 40% of their energy or more in inefficiency alone. That means even if you made the investment on solar power you would be wasting up to or more than 40% of your investment. As energy costs rise and technology increases solar panels will become more economical, but for now your best investment is becoming more efficient with the energy you already have.
