An Overview Of Solar Power Costs
A lot of people have heard about solar power and all it’s advantages, but they’ve also heard that solar power costs a lot of money and doesn’t make a whole of since from a financial stand point. Well, that’s not true anymore and in this article I want to dispel some long-standing rumors about solar power while establishing the truth.
The truth is that solar technology has decreased in price dramatically over the past 30 years. It is now an affordable option for many people. In the 1970’s and 1980’s, solar panels were very expensive and the only reason people bought them was because of federal incentive programs. Once those programs ran out, solar panels became too expensive for most people.
But that’s changed today. Solar panels are still not cheap, but they are cheaper, and there are a new round of federal and state incentives to go solar, making this the best time ever to invest in a solar power system. Lets take a look at some numbers.
Today, full-scale system can cost you anywhere from $8,000 all the way up to $50,000, depending on how much electricity you want to generate. Now, you might be saying: “That’s a lot of money, I thought you said solar power wasn’t super expensive anymore?” Well, that’s just the upfront costs. Most systems have a 25 year warranty and will generally pay themselves off within 10-15 years, meaning you’ll get 10-15 additional years of free electricity. And depending on how much energy prices change, a system could pay for itself even faster. Not only that, but if you generate more electricity than you use, you can sell it to your power company for a profit.
Also, there are lot of incentive programs out there that can slash thousands of dollars off your system’s price, making it even cheaper. Some programs, such as those in California, will reduce your costs by up to 40%, cutting your costs nearly in half. Furthermore, when you add a system to your house, generally it will pay itself off immediately in home equity.
Anyway you look at it, its a great time to go solar. You may have to put down a sizable investment upfront, but it will certainly pay for itself, with return. Look at it this way, many people are willing to spend upwards of $30,000 for a hybrid car, which the EPA estimates would take 9-10 years to pay off in gas savings. And cars only account for 11% of the greenhouse gases being emitted into the atmosphere, while homes account for 40%. If you’re going to spend thousands dollars on an option that will save you money, and help the environment, which is the better investment? I think the choice is clear.
Solar power is the wave of the future, so why not jump on board now and start making a better tomorrow? I hope this article help you better understand cost of solar power and how solar power can really help you save money and help the environment at the same time.
