In today's push for sustainability, solar power emerges as a top choice for homeowners aiming to reduce their carbon footprint and energy expenses. By tapping into the virtually unlimited energy of the sun through solar panels, households can enjoy clean, renewable electricity. This not only cuts reliance on finite fossil fuels but also offers substantial long-term savings. With decreasing costs and various incentives available, embracing solar power isn't just environmentally responsible—it's a smart financial move that unlocks the potential for unlimited, sustainable energy right at home.
Solar energy systems, primarily composed of photovoltaic (PV) panels, absorb sunlight with PV cells converting solar energy into electricity. These cells are interconnected to form modules, with an average solar panel typically comprising around 30 modules. There are two main types of solar panels: industrial and residential. Industrial panels are larger and more efficient, while residential panels are easier to install despite generating slightly less power. The standard colors for solar panels are black and blue, which are more commonly used in industrial and residential settings.
Finances
| Location | Average Cost For 6-KW System with 26% Federal Tax Credit Applied | AVERAGE COST FOR GRID POWER (JULY 2022) | AVERAGE HOUSEHOLD KWH USE PER MONTH | DERIVED ESTIMATED YEARLY SAVINGS ASSUMING 100% SOLAR COVERAGE OF ELECTRICAL NEEDS | DERIVED ESTIMATED NUMBER OF YEAR TO “BREAK EVEN” ON INVESTMENT |
|---|---|---|---|---|---|
| Texas | $10,967 | 13.53 ¢/kWh | 1,131.93 | $1,837.80 | 5.97 |
| Mississippi | $13,442 | 12.35 ¢/kWh | 1,146.33 | $1,698.86 | 7.91 |
| Kentucky | $9,641 | 13.24 ¢/kWh | 1,073.17 | $1,705.05 | 5.65 |
| Panel Type | Cost Per Watt | 6KW System Cost |
|---|---|---|
| Monocrystalline | $1.00 - $1.50 | $6,000 - $9,000 |
| Polycrystalline | $0.90 - $1.00 | $5,400 - $6,000 |
| Thin-film | $1.00 - $1.50 | $6,000 - $9,000 |
Data sourced from Forbes