Solar power has become an increasingly popular option for home energy. There are many reasons to use this alternative energy source, including environmental benefits, incentives, and reliability. But what about the cost? Does installing solar panels make sense for your home? The answers to these questions are only sometimes clear, and you may have to research to determine whether you should move to solar power.
Incentives:
If you are considering switching to solar power, some incentives can help you achieve your goal. Among them, a renewable energy system that meets a specific wattage capacity can be eligible for net metering. This program allows a homeowner to sell excess power back to their local utility and receive a rebate.
Incentives to move to solar power vary by state. For example, Illinois provides residential residents incentives based on their energy production. These incentives come in the form of RECs, which are certificates issued when a renewable energy-generating facility produces energy.
Reliability:
Reliability is an important issue for solar and wind power systems. The reliability of solar and wind power systems depends on several factors. The most reliable systems use a mix of wind and solar resources that can provide a high level of reliability. A mix of wind and solar resources can meet up to 60% of the total electricity demand in a temperate or tropical country. This helps reduce the probability of power supply gaps of more than a few hours.
Environmental impact:
Solar power is a renewable energy source with immense potential to reduce polluting emissions, contribute to climate change mitigation, and help address energy security. Studies have found that 10% of the power generated by solar PV plants avoids between six and eight percent of CO2 emissions. Solar power is also cost-effective compared to fossil fuel alternatives, and advances in solar technology make solar power more competitive. This has opened up the market for large solar projects, which may not require government subsidies. This also helps drive down costs through economies of scale.
Cost:
There are a variety of different factors that influence the cost of solar power. These factors include the cost of equipment, installation, permits, and inspections and the installer’s profit margin. Additionally, the more solar panels you install, the higher the system’s total cost. Of course, this will also depend on the electricity you use. The higher your energy use, the more solar panels you need.