Saving money with Solar Panels
Saving money with Solar Panels
Saving money with Solar Panels
I often hear that the installation of solar panels can be expensive. So, how long will it actually take for solar panels to pay themselves off? Will I have to cover my whole roof with these futuristic looking panels?
A calculator may be able to function with just one solar panel but a car would need several thousand. Furthermore, if the solar panels are not at the correct angle to the sun then their efficiency can quickly drop. For us, one of the biggest draws to solar power has to be the ability to generate your own electricity supply!
Saving money with solar panels
How do solar panels work?
A solar panel, also known as a photovoltaic panel is a collection of interconnected photovoltaic cells. Solar panels generate electricity by absorbing the energy from the suns photons. Let's take a quick trip back to our chemistry lessons for a brief explanation as to what is happening.
The key element used is pure silicone that has been stripped of all its impurities, which makes it ideal for the transmission of electrons. These silicone plates have a neutral charge so must be combined with other elements, such as phosphorous and boron to give them a charge, which encourages electrons to flow between the two plates. Conductive wires are sandwiched between the plates. Now, the solar part of the panels comes into effect: when at the correct angle to the sun, photons from the sun bombard the solar panel and knock electrons from one plate to the other creating an electrical flow.
What is the typical cost of installing solar panels?
Tests have shown that 90% of existing solar panels will last for about 30 years. Dr Ossenbrink was quoted in 2009 saying that 40-year panels would soon be on the market.A 2009 conference predicted that installing and owning solar panels will be cost effective against grid-power for half of the homes in Europe by 2020. Unfortunately, for cloudy northern countries like the UK, "grid-parity" may not be reached until 2030. However, Derry Newman, CEO for Solarcentury recently suggested that with the large recent increase in energy prices and drop in silicone a grid-parity may be possible as early as 2013!In fact, Italy may reach "grid-parity" this year where high electricity prices and high levels of sun make for the perfect conditions for home solar power installations.
Solar panels for your homes roof. picture: solarpowerwindenergy.org
As popularity increases manufacturing costs are coming down, which makes this power option more desirable. Dr Ossenbrink goes so far as to say "What I would like to see is the finance sector saying solar power is a product like financing a house except they can predict the value of the solar panel much more safely than they can predict the value of the house in a volatile market."
"Electricity will never be given away free. Banks should offer mortgages on people's solar panels like they do on homes the bank should own the panel, then it would transfer to the householder when the loan has been paid off. It would be perfect for life assurances."
The typical cost of installing and owning solar panels will range anywhere between 3,000-20,000+ with many robust installations closer to the more expensive end. The price will vary depending on the type, size of solar installation and location.
Hong long will it take before I start seeing a net benefit of using solar panels?
Derry Newman, CEO for Solarcentury says that once grid-parity has been reached then you may be able to pay off the solar panels in 8-10 years. On the flip side, Rics suggested that given a 30 year maximum lifespan, solar panels are never likely to recoup the original 3,000-20,000 outlay.
If you are looking to save money on your homes energy bills then the best short term option may be extra cavity wall insulation and loft insulation. Cavity wall insulation may recoup its costs in as little as 3 years and extra loft insulation could pay itself back in 5 years. It looks like solar power has a bright future but maybe give it a few years for costs to come down further.
What things have you recently done to save money on your homes energy bills?
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