Solar Economics
What are the up front costs of installing solar power in my home?
In order to get started using solar, you need to buy a whole bunch of equipment that is relatively expensive. You need an array of solar panels themselves. You need a method to mount those panels onto the roof or some sort of way to get them out exposed to the sun. In addition to that, there is other electrical equipment to connect the solar panels into another very expensive component, which is the inverter. That's the device that changes the direct current from the solar panels into alternating current that goes into your home. There are some other costs, such as permit costs which you may need depending on what the jurisduction you are in requires. Depending on the size of the system, and how much labor on the system you are going to do yourself, and depending on what rebates are available from different sources that you may be able to find, your affordable tag system may cost anywhere from $5,000 to $10,000 to upwards of $25,000.
How much money could solar panels save me per month?
By installing the solar power, you can save, potentially, up to your entire electric bill. But that all depends on how much electricity you use, what the cost of electricity is in your area, and whether or not the system you install is able to meet the needs of your...that meet the demands that you're going to place on it.
Can I sell the excess power I produce to my utility company?
Depending on what kind of agreement you have with your utility company, you may or may not be able to sell your excess power back. In my situation, I'm able to retrieve any power, any excess power that I put out to the grid, but they cannot pay me for it. That is entirely dependent on what the situation is in your local community.
Are there any government incentives for using solar panels?
There are a lot of government incentives to install portable systems. There is currently a two thousand dollar federal tax rebate. And, for instance in the community where I live, they offer up to eight thousand dollars to off set the cost of the system.
How much sun do solar panels need to make enough electricity for a home?
Solar panels need to be placed in full sunlight throughout the whole day. They should be in as much direct sunlight as possible. In the northern hemisphere, they should be angled slightly so that they are facing South, to take full advantage of the sun as it moves through the sky. A larger system is going to be able to absorb more solar energy and therefore produce more power. So, depending on what your needs are for your home, you may need more panels. There are even systems that are able to track the sun as it goes through the sky to get the most power from the sun as they can.
Will solar panels add value to my home?
Solar panels definitely add value to your home. I have heard it ranging for about every thousand dollars it saves you per year, it will add about 20 thousand dollars to the value of your home. So something in that range, it is not an exact figure.
