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Cost Of Solar Power Decreases Over Life Of Components

Those thinking of installing a solar power system have to look at the long-term picture and compare it to the long-term cost vs. investment. Consider the warranted parts of most systems is about five years, the total cost of solar power installation can be divided by 60 to determine a month cost. If that price is higher than the current electric bill, it will pay for itself over the warranted lifetime. If the parts last longer than their five year expectation, then the monthly cost will continue to provide a savings.

If you ignore the initial one-time cost of parts and installation, the cost of solar power will be zero to keep a home functioning. While the current prices of many components used in a solar power system remain high, new technology and additional competition between makers of the components, should begin to drive the prices down. However, when looking at the cost of solar power, one thing to keep in mind is the cost on the other side of the equation.

Another consideration in calculating the cost of solar power systems, is any interest rates that may be charged if a loan is needed as well as any tax saving that may be granted by the federal and state governments for the use of alternative, renewable energy. In some areas, there may also be grants available to help offset the cost of solar power installation. (we will cover grants in a future posts on this site)

Consider All Factors Before Making Decision

Converting to an all solar home will be a big step for any homeowner and they will want to get all the facts. In addition to the cost of solar power systems, consider the reliability of such as system in the geographic area in which the house is located.

There needs to be between four and six hours of daylight, preferably with full sun, and if the location is not conducive to this exposure, the cost of solar power may be a moot point, if the house is left in the dark too often.

In some areas, full sunlight may be possible for the majority of the year, and for part of the year a hybrid system may be needed. Maintaining a connection to the power grid during days of little sunlight may increase the long-term cost of solar power, but during the days when the power company’s offering isn’t used, it can still greatly decrease the electric bill. It can also provide power following storms or natural disasters during which the power company has problems with their lines.