Industries and businesses have been making efforts toward making green and sustainable energy accessible over the past years. They aim to reduce carbon emissions, minimize energy costs, and improve the eco-friendliness of products and manufacturing processes.
While many people wonder whether it’s a passing trend, reports forecast its growth in the coming years. Forbes estimates that the value of the renewable energy market is poised to boom from $880 billion to almost $2 trillion by 2030.
Manufacturers have made great strides in making solar panels less expensive for property owners to buy. It’s why you may think solar panels are the most popular solar energy device appearing on people’s roofs these days. With the growing interest and the promotion it gets from the government, people begin to ask the question, “Is it worth it?”
What are Solar Panels?
A solar panel is also called a photovoltaic (PV) panel or module that’s a group of solar cells working together to collect sunlight. It converts the sunlight it’s collected into usable energy. The more sunlight that hits the cell, the more electricity it produces.
Solar panels are efficient at converting sunlight into electricity. Just an hour and a half of sun exposure is enough to manage the world’s energy consumption for one year. Solar technologies convert sunlight into electrical energy in two ways: through photovoltaic panels or through mirrors that concentrate solar radiation.
Solar panels are durable and wear out slower than other alternative power sources, and the effectiveness decreases by around 1-2% yearly. This means you can expect to have a working solar panel for decades.
As beneficial as solar panels are, only some properties and locations suit them.
3 Criteria for a Good Solar Panel Investment
Solar panels are a good investment if your home or property meets these criteria:
- Receives tons of sunlight
You shouldn’t consider your location when you’re wondering whether to invest in solar panels. The sun shines strongest in locations near the Earth’s equator, meaning you should consider investing in solar panels if you reside in a sunny country.
Additionally, you need to ensure that trees aren’t surrounding your location since the shade can block incoming sunlight, affecting the effectiveness and efficiency of solar panels.
- Has proper roof space
A roof with plenty of space, free of fixtures or chimneys, is ideal for solar panel installation. However, you can still install a smaller solar panel system if you have limited space. These smaller systems are usually more expensive than the normal ones. Additionally, solar panels are difficult to install on steep roofs.
It’s best to measure how large a space you can allocate for a solar panel and how you might install it before investing to avoid wasting your finances on something you can’t effectively use.
- Gets high electricity bills
Most people shift to using solar panels to power their property to avoid the high electricity bills they acquire monthly.
Solar panels are energy savers since they help you avoid consuming electricity from the primary electrical grid. In some cases, solar panels also bring money to homeowners since you can sell the extra wattage that solar panels produce back to the grid.
3 Benefits of Investing in Solar Panels
Solar panels provide some benefits for commercial buildings and industrial solutions.
- Build a green image
Going solar allows you to develop your brand image to support sustainability efforts, which more consumers look for in modern businesses.
People would want to support brands and companies that genuinely care about the environment, and switching to solar panels is a great way to show your efforts. In return, you grow your business and allow more sales opportunities.
- Enjoy incentives
Depending on your location, installing a solar energy system can allow you to enjoy rebates and tax breaks. For instance, if you reside in the Philippines, you can return the excess energy you’ve collected and produced from the sun in exchange for a refund. You’re allowed to get tax breaks under the Renewable Energy Act of 2008.
Aside from these, you get a high return on investment since you get lower electric bills and maintenance costs.
- Optimize daily operations
Fossil fuel power plants increase your contribution to air and environmental pollution while exposing you to health risks and liabilities. Solar farm installations lessen the harmful effects of getting energy from conventional plants. With better health, savings, and income, you can fund other aspects of your business and scale your company comfortably.
Are Solar Panels Worthwhile Investments?
Solar panel systems give you multiple benefits that will help you save finances, time, and energy as long as your property meets the criteria. Before deciding to switch to solar panels, learn how your electric bill, location, and incentives will be affected in the long run.
While there is still so much to do in saving the environment, solar panel systems are a step ahead for a cleaner, more sustainable, and profitable future.