Why Do You Need A Solar Panel
Every year the electricity cost in the United States increases by 1.5% on average the same Kwh(Kilowatt Hour) that used to cost 8.38 cents in 1994 now costs 16.02 cents Kwh(2021), and the cost has significantly gone up in the past couple of years. The reason is the depletion of natural resources, the limited number of oil reserves and the exhaustion of the existing reserves.
The gas prices increased by 50% this year as compared to 2021 fuel prices and are the leading contributor to inflation. They will likely rise in the upcoming years with the price of every item it is most related to. It means that the fuel prices are going to rise and with it, the prices of several other luxuries and essentials. Even though it is not much you can do to encounter the upcoming inflation other than raise your income. Moving to a sustainable option such as solar panels for electricity can eventually give the electricity manufacturers a run for their money. And the hefty useful life of most solar panels (25 years).
What Is A Solar Panel?
Solar panels work on solar cells, which is the essential component of any panel. Solar cells are usually made of three components /layers: silicon, boron, and phosphorus. However, these materials differ as there are different types of photovoltaic cells. These cells are then exposed to sunlight which then converts the sunlight into electricity. Often laid down on grids, the size of the grid is highly dependent upon the number of cells included in one grid.
These panels are sealed from the back and usually come with a rigid metallic frame making these panels more durable and extending their life. The sealed panels also come with water drains which help in prolonging the useful life and decreasing the factors that can cause inefficiency with the conversion of electricity.
How Does A Solar Panel Work?
These panels act as a medium for composing solar cells, which are later used to generate electricity. The particular photovoltaic cells absorb protons from the sun and convert them into electric currents, often referred to as the photovoltaic effect. An inverter then converts the direct current (DC) produced by the cells into an alternate currency that is eventually brought into use. While installing the panels, professionals often choose the sides with the most sun exposure to obtain the maximum benefit. However, that’s not always the case. There are days when you will not be using as much electricity produced by the panels, in which case you can deploy a “net meter measure.”It measures the electricity flowing in both directions from and to your home. The utility company compensates for the surplus power produced by the panels in your bill.
Types Of Solar Panels
When It comes to solar panels, you will usually encounter four types of panels in the market.
Monocrystalline solar panels can be identified by their dark black colors. Due to silicon being the major component in the production of this type, it is the most efficient in terms of electricity. However, the price tag is just as hefty as 50% of the silicon goes into wastage during production.
Polycrystalline Solar Panels
The polycrystalline solar panels often consist of various silicon crystals which are melted into a square mold. The molding feature results in less wastage, eventually resulting in fewer prices to be charged to consumers and making it much more affordable. Nonetheless, the poor build quality and low quality of material eventually contribute to less conversion of electricity, inefficient utilization of space, and their inability to work in high-temperature environments.
Passivated Emitter and Rear Cell (PERC) Panels
These are an improvement to the already existing monocrystalline silicon panels, which increase the efficiency of the cells by reflecting more light within the cell and enhancing the ability to absorb wavelengths up to a greater spectrum, eventually resulting in overall increased efficiency of the panel.
Thin Film Solar Panels
It is the only flexible type of solar panel and does not require a rigid metal frame like its predecessors. This, in particular, makes them lighter and easier to make. However, they are slightly less efficient when stacked up against the crystalline panels. These panels further diversify into three types, differentiating based on the production material used.
Cadmium telluride (CdTe).
Amorphous silicon (A-si).
Copper Indium Gallium Selenide (CIGS).
Pros And Cons Of Buying A Solar Panel
When you are opting for renewable sources of energy, it is also important to take environmental health, ever-increasing global warming, and mother earth’s health into account. Nonetheless, the cost is just as high when it comes to moving to renewable energy as the installation, manufacturing, and procurement cost needed upfront, which can always become a hindrance. So your financial condition will play a detrimental factor and affect your decision. We have compiled the list of pros and cons which people commonly encounter while narrowing down their decision.
Cons
Moving To Renewable Energy Is Expensive.
The Payback Period has expanded over the years.
Does not work well on all types of roofs or homes.
The cost of savings is highly dependent upon the usual cost of electricity.
A Financial Liability.
Installation of the equipment is not always easy.
Pros
Sooner or Later It makes up for the initial incurred cost.
It has A huge impact on the carbon Footprint
Results in the appraisal of your home value.
Reduce the dependency on the Grid.
You get paid for surplus production.
Various Tax Rebates and Deductions from the IRS
Solar panels are getting more effective as innovation in the industry occurs, and it is the future. The demand is increasing day by day. However, due to its abundant supply, solar panels are still affordable. Experts predict that the cost of production is likely to increase with the increase in demand for these panels. And Among the above-mentioned types, the most efficient option is monocrystalline silicon panels. It has the best efficiency and rate of energy conversion in recent times. It provides the best IRR (internal rate return) used by professionals to calculate the payback period of the Investment.
Monocrystalline Silicon Panels reduce the payback period to 8-12 years (depending on the sun`s exposure) and come with a useful life of 25 years, making them the best choice.