Costs and Benefits of PV Solar Energy

Residential Solar PV Panels

We hear a lot about how bad coal is, and now there are some serious concerns regarding nuclear energy as an option in the wake of the Japan Earthquake. What about solar? If you are considering this renewable resource, think about these costs and benefits of PV solar energy (photovoltaic, or electric solar).

On the plus side, PV solar energy is:

Reliable. Once you determine how much sunlight hits your roof each year, it is relatively easy to predict how much energy you can generate with PV solar panels. Unlike your utility, solar won’t subject you to rate hikes. In fact, as the years pass, you’ll pay off your solar panel system and eventually get down to paying next to nothing for electricity.

Cheap. Instead of paying the electric company, pay yourself! With lower costs, generous incentives and rebates, many homeowners can pay off the investment in PV solar energy within 5-10 years. With net metering, you can turn back your meter and get credit on your bill for extra energy generated!

Safe/clean. Solar panels do not emit any greenhouse gases in operation, unlike coal or natural gas. And, in contrast with nuclear power, they are very safe to operate. Simply install and then enjoy solar electricity for years to come.

On the other hand, there are some downsides to PV solar energy:

Inconsistency. You might be able to estimate your solar energy production over a longer period of time (months or years), but estimating how much will be produced on a daily basis is more difficult. Not only that, but nightfall means that your solar panels will take a 10-12 hour break until daylight again. If you have “banked” extra solar electricity during the day, you can get a credit on what you draw overnight, however.
Expensive Upfront. Yes, you can save dramatically over the lifetime of your solar panels, but at the outset it can be difficult to invest in solar. Solar panel leasing and property assessed clean energy loans (PACE) programs can help eliminate down payments, but not everyone is convinced that switching to solar pencils out. At least not until grid parity is reached.
Property constraints. Not all rooftops are ideal for installing PV solar panels. If you don’t have southern exposure, or if you live in a woody, shady area, it is possible that not enough solar radiation will reach installed panels to generate ample electricity.

Before you go solar, consider the costs and benefits of the renewable resource as it specifically applies to your home!

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