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Is Solar Panel Installation Cost Worth the Penny Read to Find Out

Sep 04, 2023
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The perks and benefits of solar energy are well-heard of. However, the high up-front solar panel installation cost can confuse an individual. If you ask yourself whether solar panels are worth it or not, read on to understand better.  

Homeowners who choose to install solar energy systems can receive several benefits. These benefits can include low electricity bills, a low carbon footprint, and a potentially high value of your home.  

However, it is essential to remember these benefits of solar panel installation come with significant costs. In addition, these gains’ magnitude can vary widely from one home to another.  

Things to Consider When it Comes to Solar Panel Installation Cost

In principle, it is a financially sound decision to install solar panels for your home. Here are some calculations you must consider:  

  • The amount of energy that will be produced 
  • The cost you would pay for the same amount of energy 
  • The number of years it would take for an upfront investment to pay for saved energy costs.  
  • Whether or not the system will pay for itself in a period of 5 years 

Keeping this in mind, it is an excellent idea if you have the upfront capital for solar installations. However, if you will have to wait for a longer period of time for your savings or if there is a need for a loan to afford the system, it is best to rethink your decision on solar panel installation. Irrespective of the type of system you choose to use, it is imperative to keep in mind that solar energy is capital-intensive. The solar module represents the most significant component of the solar panel installation cost altogether.  

Luminous Solar Panel Installed on Building

Operation and Maintenance of a Solar PV System

Other equipment necessary for solar installation includes a solar inverter (to convert the direct current produced by the solar panel to alternating current for household appliances. Other components include wiring gear and metering equipment (If necessary, see the amount of power produced). A few homeowners also consider solar battery storage. Also, the labor cost be factored in when it comes to the cost of installing solar panels at home 

The operation and maintenance of a PV solar array system also comes with a specific cost. However, regular cleaning is the only form of maintenance required by solar panels. In addition, solar batteries and inverters only need to be replaced after several years of usage.  

The location also plays a role in deciding if solar panel installation cost in India 

is worth the price. A solar panel installation will be worth the initial cost if you live in the sunny part of the country.  

Solar Panel Installation Cost Related Benefits

In simple terms, most homeowners will eventually benefit from solar power installation, keeping in mind India’s solar panel installation cost. It will, however, take some time for these benefits to be fully realized. Whether it is worth installing a solar panel system often comes down to various factors which are not technical. These factors include the time you stay at your home, the availability of subsidies in the area, and if you want to do your bit for a greener environment.  

Depending on where you reside, it is possible that the solar installation system pays back for itself and more with the passage of time. This is because, in this way, you will not be spending the kind of money that you spend on purchasing electricity from the utility. In addition, if net metering is set in place, you can reduce your bills even more.  

If homeowners wish to avoid potential fluctuations in the cost of energy in the future, it would be best to look beyond personal cost-related motivation and switch to solar for sustainable living.  

Conclusion

Conclusively, it can be said that solar panel installations pay in several ways, ranging from reducing the carbon footprint to increasing the value of your home. In addition, Luminous offers a range of solar products that help take the efficiency of solar panels up by a notch, ultimately helping compensate for the high initial solar panel installation cost.  


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