Understanding a Solar Panel for Home – Will It Pay Off?

As a homeowner, if you install photovoltaic power systems, you can avail yourself a number of benefits like lower electric bills, potentially higher home value, and lower carbon footprints. But if you wish to enjoy these benefits you should be ready to pay significant installation and maintenance costs. The magnitude of the gain that you can enjoy vary from one house to another.
Cost of Installation of a Solar Panel for Home
We all know that solar power is a capital-intensive expenditure. When you buy the equipment and go for the entire setup, the main cost is involved at this stage. The solar module is the largest single component of the overall expenditure. Other equipment that involves slight expenditure include an inverter, metering equipment, cables, wiring gear, solar charge controller, solar batteries, etc. other than these installation costs, you have to pay additional operating costs and costs that are involved to maintain a PV solar array.

 Benefits of a Solar Panel for Home
Installing solar panel for home has many benefits. Some of them are given below-
• Reduce or Eliminate Energy Bills- The most important benefit of the PV installation is a lower energy bill but the magnitude of this depends on the amount of solar energy that is produced in the available given conditions and the way in which utilities charge for electricity.
• It Helps to Earn Tax Credits and Rebates- Many countries allow people who decide to install solar panels to earn tax credits and get rebates. Different countries have different norms but every country gives some or other benefit to provoke people to go solar. Also, the solar panels come with a warranty period of 10 years while the useful life is of 25 years and the investment has a payback period of only 3.5 years. This means that you can get free electricity and credits for some 20 years.
• Helps to Save the Environment- Solar power systems use clean, pure, and safe energy. If you install solar panels at home you can combat greenhouse gas emissions and also reduce dependency on fossil fuel. Renewable energy also helps in improving public health. Solar power can also work in case of a heatwave or drought. Lastly, it helps in creating jobs in clean energy. So, overall going solar is a good deal for you.
• Increases the Value of Your Home- the last benefit is the potential effect on your home’s value due to the addition of a solar array. In other words, it can be said that these solar panels raise the value of most homes. They also help in offering a protective layer to your terrace. You can earn more rent on a property that has a solar panel. Also, solar panel for home attracts more resale value. You can even opt for a 2kw solar panel system depending upon the need of your home.
Conclusion
It can be said that some economic costs may be defrayed by the social benefits of solar energy and also lowering your carbon footprint. Also, by installing a solar panel for home you can sell back excess energy that is produced through the concept of net metering.