Hottest Trends in SolarEnergy
What to look for before switching your home over to solar energy?
The solar energy industry is evolving rapidly. No one knows for sure how the industry would be poised in ten years. One thing that everyone agrees on is the promising present and future of solar power. The United States alone has enough solar energy to power almost five million homes. The cost of installation of solar panels and the connection to the grid has become one fourth of what it was five years back. These are some of the hottest trends in solar, or what some would call realities. There are a few more realities that you must be aware of when you decide to switch your home over to solar energy.
- The solar energy industry keeps growing rapidly. The growth is unlikely to slow down anytime soon. The residential solar market is an approximately seven billion dollar industry, as of the end of 2015 and in 2016 it is expected to generate much more revenue than that.
- While the growth is exciting and assuring of a greener future, there is substantial misinformation that people must guard against. Just as there is rapid growth and more companies are being drawn to the rewards the solar market offers, people are being hard pressed, sales malpractices are quite rampant and aggressive marketing is kind of spreading misinformation. There are many companies that haven’t had transparent practices. It is not that solar power doesn’t have the capacity to satiate your energy needs, but a lot depends on the exact product you choose, how you have it installed and if at all the installation will make sense given where you live and what your energy requirements are. There is substantial lack of understanding as a result. Third party installers, dissipation of information, contradicting and often inexperienced imparters of information are also to blame partly or completely.
- The growth of the solar market or the solar energy industry has seen the advent of several new companies. Today, there are more than forty three solar panel brands and there are more than twenty four inverter brands. There are innumerable solar panel installers. There are more types of solar panels, different options for financing and many more stores or marketplaces selling the kits.
- The cost of solar panel installation can be recouped in around seven years. Through 2015, it has been assessed that an average homeowner paid about $3.79 per watt in gross investment which takes about seven and a half years to recoup. As solar panels get more advanced and as costs get checked further, the turnaround time for the return of investment will come down to five years and even less in the near future.
- Homes installed with solar panels have been meeting more than four fifth of the energy needs. This leads to a savings of around two thousand dollars in a year considering the typical 7.9-kilowatt system used in homes. That is a staggering saving that no one can afford to dismiss or disregard. Further advanced technology that is yet to roll out in the market has enhanced the capacity of solar cells to harness 40% of the sunlight it is exposed, which is much more efficiency than the panels available now.