Due to the high demand and supply, solar panel technology is improving and becoming cheaper as time goes on. Most homeowners can’t decide between going solar or waiting until the technology improves.
People think they’ll save more money if they wait for the technology to advance and the prices to decrease. But is it true? There will always be some significant improvement right around the corner, but you can buy the technology now and still save considerable money. This article will help you do that.
Increased Efficiency
In 2022, the best solar panels max out at an efficiency of 23%. However, there is an improvement of 3% over the prior 12 years. This is good news since this means that present solar panels can meet your home’s energy needs at current efficiency levels. This way, you won’t have to wait for the efficiency to improve in the future to see significant savings.
However, the industry will continue increasing efficiency. This will pave the way for fewer panels on a roof to offer the same amount of electricity for your desired system size. Although the industry is improving, there’s no yield of significant short-term savings. The watts per panel have also doubled, but the price has too. This is because more efficient panels are expensive to produce.
Decreased Installation And Equipment Fees
With the improvement in solar panel efficiency, there will be upgrades in the overall process, the distribution, installation and manufacturing of solar power systems. This will reduce the overall costs of solar, and by combining government incentives and global manufacturing, solar panels will experience a lower price than ever.
This is why most people are waiting to install solar panels, hoping those prices will drop further. However, future trends indicate that the pace of price reductions will slow down in the near future, which is why the present is a great time to go solar.
Increased Electricity Bills
Even if solar costs are decreasing, electricity prices are still increasing. Depending on your location, these increases will continue at around two or three percent each year. However, if you install solar now, you can prevent those additional cost raises from the utility companies and even offset some of those bills through net metering. If you wait every year for potential improvements in solar panel technology, then the price of your existing electricity will only get more expensive.
Increased Property Value
You can increase the value of your home by installing a solar power system. Homes with solar power systems are easier to sell and are brought quickly by other homeowners. Since solar panels have a lifespan of 25 years, this gives you enough time in case you want to sell your home with an increased price tag in this period.
Waiting Is A Mistake
Everyone wants to benefit themselves in the long run, and one such choice is installing solar power. However, where many people go wrong is waiting for the next big improvement to see the prices go down for their solar system.
This is not necessary at all. You can still save a lot of money if you buy solar panels and start generating electricity from them. However, some people want to sell their older solar systems to purchase new technology.
Most solar experts believe you can benefit from solar panels since you don’t know what the future holds. You shouldn’t just narrow your vision to saving money, helping the planet, the future, or incremental improvements that may or may not occur.
But you should also look at other aspects which will help you in the long run. Modern solar technology can help you gain lower utility costs, cheaper solar panels, and valuable tax incentives.