With the inflation and increasing prices on everything, it is worth asking whether or not investing in solar panels is worth the money? According to the International Energy Agency report, the global solar energy output for 2020 was 156 terawatt hours. Also, between 2020 and 2021 alone, the number of solar panels installed had shot up by more than 1.5%. Furthermore, it is estimated that the solar energy market will grow beyond $200 billion by 2026.
With inflation on the rapid rise worldwide, many countries are on the verge of suffering an energy bill crisis. According to the Guardian, the bills may rise to 50% in the coming years. This has forced people to look for energy alternatives, like solar panels. However, the installation and maintenance also come with a price. This begs the inevitable question: are solar panels worth the money?
Also known as photovoltaics, solar panels are made up of multiple silicon based semi-conductors placed between a couple of conductive layers of boron and phosphorous. When sunrays fall through this layered structure, it produces an electric charge that can be stored and used for household applications. Usually, about 200-350 watts per panel per day are produced. However, the amount of solar energy produced would depend on the size and location of the solar panel. Once the panels are installed, they have an average life of 30-35 years.
Though solar panels are expensive and require additional costs like the maintenance charges, they help save a lot of money when cutting down the energy bills. However, more importantly, switching to a renewable source of energy production help reduce the harmful environmental impacts of the energy industry.