Solar energy solution is an excellent alternative to conventional power generation methods. Since its introduction, it has have inspired a significant number of people to invest in solar panels. Solar panels carry many benefits to their name, like self-reliance in the power sector without affecting the environment. With the mass increase in the solar industry, there is a considerable increase in solar panels’ cost. We shall shed some light on some of the reasons for this price increase.
Solar panels cost around $10k to $30k. This hefty price is because of certain factors which we are going to categorize as:
- Hardware cost
- Soft cost
Solar panels hareware cost
As the name suggests, the prime reason for solar panels being costly is overall expensive production. Solar panels use high-tier silicon in their manufacturing that shares a good deal of expensiveness in itself. Adding to the list, high-quality lithium carbonate in solar batteries for energy storage is not cost-effective and costs around $10k per metric ton. Furthermore, these solar panels’ production is done on advanced machinery to do justice to the expensive raw materials. Innovation is a tricky mistress, it always comes with a price tag, and in the case of solar panels, we are talking about freeing our planet from environmental hazards and toxic wastes.
Solar panels soft cost
Soft cost is actually for the safety of your investment. You see, when you are paying a hefty price tag, you have to hire a professional. These professionals are license holders, and their job is to take good care of panels. They take a great during the installation of solar panels at your home or the designated site, hence taking care of you. Soft costs also include after-sales services. These services make sure that you are enjoying every bit of your solar experience without worrying about any inconvenience.
The installation of the solar panel system itself is a challenge. Every building requires a unique design for the mounting. Which in turn deals a fair share in the rising cost. Professional architects and laborers carry out this mount designing. They keep every angle covered so that the mounted solar panels use every bit of the sunlight. It also includes regional research and geographical conditions and the suitable setup for the panels to work efficiently.
Wear and tear also play their part in a gradual increase in cost. Mechanical equipment wears out with time and requires repair or replacement if damaged to the point of no return. This inconvenience significantly adds to the panel’s cost, along with the technician fee charged per visit. Technicians assess from 100 to 150 dollars per annum which could rise to 250 dollars if cleaning charges are included. Other things that add to the cost of a solar installation are:
Types of the panel:
The type of solar panel may determine the overall cost of the system. The better and energy-efficient panels are also expensive than the others. Solar panels are manufactured from two types of cells, monocrystalline cells and polycrystalline cells. Polycrystalline cells are commonly available and significantly cheaper than monocrystalline cells; however, monocrystalline’s efficiency is poles apart from its predecessor.
Type of inverter:
Inverters’ prices vary depending upon their efficiency. There are centralized inverters that are connected more centrally and are bound to serve the whole setup. Then there are string inverters and power optimizers, which are individually attached to each panel system. Centralized inverters are less costly than the other two, while string inverters and power optimizers are more energy efficient.
Suppose the installation site is situated at a landscape that stops sunlight from reaching the panels directly. In that case, hiring professionals for their removal also adds to the cost.
Type of mounting:
The type of roof mounting also impacts the general cost of the system. For example, tile roof mounts are considerably cost higher than the flat roof or metal roof. It requires more labor and equipment. However, metal roofs and flat roofs cost much lower as they don’t need extra work and can be done with a standard mounting kit.
Solar panel systems require a specific electrical system to work. These electrical systems, however, slightly increase the overall cost of the system. This electrical system is necessary and pivotal in the efficient working of your setup.
Despite being expensive, a solar panel is an excellent alternative to conventional energy means. They give you complete self-reliance in terms of power and do not seriously impact the environment. Ordinarily, solar panels are advertised with more than 15 years of warranty. You can recover your cost within the first 5 or 6 years; after that, you are only getting the best of your investment.