Electricity demand is increasing rapidly due to the higher population. The utilization of renewable energy sources such as solar power is to be a priority in this condition, as it is satisfactory and provides tremendous maintainable and economic impact. Technology in renewable energy derives power from the sun as it is the viable choice for producing clean electricity to meet the requirements of energy. One of the primary advantages of renewable energy is that it creates considerably lower emissions of carbon dioxide than fossil fuels. The technology adoption of renewable energy can aid in minimizing global warming due to reduced emissions of carbon. One approach in which some individuals utilize renewable technology is presently through solar panel installation in residential homes; a unique solar system can meet the energy requirements of an entire household (Motyka, 2019). The International Energy Agency projects that facilities solar systems will give one-quarter of the globe’s necessities by 2050, and it forecasts solar imperativeness of 11% will start from panels introduced on houses (Pless & van Benthem, 2019). Homes in the United States utilize approximately 34 % of the state-generated electricity; hence, the installation of solar panels in residential homes can have an impact on the world (Lee et al., 2020). This paper aims to identify the merits and drawbacks of solar panels in residential homes.
When a homeowner installs solar power, they become less dependent on electric utility, and there exists a decrease in a monthly bill. A solar panel system typically has a lifespan of 25-35 years, which enables homeowners to cut electricity costs and focus on investment (Pless & van Benthem, 2019). There exist a federal tax credit such as solar Investment Tax Credit (ITC) intended for homeowners who buy solar energy systems for housing assets. Solar Investment Tax Credit (ITC) assists a more significant number of homeowners in connecting a home solar system as they can utilize this incentive to minimize their overall cost. Homeowners in 2020 are entitled to a 30% federal solar investment tax credit (ITC) if they have some civil income tax liability alongside in which they can operate with this credit (Casagranda & Hallett, 2020). The 30% federal tax credit has stimulated the development of the solar trade by making an investment in astrophysical a more possible choice for those attracted in contributing to residential growth in a solar project (Casagranda & Hallett, 2020). The solar ITC has offered quite an essential improvement to the solar industry by minimizing the solar project growth costs. At the end of 2020, the federal solar tax credit is anticipated to decline by 22 % and to 0% by 2022; hence numerous individuals considering installing solar panels on their houses (Casagranda & Hallett, 2020). Several state and local administrations that provide sales and property tax exceptions can help minimize costs. When individuals decide to install a battery and solar system in their residential houses, they can control better the average electricity expenses in the year. Households with maximum rates of electricity from their local utilities tend to save more when they adapt to solar systems (Boomhower & Davis, 2020). Solar panels can aid homeowners to save money and protect them from the increasing rates of service that they produce electricity. The existence of support from the ITC makes numerous solar energy developers improve their investments with the solar project. Thus, solar systems in residential homes can save a homeowner a lot of money over product life.
Installing solar panels can substantially increase the value of a property. For various individuals, their homes are their primary asset and preserving it is vital to guarantee it holds value. Maintenance and advancements of a property can improve a person’s lifestyle, and aid hold or advance the market value of a property. Numerous solar financing preferences are low-interest, and most need zero money down and also distinct from a disruptive home renovation project, solar can typically be fixed in a single day. According to Solar Energy Industries Associations, Americans are spending in solar power, connecting adequate systems to 12.3 million homes in 2019 (Boomhower & Davis, 2020). Solar panels, on average, across the U.S, increase the value of a home by 4.1% (Casagranda & Hallett, 2020). The advantages of having solar systems in a home match a recent study that found the value increase of a property after installation of a solar.
Research shows that the more solar panels fitted on the roof, the higher the home value with a projected solar energy upsurge of approximately $6000 per kilowatt (Casagranda & Hallett, 2020). It shows a growth of over $29,000 in the home retail value for the installation of 5kW (Boomhower & Davis, 2020). However, the anticipation of electricity price to increase in the future; the benefits of having solar power in homes will become more evident. With tax incentives for new installations and reduced monthly electricity bills, homeowners can credibly expect not only recuperating their primary investment but also achieving a significant return on their investment. If a homeowner installs a solar energy system, they can project to add a substantial percentage to their property value.
Solar reduces carbon emissions
Human activity is overfilling the environment with carbon dioxide and other emissions from global warming. According to The Economist (2019), in the United States, approximately 29 % of emissions from global warming originate from the electricity sector. Most of these emissions emanate from fossil fuels such as natural gas and coal. In contrast, solar energy sources generate minimal emissions of global warming. Even when comprising clean energy life cycle emissions that are the productions from each technology’s life stage from manufacturing, operation, and installation, there exist minimal global warming emissions linked with solar energy. Besides, solar energy sources are the utmost outstanding substitute and the only key to augmenting problems (Motyka, 2019).
As the globe pursues the most cost-effective methods to minimize the output of carbon dioxide in the aspect of global variation in climate, solar energy has turned out to be a trendy source for a good reason. According to the Environmental Protection Agency in the U.S, the average household produces carbon pollution of about 20 metric tons every year (Lee et al., 2020). Installing a solar system can help a two-person household minimize their carbon emanations by three to four tons yearly hence decreasing global warming impacts. Thus, homeowners should install a solar power to establish a dent in the levels of pollution as the cumulative effect of property owners adopting solar in the nation creates a lasting impact.
Solar Maintenance Cost
An appropriately installed solar system involves minimum maintenance. There are limited ongoing costs related to the approach as a whole such as wire maintenance and monitoring issues. Solar panels have a longer lifespan and frequently have warranties to match their functionality, stating that after two decades of usage, they will generate a rated power of at least 80% hence making them incredibly reliable (Motyka, 2019). However, solar systems need minimum regular upkeep; some solar suppliers offer wide-ranging maintenance packages for their products to make sure they professionally continue producing affordable, clean, and reliable energy for the future years. Coal and natural gas have volatile prices and has augmented systematically in the previous decade, but solar systems require no fuel cost. Sunrun’s residential solar can help the homeowner know their annual energy costs for at least the subsequent two decades (Motyka, 2019). Most of the solar panels have automatic monitoring, which instantly alerts an individual in case of any issues or low efficiency in the system. Thus, homeowners should consider installing solar systems for their residential homes as they require minimal upkeep throughout the year.
The enormous upfront cost is one of the leading solar panel systems’ shortcomings. Solar energy approaches can be cost-prohibitive for proprietors who lack access to solar funding choices and are not eligible for federal solar incentives. While individuals invest money by utilizing minimal electricity, one spends a lot of cash upfront purchasing solar panels (Motyka, 2019). Currently, as solar panels connect to solar energy, the investment-related to possessing it is minimal on the high side. The rate of buying wiring, inverters, solar panels, and installation is for some individuals. The storage system for battery utilized to store this energy is also expensive. Relatively high prices give a homeowner an alternative good for selection and avoid solar services. In the United States, the average solar cost is approximately $3.18 per watt (Lee et al., 2020). Hence before the federal tax credit; thus, on average, a 6 kW system of solar panel may run to about $19,080 (Lee et al., 2020). It is quite difficult to enumerate the entire installations rates without help from manufacturing firms. However, various nations have passed strategies in favor of rebates and tax credits to fund a majority of its populace to set up solar panels. Unless adoption of appropriate saving plans, the expenses can be unbearable. Also, an initial solar panel installation investment may take more years before getting in the break-even point. Thus, a homeowner needs to weigh the initial expenses against the potential energy savings in the long-term when assessing solar options.
Location and Sunlight Availability
Latitude is one of the significant aspects of identifying solar power efficacy. Not all localities get a similar amount of available rays, with the effectiveness decreasing dramatically away from the equator. Regions nearer to the equator have a higher possibility of generating solar electricity than those areas to the poles. Also, areas with steady sun have more significant solar potential than those that are often overcast. Most of the United States has a higher probability of solar energy. However, in areas such as Hawaii, where they experience 277 days each year of clouds and rain, their position to the equator is inappropriate as they have unclouded rays reaching the ground (Casagranda & Hallett, 2020). The efficacy of solar depends on the season as during the summer, one can produce more electricity because the sun is tilted nearer to the location.
All things constant, solar panels will experience a decline from ultra-violet rays. Various individuals have benefited from buying backup systems of battery, which accumulate the used power when the rays of the sun are not strong enough. Subsequently, purchasing these backup systems can hugely increase the overall costs of solar installation. In the long run, there exist derivable value from solar power technology. According to the second thermodynamics law, the cells of solar will never attain 100% efficiency (Boomhower & Davis, 2020). The maximum efficiency is 85%, and that is with motors and mirrors to follow the sun (Casagranda & Hallett, 2020). Maximum efficiency happens when there exist maximization of production from a specific input quantity.
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