Cost+Effieciency

While solar energy is not only better for the enviornment, it is also better for your wallet in the long run. It is estimated that at todays price the total cost of solar panels may reach upwards of $40,000. However, this will replace any other form on energy that is required to run and maintain a household. While this price may seem a little steep it is also estimated that solar panels will pay for themselves between 5 and 8 years. This may be too much money for some househoulds to handle which is why the government would have to take steps to reduce the prices of the cost of solar energy by giving discounts through tax deductables and by helping the families that are lesser-off. This may seem like a drastic change but it will benefit the entire world when there are no more fossil fuels left.

Here is an example of how much profit solar energy can generate:

//For a typical energy independent house in a northeastern area of the United States where the total energy bill is $3,500/yr. Let’s use $2,000 for heating and hot water and $1500 for electricity. We’ll need to produce 15,000KWH’s to meet our yearly household electrical requirements. That’s about 40KWH per day. Since an average of 4KWH/day is available we’ll need a 10KW system to meet our yearly electrical requirements. The electricity produced by this 10KW system would have a value of about $4.00/day and require about twenty five 2 m2 panels that would occupy a surface area in excess of 600 square feet. An installed system like this could easily cost $100,000 at $10/watt. Incentive rebates could cut this cost in half, but even at a cost of $5/watt the payback period would be about 30years. Now even though this is a long term investment it it still a renewable source that will always generate energy on its own with little to no cost to maintain. Solar panels will generate profit and eventually save loads of money for the investor. //

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