The demand for solar power has shown an impressive growth over the past decade. Records from Solarbuzz stated that the number annual solar power system installations increased from 427 megawatts in 2002 to 1,744 megawatts in 2006. This is resulted to an impressive 42.2 percent compounded annual growth rate. By year 2006, the solar power industry revenues were recorded to be worth US$10.6 billion. Although the industry constitutes a small portion of the world’s energy output, it is projected to grow into a staggering US$31.5 billion industry by 2011. Because solar power system installation has a steady growth of demand, you might need to shell out serious amount of money to have one installed in your home. Despite the cost of photovoltaic systems, their tremendous economic advantages can never be denied. Use our solar panel calculator to get your estimates.
How much does a residential photovoltaic system (solar power generator) cost?
The answer depends on three basic factors:
Location. In some countries like the United States, government incentives and low-interest loans are offered to families who decide to invest on a photovoltaic system. In addition, areas that usually experience limited number of sunny days may need to spend extra for power supplement and storage equipment.
Consumption. The usual power consumption of your household is directly proportional to the size of photovoltaic system that you should invest into. In this case, the bigger system you need, the higher the cost.
Roof. Yes, that’s right. The roofing system of your home has something to do with cost of photovoltaic system that you need to buy. Normally, it is more expensive to install solar panels over wood shake shingles than its clay tile counterparts. If your roof is no good, you may opt to install a ground-mounted solar array. Just make sure that you allow a professional team to cover your solar power equipment and installation needs.
A residential solar power system has an average life efficiency of 35 years. Despite the high initial cost of bringing one into your home, imagine raking in the economic and environmental benefits of this neat setup for the coming decades. Check out our solar panel calculator and have a quick estimate of the photovoltaic systems available for your home.