One of the main disadvantages of solar energy is the initial set up cost. Many people want to get a straightforward answer when it comes to the set-up costs incurred by solar panels. The point is that there is no simple, direct answer to such an inquiry. The financial assessment of any project based on the energy of the sun should take into consideration the costs of materials and installation as well as maintenance.
Though the sun is a source of energy that is unlimited, the technology used to capture and convert it into usable energy for households is still limited and costly. Depending on the size of your home, the installation, assembly and positioning of solar panels on your roof could make you spend approximately $30,000-40,000. Many people try to fabricate their own solar panels at home. However, this requires a high level of expertise – otherwise the panels will not work.
Most governments offer tax rebates or other incentives to the people who power their homes with solar energy, and this can help them save up to 80 percent of the overall cost of the investment. However, even with these incentives, most people think that solar panels are simply too expensive for their pocket. In spite of the discount provided, they still have to spend at least $500 (or even up to $10,000) for such alternative energy systems.
Further on, one must not forget the costs that come with the maintenance of the solar panels. Regular evaluation of their state is necessary in order to ensure proper functioning. If they become really damaged, you might have to replace them. Taking all these into consideration, the shortest period when you will manage to recuperate your investment is that of 5 to 8 years.
Despite all these set-up costs, solar energy systems will pay off on a long term basis. There will be no more energy bills or prices regulated by external providers. Solar energy is free and so it shall remain. Having your own solar energy system will help you stay independent during the times that the grid goes down. Plus, if you decide to sell your home, you can raise the price, considering the added value given by the solar panels.
So, considering that the investment will pay for itself in less than 10 years, and that you will not have to depend on the national energy providers, solar energy systems are still worth it, even though the initial costs may be high.