With the price of traditional energy sources increasing, more people are turning to alternative sources of energy to light up their homes. Developed countries like the United States have seen a 72% increase in solar installations since 2011, and that trend is continuing as prices drop and the environment becomes more important to people.
One of the most promising alternative energy sources is solar power. Thanks to technological advancements and the continued decrease in the price of solar panels, more and more people are realizing the benefits of solar energy. If you’re considering adding solar energy to your home, or if you’ve been thinking about it for a while and are curious about the costs, this article is for you.
The Benefits Of Solar Energy
You may be familiar with the many advantages that solar energy provides in terms of cost and convenience. Since photovoltaic (PV) technology is relatively inexpensive, solar power is now a viable option for many people who want to reduce their energy costs and live a more sustainable lifestyle.
PV technology has greatly reduced in price over the years, and today a high-quality solar panel can be purchased for less than $100. The cost reduction is mainly due to mass production and the decline of the traditional energy industry in countries like the United States and the Philippines. This price drop has made solar power more accessible to the average person and has heightened interest in this alternative energy source. In fact, the cost of installing solar panels in the U.S. is now less than the cost of purchasing an equivalent amount of energy from the traditional electricity companies. This is making solar power more attractive as an investment as well.
How To Calculate The Costs Of Solar Energy
If you’re curious about how much solar energy costs, it’s important to take a few things into consideration. Not only does the cost of solar power depend on a number of factors, but so does the convenience associated with it. We’ll discuss a few of these factors below.
If you live in a country where electricity is generated and distributed by a public utility, like the Philippines, the cost of solar power will depend on your local electricity rates. In some places, electricity is practically free, while in others, it can cost hundreds or even thousands of dollars per month. This is a huge factor in determining the overall cost of solar energy, and the convenience associated with it.
Size Of The Pool Of Potential Customers
Another key factor that determines the cost of solar power is the size of the pool of potential customers. In places where there is already a lot of interest in solar power, there will be many companies that manufacture and install solar panels. As more people get on board, the competition increases, which drives down the cost of solar panels. This creates more opportunities for customers.
The price of solar power also depends on the convenience associated with it. If you live in a place where it’s convenient to get your energy from renewable resources like the sun, it won’t be difficult to justify the additional cost. Places like the Philippines where the temperature is consistent all year round and sunlight is available all day long are some of the most suitable locations for solar power.
Solar Energy In The Philippines
The Philippines is one of the most promising countries for solar power due its stable electricity rates and abundant sunshine. Thanks to these factors, many people have decided to invest in solar panels and install them on their rooftops. The Philippines is also a very green country, which adds to the allure of investing in renewable energy. The government has decided to make solar power a priority, which has led to a 30% growth in the solar industry in the country since 2016.
There are three different ways in which you can invest in solar power in the Philippines. The first is by purchasing a solar module that will be integrated into your existing electrical wiring. These modules come in all shapes and sizes and can be added to your rooftop easily without having to hire an electrician. They also work with a wide range of solar systems and any type of power source, so you can be certain that they will be compatible with your existing wiring.
The second option is to purchase a standalone solar power system. This type of system will generate electricity independently from any other electrical source and can be controlled directly from your smartphone. The benefit of this option is that you will not depend on any other energy sources within your vicinity, so if one point in the system stops functioning, the whole thing will shut down.
The last option is to lease a solar power system. With this option, you are not purchasing any equipment, but rather renting solar panels that are fixed to the ground. You will need to hire an installation company to come back and check on the system once or twice a year. The downside to this option is that if you live in a country where the temperature can fluctuate greatly, like the United States, then you will need to add another layer of insulation to your attic to protect your valuables from the extreme changes in temperature that arise during the winter months.
Based on the factors discussed above, the cost of solar power varies widely from country to country and from place to place within a country. The key takeaway from this is that the price of solar power is not a stable number and can vary greatly. The best way to find an accurate cost is by contacting an energy representative from a reliable company like GreenMountain.com whose information you can trust.