Do solar photovoltaic energy benefits outweigh the costs?

This article appears in the Spring 2020 issue of Energy Futures, the magazine of the MIT Energy Initiative. Benefits of solar photovoltaic energy generation outweigh the costs, according to new research from the MIT Energy Initiative.

How much do solar panels cost?

The national average for solar panels costs about $16,000 for a 5 kilowatt system before tax credits. However, some solar panel systems can run more than $35,000. The exact price a homeowner will pay depends on a number of variables, including geographic location, home size, solar system size and solar installer rates.

Are PV systems worth the cost?

Based on their findings, the researchers conclude that the decline in PV costs over the studied period outpaced the decline in value, such that in 2017 the market, health, and climate benefits outweighed the cost of PV systems at the majority of locations modeled.

Are solar panels a good investment?

Many homeowners see their electricity bills drop by 70-90% after installing solar panels, with some achieving net-zero energy costs through net metering programs. These impressive savings contribute significantly to positive return on investment calculations over the system’s lifetime.

Are solar panels worth it?

Solar panels are worth it if you already own your property, are dealing with high energy bills and can get solar panels installed that don’t come with a huge price tag. It’s even more worth it when you can take advantage of tax credits, incentives and rebates.

Do solar panels increase home value?

In many cases, solar panels can increase your home’s value. While they require substantial upfront costs, solar panels can increase your home’s value by about 4%, according to Zillow. Some research has also shown that homes that have solar panels tend to sell faster than those without them.