Home solar power systems are a major investment and, with any significant investment it is important, to weigh the pros and cons before spending your money. So let’s start with the bad news first: what are the drawbacks of installing a photovoltaic system?
The cons
The major drawback is the initial cost to purchase your system and have it installed. Getting set up with home solar power systems that provide enough electricity to power your entire home is going to cost $25,000 on the low end and could go up significantly from there.
Another drawback is the efficiency of today’s photovoltaic cells. Home solar power systems are only able to convert about 30% to 35% of the sunlight they collect into electricity. The technology is improving and new solar panels are able to absorb multiple wavelengths of light, greatly increasing their efficiency but there is still a long way to go.
Another obvious problem is that, in some geographic locations or on cloudy days, you will not be generating much electricity.
The cost of home solar power systems and their efficiency are both things that are improving. As time goes by, the prices will come down and the efficiency will increase so, in time, these drawbacks will no longer exist but let’s take a look at the good points of the systems that are available today.
The pros
The number one benefit to solar power is that it is a clean, renewable source of electricity. Enough sunlight contacts the earth every day that, if we were able to capture it all, one day of sunlight would provide enough electricity to power our entire planet for a whole year. Obviously we cannot capture all of the sun’s energy but it is a nearly limitless supply and, as the efficiency of photovoltaic systems improves, we will be able to make better use of it.
Being clean and renewable means that we can generate electricity without adding to global warming, air pollution, or relying on a limited supply of fossil fuels that will eventually run out.
Another benefit is that home solar power systems are an investment that will pay for themselves over time. Although it can be expensive to get started with a solar set up, you will be able to eliminate your electricity bills and eventually recoup the money you spend to set up the system, at which point you will have free electricity for a long time to come. A home solar power system is also likely to cause an increase in the resale value of your home and, hence, increase the equity therein as well.
