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.

Should you invest in solar panels?

However, statistics indicate the promising nature of solar panels investment. Solar energy is indeed a rapidly growing sector of the economy, flourishing in its development. Make money with solar panels is not a fiction; solar investment is an attractive option for investors. Why might this interest you?

Why do solar panels cost so much?

The only additional cost factors are the upfront costs of installing a solar system and the fossil fuel electricity costs needed when solar doesn't cover all energy needs. While the most efficient solar panels on the market today have efficiency ratings as high as 23%, the majority of panels range from a 15% to 20% efficiency rate.

How can people profit from solar energy?

People can also profit from solar energy by having solar panels installed on their own homes or businesses in order to take advantage of net metering to reduce utility bills. Investopedia requires writers to use primary sources to support their work.

Does solar power increase property value?

Installing solar panels may increase property value for your home. Solar power is desirable for some homebuyers, and they may be willing to pay more for a house that comes with the prospect of lower utility bills over time.

Why should you invest in solar power?

Moreover, the trends that favor the continued growth of solar power—falling costs, improving technology, and regulatory support—are gaining strength. The fundamentals of solar projects are attractive. Over time, solar PV will become one of the cheapest sources of power and possibly the cheapest of all.