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Are Solar Panels Worth It in 2022?

Aug 21

 

While the benefits and perks associated with solar energy are well-documented, you may be confused by the high upfront costs of a solar photovoltaic system. Are solar panels worth the cost? Let’s review some important points of the worth of the solar system.

Solar Energy in 2022: The Facts

The future of solar energy is bright. The topic of solar energy is becoming increasingly important, with many states and cities (and even countries) setting ambitious renewable energy goals for 2050. It's the most important source of renewable energy, and it's why homeowners around the globe have access to power. Utility companies are scared of solar, but it is the first step to energy independence.

 

The current state of Solar Energy

The average annual solar growth rate has been 42% over the past decade (SEIA). With each passing year of falling prices, solar expands into new markets and more homes around the globe. According to SEIA, the cost of installing solar has fallen by 70% in the past decade. This has fuelled much of the growth.

 

Solar Power is on the Rise

Additionally, the U.S. Energy Information Administration, (EIA), reported that solar power accounted for around 3% of all electricity generated in the United States. It may not seem like much but it isn't the end. EIA predicts solar power will be 4%, 14%, and 20% of total U.S. energy consumption by 2021. It is no surprise that every year, many American cities are working towards 100% renewable energy goals.

 

There's a simple explanation for this rapid growth:

Solar power is not only great for the planet, but homeowners who make solar power a priority are also saving thousands every year on electricity by producing their own power. This is how a homeowner achieved a negative electrical bill by installing and maintaining a solar system on its own. 

Solar as an Economic Engine

The best part is that solar power is a powerful economic engine. SEIA reports that more than 230,000 Americans work in the solar industry at more than 10,000 companies across every U.S. State as of 2020.

 

Solar also employs around 30% of people identifying themselves as females, and 2020 saw a substantial increase in the employment opportunities for various ethnicities. Additionally, veterans account for a higher percentage of employment than the rest. National Solar Job Census 2020. Solar is a great sector to boost the economy. As more people choose solar energy as their primary source of electricity, the greater the number of jobs it creates. These jobs provide extensive training for skilled employees who want to pursue a career in the solar industry.