Are Solar Panels Worth It?
Between 2001 to 2019, the average rate of electricity for residential use in the United States rose by 150%, registering an average annual inflation rate of 2.35% during this period. Today, American households pay between 8 cents per unit (in Washington) to as high as 29 cents per unit of electricity (in Hawaii).
During the same period, the cost of solar photovoltaic (PV) cells fell from an average of $12 per watt in the year 2000 to less than $3 per watt in 2020 for an average 5kW size system.
Growing concerns of climate change and pollution have further pushed for the use of cleaner sources of energy including the wide-scale installation of solar panels. However, the installation of solar panels continues to come at a huge cost (between $15,000 to $25,000 for residential solar systems) and several factors influence the feasibility of the project and the return on investment you can expect out of it.
So, now the big question: are solar panels worth it for you? Let’s find out more in this bite-sized quiz!