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.

Are solar panels worth it?

How long does it take for solar panels to pay for themselves? Is it harder to sell a house with solar panels? Considering solar panels for your home, but need more information to decide if they’re worth it? Usually yes, but this complete guide will help you decide if solar is worth it.

How much will solar panels cost in the next 25 years?

Without solar panels, the average homeowner will pay more than $60,000 in electricity bills over the next 25 years, according to EnergySage data. If you install solar panels now at an average cost of $20,000, you can save more than $40,000 over the next two and a half decades.

Do solar panels add value if you move?

However, adding a solar system can still benefit you financially if you move. According to a few studies, solar panels increase your home's value by about 4%. Just be wary of leasing solar panels if you think you might move. Leases are typically long-term and can be difficult to cancel, making it more challenging to sell your home.

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 cost-competitive?

The basic requirement for cost-competitiveness is that any new solar technology that is to be installed in the United States should start with a module efficiency of at least 20%, a cost of no more than 30 cents per watt, and a lifetime of at least 10 years, with the potential to improve on all three.