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Pros & Cons of Solar Panels in 2024

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After over a decade of record growth, residential and commercial solar energy installations continue to grow in 2024. In fact, the Energy Information Administration (EIA) notes that solar installations within the U.S. grew by 31% in 2023, with up to 71% growth in the sector anticipated in 2025.

This surge in growth isn’t just because solar panels are good for the environment — it’s also because they offer a way for homeowners and businesses alike to save money on rising energy costs. But while the benefits of solar energy are substantial, there are also some important factors to consider before making the switch to solar. In this article, we’ll dive into the pros and cons of solar panels in 2024.

On the fence about solar panels? Speak with the experts at Photon Brothers.

Get the expert solar panel advice you need to inform your decision-making processes at Photon Brothers. We provide custom estimates tailored to your home, roof, energy needs, and budget. When the job is finished, you can relax knowing our team of licensed electricians delivers flawless workmanship backed by a 25-year production guarantee. 

Want a solar estimate? Click below to use our online estimator and get a ballpark quote in just seconds!

The Pros of Solar Panels in 2024

Lowered Energy Costs

Decreased energy costs are a top reason many California and Colorado homeowners install solar panels. Depending on your setup (e.g., number of panels, wattage, and positioning), solar energy can generate enough power for your home or business to reduce or even eliminate electricity costs. With utility costs rising in many parts of the country, relying on solar panels can save you a huge amount of money in the long term.

Increased Real Estate Values

You may also multiply your savings by increasing the value of your real estate. For example, Energy​.gov estimates solar panels can add around $15,000 to a home’s value, while a 2019 study by Zillow found homeowners with solar sold for 4.1% more than those without it. That said, those increases depend on several factors, such as whether you lease or buy your solar panels, the system size, and the efficiency levels of the panels.

Reduced Carbon Emissions

Traditional plants create power by burning fuel to heat water into steam, which then drives a turbine to generate electricity. Using traditional fuel sources like coal and oil for this process, however, produces large amounts of carbon dioxide — an excess of which harms the environment and drives global warming. On the flip side, solar energy offers a clean, renewable source that doesn’t directly release carbon dioxide into the atmosphere.

Energy Independence

If you live or do business in a remote location, solar panels provide you with an off-the-grid power option. Solar panels generate electricity that you can use in real-time to power your equipment. Any excess energy produced can either be exported back to the grid or stored in a battery system. This stored energy can then be used to power your home or business during the night or in the event of power outages, ensuring continuous power supply.

Earn Your Money Back

If you’re connected to the grid, you may be able to earn money back from your utility provider through net metering or the SREC (Solar Renewable Energy Credit) programs. Net metering means you feed power into the grid when you produce too much to store yourself. Following this, the provider sends you credits in return that you can redeem on overcast days to reduce or eliminate energy bills.

If you live in a state with an SREC program, you can earn money for the solar energy your panels produce. For example, utility providers usually issue one SREC for every 1,000kWh you generate. These programs exist due to state and federal clean energy mandates, so your solar panels help utility providers comply with certain laws and regulations. These programs work either via an upfront payment or SREC contract, depending on what your area allows.

The Cons of Solar Panels in 2024

High Upfront Cost

The biggest drawback to solar panels comes down to pricing — installation usually costs between $10,000 and $40,000. That said, right now, the Federal Government is offering a 30% tax credit for solar installations, which slashes that dramatically. Not to mention the long-term energy savings. On average, California and Colorado homeowners recoup their solar investment within 6 to 12 years. In light of Photon Brother’s 25-year production guarantee, the energy savings alone outweigh this potential drawback. 

Speak with a professional at Photon Brothers to find out your estimated payback period based on your energy consumption. Call us at (720) 370‑3344 (Colorado) or (805) 351‑3371 (California) today. You can also head to our tax incentives and financing pages below for more information about reducing your upfront investment.

Require Lots of Space

Standard solar panels measure 65 x 39 inches, so installation requires sufficient space in an area that gets direct sunlight. A house’s roof is the most common installation placement, but some roofs may not support solar panels due to the way they’re constructed or their angles. If you’re concerned about whether your roof can accept solar panels, contact Photon Brothers for a custom solar panel design consultation to assess the space you have. When a roof isn’t compatible, ground-mounted systems can be utilized.

Negative Impact of Manufacturing

While the power generated by solar panels may be emission-free, toxic materials may be used in manufacturing some solar panels. Fortunately, Photon Brothers installs equipment made to stringent standards within the US for extra peace of mind when you want to go green. Our solar panels make a positive impact on the environment by replacing or reducing more harmful energy sources such as coal.

Learn More About Potential Energy Savings

Discover how Photon Brothers can reduce your energy bill while boosting your home’s value. Our solar installations have a 25-year production warranty and a 25-year warranty on parts and labor for added assurance when you’re ready to switch to renewable energy.

Photon brothers John E Johnson

John E. Johnson

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