When investing in solar energy, it’s natural to be focused on the upfront cost of your system; after all, adding solar to your home is a major investment, and you want to reduce the overall cost as much as possible. However, it’s important not to get too hung up on the price tag alone, as it never tells the full story. The long-term value of your solar panels depends on several other factors, and they should all be carefully considered before making this investment. Keep reading to learn what other factors you should be looking at when considering the long-term cost of your solar panels.
The efficiency rating of your solar panels measures how effectively the panel converts sunlight into electricity. High-efficiency panels will almost always cost more upfront, but they produce more energy over time. This means you’ll need fewer panels to meet your energy needs, and your savings on your utility bills will add up faster. Over the course of the panel’s lifetime, the increased energy output often outweighs the initial price difference, making the cost per watt produced much lower.
Solar panels are a long-term investment, with most lasting between 20 and 30 years. However, not all panels are built the same. Higher-quality panels will be more resistant to weather damage, microcracks, and other types of wear and tear. Durable panels will reduce your repair costs and ensure you continue to generate power efficiently for decades. Investing in well-built panels will reduce your long-term expenses.
A strong warranty is another way to reduce the long-term cost of your panels. Most solar panels come with a performance warranty, which guarantees a certain energy output for a certain number of years. The best warranties will also cover product defects and repair or replacement costs related to those defects. Ensuring you have this kind of warranty can save you thousands in unexpected costs, as well as giving you peace of mind.
All solar panels will gradually lose efficiency, but just how quickly that happens will vary. The average degradation rate for solar panels is about 0.5% per year, which means the panel will produce around 88% of its original power output after 25 years. However, premium panels can have degradation rates as low as 0.2%. These will cost more, but the lower degradation rates keep your energy production—and, therefore, your savings—higher for longer.
So, when you’re considering a Trina Solar panel’s price, be sure to look at more than just the price tag; consider all the factors that will impact the long-term cost of owning the panel as well.