When you’re shopping for solar panels, it can be tempting to focus on the upfront cost. After all, price tags are fast and easy to compare, and when you’re investing in something as big as a solar power system, you want to reduce costs as much as possible. But when it comes to solar power, the initial cost only tells part of the story. If you really want to make a smart financial decision, it’s important to look beyond the price tag and compare the long-term costs of ownership. Keep reading to find out more.
Efficiency Impacts Long-Term Savings
As the old adage goes, “You get what you pay for.” Often, when you buy a lower-priced solar panel, you’re getting one without the latest in efficiency upgrades. Panels with the newest in solar technology have higher efficiency ratings, which mean they convert more sunlight into usable energy. That translates to more electricity from your solar power system every single day, and adds up to much bigger utility bill savings over the years. Less efficient, cheaper panels may actually require you to purchase more panels to generate the same amount of power, and are more likely to fall short of your needs entirely.
Longer Lifespans Reduce Cost per Watt
No solar panel will last forever, but lower-end, cheaper models often have shorter lifespans, which means you’ll need to replace your system sooner. Higher-end panels, on the other hand, usually have a lifespan of 25 years or even more, and can even be backed by extended warranties to back up that promise. This long lifespan means you’ll continue to receive solar panels from the system for longer, and the cost per watt on a longer-lasting system is almost always lower, even if the upfront cost is higher.
Degradation Rates Add Up
Degradation refers to the rate at which a solar panel’s efficiency declines every year. This is normal for any solar panel, but can vary widely depending on the quality of the panel you get. Higher-quality panels will usually have lower degradation rates, so they maintain a higher output over the years. For example, a panel that loses only 0.3% of its energy output every year will significantly outperform one with a degradation rate of 0.8% every year. While half a percentage point seems minimal, over the course of 20 years or more, it really adds up in terms of long-term energy production and savings.
The bottom line here? Don’t let a lower price tag blind you to the long-term expenses of owning a lower-quality panel. Look a little closer at what Phono solar panels cost in the long run, and invest in a higher-quality panel that will provide greater efficiency, a longer lifespan, and slower degradation over the years. Ultimately, this will always give you a lower cost per watt over the lifetime of the system.
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