Solar panels are more efficient than ever, and the savings are getting bigger, too.
Tracking the Sun, an annual study of solar by Berkeley Lab, analyzed the evolving trends in solar panel efficiency and cost across the United States.
The 2023 report found that "median residential system sizes reached 7.4 kW in 2023, with most systems ranging from 5-11 kW in size." Compared to 2000, when the median system size was 2.4 kilowatts, this is a huge increase in power.
The "size" of a panel refers to generating capacity efficiency, or how productive the panel is, as opposed to the surface area, which is known as the roof-coverage ratio. While panels are more productive than ever, their roof-coverage ratio has stayed stable, meaning their efficiency isn't because of an increase in panels, but rather advancements in solar technology.
These breakthroughs will make solar energy more accessible to homeowners, especially for those who are on the fence. A Pew Research study found that nearly four in 10 Americans "have given serious thought to installing solar panels for their home within the past 12 months; [whereas] 8% say they already have installed solar panels."
The No. 1 reason to install panels, according to Americans considering them? Saving money on utility bills. Solar can certainly do that. Forbes estimated that "over their lifetime, these panels can save you anywhere from $25,500 to $33,000 on electricity expenses."
If you're uncertain about solar, try SaveOnEnergy's free tool for an estimate of your electricity bill with solar panels. You can even compare quotes from solar installers, ensuring you get the best deal possible.
The No. 2 reason, per Pew Research, was helping the environment. Solar energy has several environmental benefits, like improving air quality by reducing greenhouse gas pollution. If solar panels aren't realistic for you at the moment, there are still plenty of ways to impact the planet (and your bill), like washing your clothes in cold water or upgrading to LED lightbulbs.
"Majorities of Americans say the United States should prioritize the development of renewable energy sources, such as wind and solar, and take steps toward the country becoming carbon neutral," affirmed Pew Research, and these solar advancements are working to help us get there.
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