There are constantly technological advancements happening across the energy industry, including solar equipment. In this Undecided video, Matt Ferrell covers some of the technology innovation happening in solar today and why now is still the best time to go solar.
Solar panel cells are more efficient than ever
Recent tests show that solar panels are hitting their highest efficiencies ever, which means they capture more energy, enabling you to produce more energy to power your home and reduce the amount of electricity you need to pay for that energy.
How solar panels work
Matt explains how solar panels use some of the same power nature does (like butterflies) – they work by capturing sunlight. Sunlight is made up of particles called photons, which solar panels convert into electrical energy through the “photovoltaic effect” (hence why we refer to solar cells as “photovoltaic” or PV for short).
Solar PV cells generate electricity by absorbing sunlight and using that light energy to create an electrical current. There are many photovoltaic cells within a single solar panel, and the current created by all of the cells together adds up to enough electricity to power your home.
Matt also dives into detailed technical components, such as perovskite developments, so you can learn more about the technology and efficiency enhancements if you want to really geek out on solar!
Why you shouldn’t wait to go solar
While technology will continue advancing, that doesn’t mean you should wait for the next best thing in solar. Matt explains how solar panels are already incredibly efficient, and many people can benefit financially by going solar, just as he has with the solar system at his home.
The fact is that the longer you wait, the longer you miss out on saving. And you may miss out on additional incentives! The solar ITC is currently set at 26 percent. As of now, it is set to reduce to 22 percent in 2023, and then in 2024, it’ll disappear. That means if you look at the average solar costs today, you’ll miss out on $1,141 in savings ($2.77 per watt for a 10.3 kW system, adding up to a gross cost of $28,531. A 26 percent credit equals $7,418 vs. only 22 percent at $6,277).
Additional legislation could pass and increase the ITC for homeowners; however, it’s by no means a guarantee!
It’s solid advice: if you wait to go solar, you may miss out on saving more money! The sooner you look into it, the sooner you might be able to say goodbye to electricity costs (or at least substantially cut them down!).
Get started today to save with solar
Want to find out what you could save by going solar and if it’s a good fit for you? Sign up for a free account on the EnergySage Marketplace to start getting quotes for solar today. By comparing multiple quotes, you’ll be able to find the right system for you at a great price! Not quite ready to receive quotes? You can also use our Solar Calculator to get an estimate of how much you’ll save by going solar.
Editor’s note: Undecided with Matt Ferrell is an affiliate partner with EnergySage. You can find more videos on his YouTube Channel.