Solar energy has achieved more exposure in recent decades than it has at any other time. The current global economic and environmental climates have sent people in search of alternatives to the fossil fuels that dominate the energy market. One of the factors hindering solar energy’s growth is the uncertainty surrounding its cost and the benefits gained from it. Basically, the question people want answered is how cost effective it is to switch to solar energy?

The initial cost of a solar energy system installation tends to scare some people off. As with any investment, however, the long-term impact needs to be studied. Various tax credits and other incentives will affect the cost of installing a solar energy system, but one could expect to receive a bill for around $2,500 to $82,000. That seems like a pretty big window, but this is based on systems that can adequately power anything from a home to an office building. Compare those figures to the average $60,000 over 20 years that fossil fuels would cost and you get an idea of solar energy’s cost effectiveness to your needs. Because the sun’s rays are renewable, the setup costs are all that are incurred, aside from maintenance down the road.

At the moment, many may not find it feasible to fully eliminate the use of fossil fuels, but even using solar energy to augment a power system helps. There are some places on Earth that don’t receive many sunny days or direct sunlight, but dwellings in these regions will still find smaller electric bills if their building has solar panels. A hybrid system may not rely solely on solar energy, but it is still significantly cheaper than using electricity generated by fossil fuels alone.

Solar panels themselves have come down in price in recent years. Their cost was one of the obstacles that residential solar energy generation faced, but it is less of a concern these days. Prices currently range from around $9.50 per watt to $11.00 per watt depending on the material from which they are constructed. Flat plate collectors that can daily heat 40 to 80 gallons of water usually run from $2,000 to $4,000.

Solar energy systems really don’t cost much more than any moderate home improvement project. Solar’s long-term cost effectiveness will depend on how much energy a household or business requires and how much it cost to buy it initially. If the primary cost of implementation is reasonable, there is a good chance that solar will be more cost effective than dirty fuels.

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