As the world grapples with the increasing impacts of climate change, the allure of residential rooftop solar panels is set to rise, potentially increasing the value of solar panels by up to 19 percent by the century’s end.
Experts at the University of Michigan, leading a new study, have examined the expected increase in solar panel value. They attribute this rise to several factors that highlight the practical advantages of using solar energy at home.
“Rooftop solar adoption is critical for residential decarbonization and hinges on its value to households,” wrote the researchers. “Climate change will probably affect the value of rooftop solar through impacts on rooftop solar generation and cooling demand, but no studies have quantified this effect.”
Understanding the value of solar panels
The “value of solar” (VOS) captures the net financial benefits homeowners receive from installing solar panels. These benefits include significant savings on electricity bills and the potential to earn money by selling excess power back to the grid, after covering the initial installation costs.
Moreover, this concept is crucial for households considering the switch to solar, as it emphasizes the dual financial and environmental returns on investment.
Solar panel value and market dynamics
A core finding of the study is that the financial benefits of rooftop solar extend beyond immediate gains. They are also oriented towards future savings.
With an average lifespan of 25 years, solar systems installed today are set to benefit from the weather conditions of 2050 and beyond.
Read more: earth.com
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