What is the Lifespan of Photovoltaic Panels?

Someday, we would like to have our home completely powered by solar energy. We probably will wait for our next home before making the investment. We’ve already researched the expense a bit, and even though we’re prepared to pay what is necessary, we want to be assured that the system will last for several years.

Photovoltaic panels are a key element in a solar system, so what is their average lifespan? Photovoltaic systems convert sunlight into electrical currents. A system that produces 1kWh of power costs averages around $5,000-$7,000. This number varies significantly based on your area, and many homes require a larger system than 1kWh. Ordinarily, these systems have a fairly long lifespan, lasting more than 20 years. Most manufacturers offer 10-20 year warranties. The amount of energy you’ll save in that time period should more than reimburse your initial expense.

The lifespan varies based upon the amount of usage. Proper routine maintenance will help to prolong the lifespan as well. Twenty years is a long period of time. To see how the installation expense compares to my current utility bill, I ran some quick figures.

My monthly electric bill averages $75 per month. Compute that over a twenty year period, and I am spending approximately $18,000 on electricity. In addition to that, I’m spending $45 per month on a gas hot water heater. Over twenty years, that is an extra $10,800. Even if we spend $15,000-$20,000 on a photovoltaic system, we will still be saving money in the long run. We can possibly even take advantage of a net metering program as well as any financial incentives offered by our state to reduce that expense. Ultimately, it’s a no-brainer decision. I can add value to my home along with achieving energy independence for less than what I’m paying right now.

Posted on November 26th in Going Solar by Anna.