Frequently Asked Questions(FAQ)

Is solar energy an economical option?

Yes, solar energy has become an increasingly economical option due to declining costs of solar panels and installation. The cost of solar panels has dropped by around 70% in the past decade, making solar energy more affordable for households and businesses. In addition, the long-term savings from reduced electricity bills and potential government incentives make solar energy a financially viable option. 

How much does it cost to install solar panels?

However, the initial upfront costs of installation can still be significant despite the long-term benefits. Plus, economic benefits may vary depending on factors such as location, electricity rates, and financing options. In 2023, the cost for installing a 6-kW solar panel system after federal solar tax credits can range from $16,870 to $23,170. Though the DIY approach can save you money as prices are much lower, the typical home still needs between 17 and 21. Smaller DIY projects requiring only a few solar panels (the typical home needs between 17 and 21 solar panels), prices can start at around $200 to $350 per panel, translating to 80 cents to $1.40 per watt.

What are the pros and cons of solar energy?

There are numerous advantages and disadvantages to the use of solar energy. Here are just a few.


  • Renewable: Solar energy is a renewable source of energy that is replenished by the sun's rays and will never run out.
  • Cost-effective: Once installed, solar panels can provide energy savings on monthly utility bills, making it a cost-effective option in the long term.
  • Low maintenance: Solar panels require little maintenance, and their lifespan can range from 25 to 30 years, making them a durable and reliable source of energy.


  • High upfront costs: The initial cost of installing solar panels can be expensive, and it can take several years to recoup the investment.
  • Weather-dependent: Solar panels require sunlight to produce energy, and their efficiency can be impacted by weather conditions such as clouds, rain, or snow.
  • Space requirements: Solar panels require significant space to install, which may be a challenge for homeowners with limited roof space or small yards.
Are solar panels worth the cost?

Despite all the benefits that solar panels can bring, the high upfront investment may leave you wondering if solar panels are worth the cost. Whether solar panels are worth the cost for you and your family or place of business will depend on various factors, such as your location, energy usage, and available incentives. 

While the initial cost of installing solar panels can be high, over time, they can provide significant savings on electricity bills and increase the value of your home. Additionally, there are numerous government incentives and tax credits available that can significantly reduce the upfront costs of installing solar panels, making solar energy more affordable and attractive for homeowners.

About the Authors

Ann Schreiber

Written by: Ann Schreiber

Seasoned Copywriter & Content Marketer

Ann has been a marketer and a content writer for over 20 years. She worked for financial institutions such as FICO, Experian, and BlueChip Financial as a director of content and brand marketing.

More about me

Related Articles

Show More