9 Solar Panel Facts

Solar panels have gained a lot of attention in recent years as a promising source of renewable energy generation. The global demand for solar panels is increasing as homeowners, individuals, businesses, industries, and farms seek cleaner, cheaper, and more reliable energy. Despite the abundance of information available on the internet, some people still have difficulty finding accurate information about solar panels. This blog aims to explore basic facts and figures about solar panels to better understand the power of solar panels.

Here are some solar panel facts that will change your mind about solar panels

Solar panels are not new in the market

Many people around the world believe that solar panel systems are a new way to produce energy, but this is not true. In fact, the first solar panel was created in the mid-19th century when Bell Labs created the first solar cell. Although it was only 1% efficient, it marked the beginning of solar energy initiatives.

Solar Panel Industry Growth and Forecast

In 2021, solar photovoltaic power generation increased by a record 179 terawatt-hours, a 22% increase from 2020. Solar photovoltaic power generation accounts for 3.6% of global electricity generation, making it the third largest renewable electricity technology after hydropower and wind power. The industry is expected to continue its impressive growth rate. According to the latest publication of the International Energy Agency (IEA), the annual capacity of new solar panels is expected to increase more than fourfold to 650 GW by 2030. This growth is driven by a number of factors, including the decline in the cost of solar technology and increasing government support for renewable energy.

Solar panels are cheaper

One of the most significant advantages of solar energy is its cost-effectiveness. The cost of solar energy has fallen rapidly over the past decade, making it increasingly competitive with traditional energy sources. The cost of lightweight solar panels has fallen by more than 80% in the past decade, making it the cheapest source of electricity in some areas, and compared to electricity bills, solar panels are more than 50% cheaper than grid electricity.

Solar panels are durable

One of the biggest benefits of installing solar panels is that they are able to last longer. Solar panels are a lifetime companion. Typically, after installing solar panels, the term of the power agreement is 20 to 30 years. This means that a solar panel can generate electricity for at least 20 years, and a reputable and quality-first brand can solve your electricity problems for nearly 30 years. The amazing thing is, they don’t stop working immediately after that period. In most cases, solar panels will be fully functional even after this period.

Solar Panels Increase the Value of Your Home

A home with solar panels installed on the roof is worth more than a home without solar panels installed. Even if your home is not the most visually attractive feature, studies show that its value can still increase by 4% to 14% after installing solar panels. This means that your home will still be in demand by potential buyers even if it is not located in the most socially prominent area.

Solar Panels Do Not Require Direct Sunlight

One of the amazing facts about solar panels is that they can still work and generate enough electricity when it is cloudy or when the sunlight is dim. According to the National Renewable Energy Laboratory, solar panels can still produce 25% of the energy production on cloudy days. This makes solar panels a reliable power source even in cold weather conditions.

Solar Panels Are Completely Silent – Solar Panel Facts

All forms of conventional power generation create noise and add pollution to an already polluted environment. Unlike generators, solar panels do not create any noise, making them completely silent. This makes solar PV an excellent solution for homes and other applications such as libraries, schools, and hospitals where quiet is required. You may wonder about inverter noise, but it is negligible compared to generators and other traditional forms of energy production.

Solar Panels Are Environmentally Friendly

Solar panels are the most reliable and environmentally friendly source of electricity production. They emit virtually no environmental pollutants. In the first two years of production, solar panels emit only about 50 grams of CO2 per kilowatt-hour. By the third year, most solar panels are carbon neutral. On the other hand, traditional electricity generation emits nearly 2.26 pounds of CO2 for every kWh produced.

Solar Panel Efficiency Ratings

You may be surprised to learn that solar panels cannot convert all the sunlight that hits their surface into electricity. Here’s why: One hour of sunlight has the potential to power the Earth for an entire year. It’s simply not possible for a single panel to absorb that much light at once. On average, a solar panel can only convert 15% to 22% of the sunlight it receives into energy. Therefore, the efficiency of a solar panel is measured by its ability to convert sunlight into electricity.

Conclusion

The solar panel facts and figures presented in this blog highlight the huge potential of solar energy as a clean and sustainable energy source. As the cost of solar technology continues to fall and government support for renewable energy increases, we expect the solar industry to continue to grow. As we move toward a more sustainable future, solar energy will play an important role in reducing our reliance on non-renewable energy sources and mitigating the negative effects of climate change.