A recent report by CNBC says that people choose solar panels because it saves money. The person they interviewed, Pat Kennell, is a retired police officer in Stony Point, New York. Due to his installation of solar panels on his home, his energy per kilowatt is expected to go from 20 cents to 13 cents. Kennell’s motivation to save money is because he’s retired. His wife is 70, so they wanted to have some extra money being saved. The Kennells expect to save about 25 percent on their energy bill.
The solar panel industry is growing at a very fast rate. While the use of solar energy is less than one percent now, it’s projected to increase significantly in the next decade. It’s estimated to reach 20 to 30 percent. The industry is also expected to be worth $6 billion in the next couple of years.
Will solar energy be the only power people use someday?
Eventually, it may, but not right now. Solar panels are perfect for reducing utility bills. However, when there’s not enough sun, homes can still use traditional electricity for power. The Kennells expect that their solar panels will produce approximately 83 percent of their power per year.
If you think about your own home’s power, it’s pretty easy to see how cost effective solar panels can be to you. As the years go by and the technology of solar panels continues to advance, there will be a time when people will be able to have solar energy power their home every day throughout the year. This would either eradicate traditional forms of electricity or lower the cost to such a minimal amount that no one will pay attention to it anymore. Until that time, solar panel users will relish in the hundreds or even thousands of dollars of savings a year.