Interest in solar panels has never been higher, thanks to the falling upfront cost and the potential to save thousands over the course of the system’s lifespan. Not to mention the increasing number of tax benefits that are imposed each year. A tax calculator is a reliable tool for factoring in deductions to your total income, but you can always speak with a tax expert just to be sure. Tax credits aside, a lot of folks have grown more interested in the overall lifespan of a solar system. With that in mind, how long do solar panels last and when should you start to consider replacing your system?
In this blog post, we will aim to answer these questions. We will also highlight the potential savings you can make on your energy bills over the solar panels’ lifespan. If you are considering installing solar panels at your property, then keep reading!
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How Long Do Solar Panels Last?
Photovoltaic solar panels can be expected to last around 25 years before you will start noticing degradation. Many solar panel companies offer a 25-year warranty. This doesn’t mean that you will have to replace your solar panel system after 25 years, but they won’t be as effective as they once were.
There are 3 main tiers of solar panels; tier 1 being the most premium, followed by tier 2 and tier 3. Each tier will have a different degradation rate after 25 years. Tier 1 systems have an annual degradation rate of around 0.30% compared to 0.50% for tier 2 and 0.80% for tier 3.
After 25 years, tier 1 solar panels will have lost less than 7% of their capacity. For tiers 2 and 3, the loss is higher, 11% and 17.5% respectively. This knowledge can help when making a decision on the type of solar panels you invest in.
When Should You Replace Your Solar Panels?
After around 25 years with your solar panels, you may start to notice that your energy bills after starting to become higher than usual. This indicates that your solar panel system is not working as efficiently as it once did. If your solar panels are no longer providing a sufficient amount of electricity for you and your family’s needs, then it may be time to replace them.
How Much Can You Save During Lifetime of Solar Panels?
The amount that you can save on your energy bills during the lifespan of your solar panels depends on a number of factors. These include:
- Size of your solar panel system
- Your home’s energy usage
- Your home’s location and sunlight hours
- Type of solar panel system
- Maintenance of system
In Florida, for example, an average-sized 6kW system will cost around $11,500 after tax credits. The net profit, which is the energy savings minus the cost of the system, comes to around $12,000 to $14,000. Check out this solar company in Orlando to learn more about the best solar panels.
The Average Lifespan of Solar Panels
Solar panels are a wonderful investment, given that they can be expected to last for 25 years with strong performance and capacity. This is great to know if you are considering buying solar panels. After 25 years, you may need to start thinking about replacing them to ensure that your home’s energy needs are met by solar energy.
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