Home»Financing» "Free electricity" from the Sun claim is exaggerated.
"Free electricity" from the Sun claim is exaggerated.
Posted on Nov 10, 2008
I’ve been seeing many news articles and blogs that claim once you buy solar panels you are getting “free electricity”, well it’s true the Sun emits free energy down to Earth everyday, but the equipment needed to harvest the “free energy” into electricity to power our lives or provide hot water for our homes requires a financial investment. In reality, until you break even on the solar power system you invested in what you have done in reality is pre-paid your energy expenses and hedged yourself from raising energy expenses. Solar Panels are very reliable because there are no moving parts, the systems can last over 30 years.
So after you break even on your solar power investment then you can truly say that the sun is supplying you with free electricity. States that offer incentives and rebates combined with the increased federal tax credit next year for solar power systems, most systems will break even faster moving forward in 2009. Solar Power will become a more sought after investment. How do you feel about people making claims about solar panels giving you “free electricity”? Please discuss!