- When sunlight hits a photovoltaic solar panel, the photons free electrons within the solar panel, forming an electrical current. Homes with solar panels will use this current before taking electricity from the grid, reducing energy consumption and cost.
- According to the California Solar Initiative, an average home installation costs about $26,000 and pays for itself in about 12 years. The study used San Francisco for its calculations; your results will differ depending on the number of sunny days you get each year and the cost of electricity in your area.
- You may not have to take out a loan to install solar panels, as a number of financing alternatives exist. Customers can lease solar panels or agree to pay only for the electricity produced, allowing the contractors who install the solar panels to worry about recouping their capital costs.
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