Is Solar Power Cheaper Than Other Energy Sources?

Solar energy is becoming more and more popular as a way to provide environmentally friendly power, but that’s not its only benefit. Many supporters of solar power claim that it can also be a way for people to save money. To figure out whether or not solar power truly is more affordable than other types of energy sources, there are a few things you need to consider.

Installation Costs

When trying to decide which types of power are the most affordable, the first thing you need to do is look at installation costs. Prices for solar vary a little, ranging from $11,000 to $14,000 for a standard residential installation. Installing the electrical wiring for more traditional energy methods is normally less than $200 with no other up-front costs.

Energy Production Costs

The cost of actually producing the power is when you really start to see savings from having Magic Solar install your Buhl solar power system. On average, the typical residential household pays $111 per month. In contrast, solar energy is entirely free. The cost of solar installation usually adds up to about six to nine years of electric bills, and panels last about 25 years on average. This means you get more than 15 years of entirely free power!

Costs Compared to Other Energy Sources

Solar is definitely cheaper than standard power you get from a power plant, but how does it compare to other traditional types of energy? The lifetime cost in dollars per million watt-hours for solar is around 63.2. This is far lower than the 138.0 cost of offshore wind, 130.1 cost of coal, 92.5 cost of nuclear, and 74.0 cost of natural gas.

As you can see, solar power is more affordable than other energy sources in the long run, even if the installation is pricier. If you think your property could benefit from installing an alternative energy source, Magic Solar has the expertise and knowledge needed to help you install solar or micro-hydro power. Contact us today to learn more about our services. We serve Twin Falls County and the surrounding areas.