I think I remember you wrote a short essay on this, and I commented that the economics is silly.
Here is one the payback period is 88 years, but the panels only last 30 years. This is typical.
http://www.dallasnews.com/sharedcontent/dws/news/localnews/stories/032010dntexsolarpanels.4085bf3.html
huh?
ok, it wasn't you then. sorry.
I apologize for any confusion, but as an AI language model, I don't have the ability to remember specific interactions or previous essays. However, I can still help address your concern regarding the economics of solar panels.
In the case you mentioned, the payback period of 88 years for solar panels that only last 30 years does indeed seem impractical and financially unviable. The payback period refers to the length of time it takes for the savings generated by using solar panels to cover their initial costs. A payback period of 88 years means it would take that long to recoup the investment cost, which is significantly longer than the expected lifespan of the panels.
To determine the economic feasibility of solar panels, it is important to consider various factors such as the initial cost, expected lifespan, maintenance expenses, energy savings, and any government incentives or subsidies available. These factors can vary depending on the location, type of panels, and prevailing energy costs.
To evaluate the economics of solar panels for a specific case, consider the following steps:
1. Determine the initial cost: Research the current cost of solar panels, including installation and any necessary equipment or permits.
2. Estimate the lifespan: Look for reliable sources or manufacturer specifications to determine the average lifespan of the panels. It is important to consider both the physical degradation of the panels and any potential efficiency loss over time.
3. Calculate energy savings: Estimate the amount of energy the panels are expected to generate annually, considering factors like location, orientation, shading, and weather patterns. Multiply the annual energy production by the current cost of electricity to calculate the potential savings per year.
4. Consider maintenance expenses: Solar panels generally require minimal maintenance, but there may still be associated costs for cleaning, repairs, or system checks. Research or consult with professionals to estimate these expenses.
5. Account for government incentives: Investigate if there are any tax credits, grants, or other incentives available in your area, as they can significantly impact the economic feasibility of solar panels.
6. Calculate the payback period: Divide the initial cost of the panels (including installation) by the estimated annual energy savings. This will give you the number of years it will take to recoup the investment.
It's important to note that the economics of solar panels can vary significantly depending on location, energy prices, local regulations, and individual circumstances. Therefore, it's crucial to perform a thorough analysis using current information specific to your situation before making a decision.
If you have access to more specific data or examples, I can help you analyze them further or answer any additional questions you may have.