Hello Sun Enthusiasts,
Today I’m going to share some promising news that surfaced in recent research from the University of Michigan. This valuable study revealed that over time, the value of residential rooftop solar – or ‘solar panels for your home’ – is projected to increase significantly due to the impacts of climate change. This signals an exciting future for the solar industry and the numerous solar companies out there.
The study was published in Nature Climate Change, with the primary focus of the research being to quantify the effects of climate change on rooftop solar value and optimal capacity. They used data spanning 17 US cities and took into account air-conditioning demand and solar panel performance under future climates. Now, what does this mean for an average homeowner thinking, “Should I install a solar array for my home?”
When we talk about ‘value’ in this context, we are referring to financial or economic value – specifically, how much a household stands to save on its electricity bill by installing rooftop solar panels for your home. The analysis took into account how climate change will potentially inflate household electricity demand (via increased cooling demand) and influence solar PV (photovoltaic) generation.
According to the research, the expected value increase of rooftop solar ranges from 5% to 15% across various US cities under moderate climate change by mid-century. More fascinating, this value is predicted to surge by up to 20% by the end of the century. This implies that by placing a solar array for the home, one might find themselves pocketing a larger energy savings than initially thought!
The greatest value increase is anticipated in homes with larger cooling intensities and cities experiencing increased radiation and higher retail power prices. For instance, Miami and Orlando are the cities predicted to have the most substantial increase in solar value due to higher solar radiation and jump in household electricity demand.
Moreover, the researchers deduced that as this value grows, so will the economically optimal capacity for households. Under a moderate climate scenario, they predict a capacity ballooning between 5% to 25% by the end of the century. What does this mean if you are looking at solar companies for home solar installation? Essentially, it suggests that you might end up with a more efficient solar panel system than imagined, thus, more savings!
When I think about the typical 25-year lifespan of a rooftop solar installation, it becomes profoundly clear that future value should be a significant consideration for homeowners contemplating solar. In fact, if households factor in this future value when installing solar, the results indicate they would extract even more value from solar, potentially motivating them to install more.
As a solar enthusiast, I am genuinely excited about these findings and the promising future they paint for solar energy. The research underscores the growing importance of adopting solar and how it’s not only an investment in cleaner energy but also a smart financial move. So next time you think about engaging a solar company for your home’s solar needs, remember this potential future value increase, and you might decide to install a more prodigious solar array for home use!
Until next time, may the sun be with you.
Best,
[Solar Blogger’s Name]
Original Articlehttps://pv-magazine-usa.com/2024/05/03/climate-change-to-drive-value-of-rooftop-solar/
