What factors affect photovoltaic panel efficiency?

Solar panel efficiency is determined by the size of the solar cells within them and how efficiently they can convert sunlight into energy. Solar panels typically have an efficiency rating between 12%-20%. The most advanced solar panels can achieve an impressive 22% efficiency rate.

How long does it take for a photovoltaic panel system to pay for itself?

Many variables affect the payback period. There has been a significant solar panel price drop. Generally, solar energy systems take between 10-15 years to produce enough electricity to equal what was spent throughout the entire installation process. This means you will see financial benefits within 4-7 years since you begin saving money on your utility bills immediately after purchase. Over the life of solar energy systems, they can save you tens of thousands of dollars. Let's face it, installing solar panels is smart.