Solar power remains one of the cheapest and most accessible energy sources–beating geothermal, hydroelectric, and wind energy. However, ironically, 8 out of 10 households in the world would rather skip installing solar panels because of their economic viability.

The question remains–is solar energy economically viable? Can you make the most out of your expensive solar panels? Can it cut your power expenses?

Note that for solar energy to be economically viable, both on the commercial and personal level, solar power users should be able to save up the entire amount of their installation expenses for a short period. 

According to the International Agency, the answer to these questions is yes. Solar energy is economically viable.

As of today, modern solar panels don’t have to take 25-30 years to get the return of investment. You can already make the most out of your purchase and installation in 10 years–as long as you use your solar power channels properly.

The average domestic solar power can produce 1 – 4 kilowatts per hour. This can power up a 70-inch television, a 5.9 cubic feet refrigerator, and four 40-watt bulbs.

“In the summer, I heat my house using only solar energy. It saves me a fortune. I no longer pay for heating in summer at all!” shared a Quora user. While some people are sleeping on the benefits of solar powers, some are already enjoying the fortunes they make. These personal experiences verify the economic viability of solar energy.

Furthermore, according to an MIT engineer, this high level of economic viability can even be a starting ground for more solar photovoltaic (PV) technologies. This level of innovation will promote solar power on a broader scale–hopefully worldwide.

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