The millennial generation – loosely defined as persons born between 1980 and 2000 – is one of the largest in history, so it is no surprise that this massive group has been an especially powerful influence on everything from healthcare spending to renewable energy investment. So far, millennials have been enthusiastic adopters of solar photovoltaic (PV) panel technology:
As more millennials purchase homes and move into apartment complexes outfitted with solar infrastructure, here’s what they should know about today’s solar PV technology:
The components of a typical solar PV installation
PV panels are only one part among many ensuring that sunlight can be converted into electricity. They function alongside inverters, mountings and trackers to produce power:
The incentives and financing options for installing solar panels
The costs of solar PV panels have plummeted over the long term, in turn transforming solar from a niche energy source into the most common renewable. Still, there’s plenty of room for additional savings that make a solar PV upgrade worthwhile.
For starters, there’s the U.S. federal income tax credit, which allows a deduction of up to 30 percent of the cost of a solar installation from your taxes through 2019. After that, the deduction declines until reaching 10 percent in 2022, according to EnergySage.
In some states, there is also the option to do Property Assessed Clean Energy (PACE) to help with solar project financing. Starting in 2020, California will become the first state to require solar panels on new construction, meaning that many millennials will someday live in residences that are already equipped for solar.
The different types of panels
Solar panels aren’t one-size-fits-all. There are many configurations, including monocrystalline and polycrystalline variants, appropriate for different uses cases. Technologies such as black silicon have also become prominent in recent years due to their unique combination of high energy absorption rates and aesthetically pleasing designs. Consult with your vendor on which solar PV panels options are the best for your project.
Trina Solar has pioneered solar products and smart energy solutions for more than 20 years. Take a look at our products and solutions page today to learn more about what we can deliver for you.