Solar panels

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Solar panels have been used in residences for more than 100 years. Initially homeowners used them to heat water. Now solar energy can be used for more than just heating water; it can also provide electricity or heat for buildings. As more and more people are going green and working to have a minimal impact on the Earth's limited resources, more businesses and homeowners are looking to solar energy to provide them with alternative power sources.

On Wall Street interest is heating up in companies that make photovoltaic panels. These solar panels use the sun's energy to excite atoms in a silicon layer that lies between two protector panels. The electrons in these atoms create an electric current that can be used by devices in homes and even RVs. Some companies that make photovoltaic panels are now receiving bids as high as $1 billion for contracts and some have seen their stock prices double in the last five years.

While solar panels are part of a nascent industry in the homeowners' market, businesses are turning to them for large-scale projects. In Calgary, Canada at the corporate headquarters for Enmax seven different solar technologies are being tested. Thermal solar panels are used for hot water and photovoltaic technology is employed to produce electricity. The company says that with solar panel costs coming down and technology improving the switch is more affordable than ever. In addition, the next generation of "smart" meters makes the electricity even cheaper by measuring use during peak and off-peak hours. (Energy used during non-peak hours is less expensive, but previous meters could not record time of use.)

For homeowners, however, the initial investment in solar panels has been more daunting because of the economies of scale. In other words, owners of residences still must invest in the equipment, but it is hard to realize a profit on that initial deposit because it is not powering a large enough amount of equipment to save money quickly. It can take as long as 10 years for homeowners to make their money back.

Still, because energy prices are soaring solar panels have suddenly become more appealing, and people interested in making the switch are not only helping the environment, but will eventually fatten their wallets over the long term. Installing solar panels also adds value to a home when it goes back on the market for sale. In addition, there are state and federal incentives for using solar power as well as rebates from utility companies. Ask your local utility company what offers are currently available and check with the IRS for tax incentives.

Since the rebate process can be long and involved try to find an installer that will help with the paperwork. Also, the company that installs your solar panels should be certified by the NABEP. This is a national organization that certifies installers of photovoltaic, small wind turbine systems, and solar thermal systems. In addition, make sure your installer has a licensed master electrician on hand when you connect your system to the electrical grid. You will want an experienced company with a good reputation that works with a brand of solar panels that you like. Finally, make sure your installer has a good warranty of at least five to 10 years for your solar panels. Read the warranty carefully so that you understand what is covered.

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