1. Material Composition The type of material used in solar panels plays a significant role in determining efficiency. Monocrystalline panels, made from high-purity silicon, typically offer the highest efficiency rates, often between 15% and 22%. Polycrystalline panels, which are made from multiple silicon crystals, tend to be less efficient, ranging from 13% to 16%. Emerging technologies such as thin-film solar cells also contribute to efficiency discussions, although they generally lag behind crystalline panels in performance.
Solar offers great potential to save money on your monthly utility bill, and with utility bills trending upward, solar is likely to remain a good money-saving option for years to come. The amount you save depends upon how much electricity you consume, the size of your solar energy system, and how much power it is able to generate. You may also opt for a leased, third-party owned system that allows a homeowner to host a solar energy system on their rooftop and purchase back the electricity generated at a discounted rate, which is not only is often less than utilities charge customers, but also allows electricity rates to be locked in for years.