Solar energy has recently become a popular choice for sustainable power generation. As technology advances, new innovations like bifacial solar panels have emerged, promising increased efficiency and performance. In this blog post, we will explore their costs and benefits to determine if they are worth the investment.
Are Bifacial Solar Panels Worth It?
Bifacial solar panels offer cost-effective solutions for various applications, including ground installations, outdoor structures, and elevated placements on flat roofs. These panels harness sunlight from both the front and back surfaces, resulting in increased electricity generation. The advantage is that they can utilize the same inverters as monofacial panels, eliminating the need for specialized equipment.
Here are some key points to note about bifacial panels:
Bifacial panels are slightly more expensive, costing around 10 to 20 cents per watt compared to traditional panels.
However, the additional equipment cost can be recouped over the panels’ lifespan when deployed in suitable applications through enhanced energy generation.
Bifacial PV modules can fulfill electricity needs in off-grid installations with fewer panels than traditional models.
It is not practical to use bifacial panels in situations where the back surface is entirely concealed, such as flush roof installations. In such cases, the higher upfront cost of bifacial panels does not translate into additional energy savings, which can negatively impact the return on investment (ROI) of the solar project.
Large-scale solar developers often opt for bifacial panels in commercial settings to maximize energy production per square foot.
This unique feature makes them highly appealing, but are they truly worth the investment? Let’s find out.
Costs of Bifacial Solar Panels:
Bifacial photovoltaic (PV) panels can increase the cost of a solar installation, typically ranging from 10 to 20 cents per watt. The decision to opt for bifacial panels depends on whether the additional electricity savings outweigh the higher equipment costs. In cases where the additional savings are not significant, monofacial panels offer a higher return on investment and a shorter payback period.
Renogy, a solar energy company, suggests that the cost of bifacial panels can range from $6,000 to $12,000, depending on the required number of panels. It’s important to note that this estimate only includes the panels themselves and does not account for the entire system, which will likely cost more due to installation, additional parts, and labor.
According to a national survey conducted by the MarketWatch Guides Team, the average cost of residential solar systems for 1,000 homeowners with solar was reported to be $2.85 per watt. To compare monofacial and bifacial solar modules, the table below illustrates the cost for different system sizes ranging from 5 to 10 kilowatts (kW).
Solar Panel System Size System | Cost | with Monofacial Panels System Cost | with Bifacial Panels* Cost | Differential Using Bifacial Panels |
5 kW | $14,250 | $14,750–$15 | 250 | $500–$1,000 |
6 kW | $17,100 | $17,700–$18 | 300 | $600–$1,200 |
7 kW | $19,950 | $20,650–$21 | 350 | $700–$1,400 |
8 kW | $22,800 | $23,600–$24 | 400 | $800–$1,600 |
9 kW | $25,650 | $26,550–$27 | 450 | $900–$1,800 |
10 kW | $28,500 | $29,500–$30 | 500 | $1,000–$2,000 |
*Note: We estimated ranges for systems based on prices per watt of $2.95 to $3.05, which is 10 to 20 cents more than the national average of $2.85 per watt.
Both monofacial and bifacial PV modules qualify for the 30% solar federal tax credit, allowing you to recover approximately one-third of your initial investment as a tax deduction in the year of panel installation. It’s worth noting that solar batteries are also eligible for the tax credit.
Conclusion:
Bifacial solar panels offer several advantages, making them an attractive choice for solar energy systems. Their ability to generate more electricity, perform well in diffuse light conditions, and exhibit enhanced durability and aesthetics set them apart from traditional solar panels. However, it’s essential to consider the additional costs associated with bifacial technology before making an investment.