Solar panels are made up of photovoltaic cells (PV cells). Photovoltaic cells are constructed in a way that they produce measurable amounts of electricity in the presence of solar radiation. A photovoltaic cell consists of a wafer of silicone, which features a boron solution on one side and a phosphorous solution on the other, according to Science Clarified. In the presence of sunlight, boron gives up electrons. The electron movement creates electricity, which gets harvested. The phosphorous absorbs electrons and continues the cycle of energy production in solar panels.
There are essentially three different types of solar panel technologies available to consumers. Consumers can invest in polycrystalline solar panels, monocrystalline solar panels, and amorphous solar panels. Monocrystalline cells consist of one crystal whereas polycrystalline cells consist of several crystals. Monocrystalline solar panels are the most efficient type of solar panel available to consumers, according to Alpha Solar. More polycrystalline solar panels, though, are sold to consumers than monocrystalline solar panels.
Each different type of solar panel comes with a different price tag. The most expensive types of solar panels are monocrystalline panels, according to Planetary Power. They range in price between $10 and $11 per watt. Amorphous panels are similarly priced at $10 per watt. Polycrystalline panels typically cost between $8.50 and $9.50 per watt. Solar panels can be constructed to stand several feet high and wide. The larger the solar panel, the higher the purchase cost.
The energy saved from utilizing solar panels can pay off a solar panel system within 5 to 10 years, according to Science Clarified. Most solar panel manufacturers guarantee their products for at least 25 years. Energy production is limited by the amount of sunlight a solar panel receives, which is why solar panels are typically set up to a system involving generators that store the energy produced by a solar panel.
Many states like Wyoming make purchasing solar panels more cost-effective by offering incentive programs to consumers who are willing to install solar panel technology, according to the Database of State Incentives for Renewable Energy. Residents of Wyoming may qualify for up to $3,000 in government assistance to install environmentally-friendly solar panels.