There is a great deal of information available on the positive aspects of solar power. Scientific magazines regularly publish articles explaining how solar power helps to conserve energy while decreasing pollution. Politicians are fond of pointing out that solar energy provides new jobs and is harnessed from a resource that will never be depleted. Even the government has touted solar energy and begun offering rebates for households and companies who invest in solar equipment.
However, the one piece of information few sources provide is just how great of a return on investment solar energy can offer. This is due largely to the fact that, although solar energy is obviously great in many other respects, not everyone experiences the same ROI. In short, some areas are better suited for solar farms than others. Luckily, there are ways to estimate the probable ROI before investing in equipment.
In order to determine whether or not a solar farm is a good investment for a household or business, a group of experts will need to complete a due diligence analysis. When a property owner requests due diligence, solar energy specialists will visit their property and complete a full survey to determine whether or not a solar farm is a feasible option. This is called a solar feasibility study.
The good news is that a due diligence analysis is incredibly inexpensive. In fact, Innovative Solar Systems can complete a due diligence solar energy analysis for just $0.03/watt. This service will include everything from site analysis and budget projections to zoning and permit reviews and financial modeling – as well as many other reviews and tests necessary for determining whether or not a property owner should follow through with a solar farm investment. The Innovative Solar Systems team will even take time to research and compare how a project will rate in comparison to other projects in the region.
Solar power can be a wise investment but, for those who opt out of due diligence, solar energy investments can also be a total flop. In addition to spending a substantial amount of money on panels, converters and other equipment, investors will also have to pay for installation and any costs related to preparing their land. While this could be just a small investment compared to the healthy profits some solar farms earn, if a property owner does not take time to complete a due diligence solar energy analysis beforehand, they could end up spending thousands and see rarely a dime in return.
Before investing in solar power for a home or business, make the smart choice. Invest in a due diligence solar energy analysis and learn the estimated return on investment before breaking ground for your solar PV project.