Elon Musk is at it again, always looking for the next big thing to change the world as most high tech entrepreneurs claim to do. His creation this time around involves fixing the most fundamental flaw to rooftop solar panels that has dogged the industry for decades. While many consumers have welcomed the idea creating their own energy, the eye sore involved with large bulky solar panels on their homes has created reluctance with homeowners and homeowners associations alike. Now, as Inc. reports, “Elon Musk might have just taken his biggest step yet in getting the world to convert to solar energy.”
What Musk has unveiled is not entirely a new idea, but many believe he will succeed where others have failed. What he has unveiled are solar shingles that are transparent when viewed from above to allow sunlight to strike the solar cells inside but opaque when viewed from the ground. Solar shingles have been done before, but never has anyone developed this kind of technology in a way that almost perfectly mimics the appearance of standard rooftop shingles.
In addition to the aesthetics, Musk has announced that installing these panels will cost less than not only standard solar panels, but also cheaper than installing regular roofs. Furthermore, these solar shingles have a lifespan of 50 years, roughly double the lifespan of regular roofs and provide better installation.
One of the biggest obstacles for homeowners—particularly middle class homeowners—in making the decision to install solar panels is cost. The average price tag to installing panels is around $15,000, an amount that most middle-class Americans do not have on hand to spare. It is true that having solar panels can eventually pay for themselves with lower utility bills, it can often take several years before that return is evident. By one account, an average payback period can be 15 years. However, according to the National Association of Homebuilders, the average time a typical home buyer actually lives in their home before moving is 13 years. Many homeowners might value solar power, but would be right to question the economics.
Musk, however, has changed the economics. A home builder can construct a new house with solar shingles installed at a lower cost than regular shingles, but he or she can then sell the home at a higher value with solar installed. A homeowner may not seek to rip out their shingles to replace with solar, but those that already need their roofing replaced, they can then install solar and see immediate cost savings with lower utility bills and with the longevity of 50 years, they too can ultimately sell their home at a higher value. Musk has made rooftop solar not only attractive, but he has made it cost effective and profitable for homebuilders and homeowners alike. With this shift, individually owned solar energy may very well see a significant rise around the world.
References
Kevin Ryan, “Why Elon Musk’s Solar Roofs will Succeed Where Others Failed,” Inc. October 31, 2016, Available at: http://www.inc.com/kevin-j-ryan/why-elon-musks-solar-roofs-will-succeed-where-others-failed.html
Paul Emrath, “Latest Study Shows Average Buyer Expected to Stay in a Home 13 Years,” NAHB, January 3, 2013, Available at: http://eyeonhousing.org/2013/01/latest-study-shows-average-buyer-expected-to-stay-in-a-home-13-years/
“How Long to Pay Off my Solar Panels” EnergyInformative.org, Available at: http://energyinformative.org/long-pay-solar-panels/