The Ultimate Guide for the Best Residential Solar Panel: Get Ready for the 2024


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The global residential solar market has been on an ever-growing trajectory for the past few years. It is projected to grow by 14% CAGR during 2021-2031. The growth is driven by the increasing demand for renewable energy, reducing carbon emissions, and savings on utility bills.

Since solar panels are the key players in solar systems, there is a growing emphasis on choosing the best residential solar panel. A top-quality solar panel can offer higher conversion efficiency and ensure long-lasting performance. Therefore, this guide will first clarify your basics about solar panels and then discuss how to choose the best residential solar panels.

The Ultimate Guide for the Best Residential Solar Panel: Get Ready for the 2024

Solar Panels – A Quick Overview

A solar panel, or PV panel, is a collection of solar cells that capture the sunlight and convert the solar energy into electric energy using the photovoltaic effect. Now, let’s refresh our concepts around solar panels.

Working Principle of Solar Panels and Their Role in the Residential Solar System

The process of converting sunlight into electricity involves multiple steps, as follows:

  1. Solar panels are placed in a specific orientation that provides maximum exposure to sunlight.
  2. The sunlight contains photons (tiny energy packets). When the sunlight hits solar panels, the semiconductor material (mostly silicon) absorbs those photons.
  3. The solar energy in the photons excites electrons and makes them start moving.
  4. The electron flow creates a direct current (DC), which charges the battery or transforms to an alternative current (AC) through an inverter.

This way, solar panels harness the solar energy and convert it into useful electricity. In short, solar panels are the heart of the residential solar system. They are the key to generating free electricity from solar energy and power DC/AC appliances. That’s why you should always opt for the best residential solar panels.

The Current Solar Panel Market

The solar panel market has grown significantly in the past two decades due to the growing demand for renewable energy sources and increasing climate concerns. In fact, the global solar panel market alone is projected to grow at 8.2% CAGR from 2022 to 2030 and reach a value of $264 billion.

  1. Types of Solar Panels

The growing solar market has also introduced many types of solar panels. The three popular ones are as follows:

  • Monocrystalline Solar Panels– High efficiency and single crystal structure.
  • Polycrystalline Solar Panels– Slightly low efficiency, multiple fragmented crystal structures, and cost-effective.
  • Thin-Film Solar Panels– Slightly low efficiency but flexible, lightweight, and versatile.

Besides the above, there are many other types of solar panels available. However, monocrystalline solar panels are the most popular and considered the best residential solar panels due to their high efficiency and compact design.

  1. Development Trends of Solar Panel

Continuous research is ongoing in solar PV technology to increase efficiency and reduce cost. So, the main development trends of solar panels include:

  • Increased conversion efficiency
  • Improved durability
  • Local manufacturing
  • Component cost declines

In short, the development trends mainly revolve around advancing the existing capabilities of the best residential solar panels and making them affordable for the masses.

  1. Policy and Subsidy Support

The solar panel market is also getting backed by government policies and subsidies. To encourage residents to install solar power systems, governments across the world are offering tax credits, subsidies, loans, and other benefits. Therefore, you can explore the subsidies offered by your country’s government and leverage them while purchasing and installing the best residential solar panels.

Hoymiles Ultimate Guide for the Best Residential Solar Panel: Get Ready for the 2024

How to Choose the Best Residential Solar Panels

You have to look into different factors to choose the best residential solar panels. Some of those factors are as follows:

1. Consider Your Average Energy Needs and Budget

The first factor to consider is your average energy needs and budget. Calculate how much electricity you need to fulfill your energy needs. For that, you can look into your past utility bills and identify the average amount of energy you need.

In addition, consider the maximum budget you can allocate, including any financing option you want to leverage. This way, you can have an estimated budget to spend and an average amount of energy you need.

2. Check Specifications

Next, you have to begin your hunt for the best residential solar panel based on your average energy needs and budget. You have to focus on two main specifications, i.e., efficiency and lifespan.

Efficiency reflects how well the panels convert sunlight into electricity. Typically, monocrystalline panels offer higher efficiency, but you must pick the right type and size of panels that align with your space. Besides that, you also have to consider the lifespan of solar panels. You should opt for panels that offer a prolonged lifespan.

In addition, after-sale services are also vital. Take a closer look at what kinds of after-sale services are offered by the manufacturer and installer, such as warranties, maintenance, customer support, etc.

3. Installation and Maintenance Cost

Once you have shortlisted a few solar panels based on their specifications, installation and maintenance costs are the next factors to consider. Ask those shortlisted residential solar companies to provide a quote about the installation cost and the estimated maintenance cost.

Once you have received different quotes, you can finalize the best residential solar panel manufacturer that aligns with your goals.

A comprehensive home solar power system also requires other parts besides solar panels. So, how do you get all the other parts and accessories required in a residential solar system? This is where Hoymiles comes into action.

Hoymiles is a global provider of Module Level Power Electronics (MLPE). With years of experience and market expertise, we specialize in offering top-notch module-level inverters (microinverters) and storage systems. Our product list includes:

  • Microinverters(single-phase and three-phase inverters, offering home solar system solutions for countries and regions)
  • Hybrid inverters (single-phase and three-phase)
  • Battery inverters (single-phase and three-phase)
  • DTUs (Data Transfer Units)
  • HRSD
  • Other accessories

In short, we are the all-in-one global provider of Module Level Power Electronics (MLPE), making us the trusted and one-stop place to get all other parts required in a home solar power system. Furthermore, we offer a prolonged warranty period for our products and 24/7 after-sales services with fast response.

Hoymiles Ultimate Guide for the Best Residential Solar Panel: Get Ready for the 2024

Choosing the best residential solar panel is crucial to having a powerful, efficient, and sustainable solar system at your house. Therefore, follow the above factors and pick the best solar panels that align with your needs. In addition, you also need other crucial tools for the home solar power system. For that, Hoymiles is your ultimate one-stop shop. So, explore our top-notch product line and complete your home solar power system.