A software tool developed by NIST, called Present Value of PhotoVoltaics, analyzes the economic and environmental impacts of rooftop solar technology.
Credit: B. Hayes/NIST
Whether it’s to live more sustainably, save money or both, many people think about adding solar panels to their homes. Homeowners consider a number of factors, including which type of solar panel might work best for them, when deciding whether the investment is worth it.
Now, an online software tool from the National Institute of Standards and Technology (NIST) can help answer homeowners’ questions. The software is called [PV]2 — Present Value of PhotoVoltaics — and it analyzes the economic and environmental impacts of rooftop solar technology. The tool can assist homeowners and even installers when evaluating rooftop solar photovoltaic systems.
Photovoltaics are semiconductor materials that convert sunlight to electricity. They consist of individual cells that form solar panels. But how can homeowners know if the technology is right for them?
To help answer this question, [PV]2 uses a method called life-cycle cost analysis, which assesses the total cost of a structure, project or product over time. It takes into account various costs and can identify the most cost-effective options for the long term.
The idea for the tool came from NIST economist Joshua Kneifel when he was considering installing solar panels on his own home a few years ago. “Solar installers were providing some basic information on costs and savings based on simple and sometimes nontransparent assumptions. I wanted to determine whether installing solar was a better investment than simply investing that money instead, and no tool ava ..
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