Your company has been asked to install a single hot water panel on a small residence, much like the faculty cottages. Below you will find some information about this panel. Work together to come up with answers for your "client":
Solar panel size: 3 square meters
Solar panel cost: $1200
Solar radiation: 1500 W/m2
Solar panel efficiency: 90%
Solar radiation hours per day (at full power): 5.5 hours
Electrical cost: $0.45 /kWh
Panel lifetime: 20 years
Amount of power per panel:
Amount of energy per day for this panel:
Amount of energy per month:
Amount of money earned by the panel each month:
Amount of time (in months) it will take to pay off this panel (ROI):
How many months in the lifetime of the panel?
How many of these months are "free energy"?
How much money did the panel make for your client?