Benefits of Going Solar in 2018
Today it’s hard to find reasons against going solar. Between the two most obvious motives – cutting on energy bills and protecting the environment, homeowners can hope for solid solar ROI, increasing their home equity, state tax rebates and investing into the future. What is more, many people are becoming aware that solar panels are a great home upgrade. Whichever your reasons may be, let’s elaborate on the most solid benefits of going solar.
Honey, I shrunk the energy bill
Adapting your home to run on solar power can either obliterate your energy bill completely or reduce to such an insignificant figure that it becomes just a statistical entry in your budget. How much you’ll be able to save depends on many factors, such as how much energy your home consumes, and the rates you’d otherwise pay to your utility company. If, for example, the electricity rates are high in your area, your savings will be larger since they equal the cost you avoid by going solar. As electricity prices are inevitably going to rise over the years, your savings will continue to grow over the 35+ year lifespan of your solar equipment. So, by installing a solar power system, not only do you reduce your electricity cost, but you make them more predictable, which in return improves your expense forecasting and management.
Keeps generating return
Let’s face it, a solar panel system is a financial product which is bound to generate annual returns from 10 to more than 30 percent. An average homeowner pays off their solar purchase in seven to eight years and receives a healthy ROI in the form of free electricity for the remainder of the equipment lifespan. What is more, there might be local or state tax programs or rebates in your area that motivate homeowners to adopt solar power. Some utilities have a market where you can sell Solar Renewable Energy Credits (SRECs) that your system generates. This additional income will help you get to the even point even faster.
Hedge against rising prices
If you think about it, by going solar, you also protect yourself about rising utility prices and make your expenses more predictable year after year. Since you are your own energy provider, you can sit back and watch the energy prices rise and fall. For example, if electricity prices continue to rise by three percent each year, you can have an extra $1,200 in your pocket a year from now, provided that you purchase a system that meets 100 percent of your energy needs today. Easy to integrate in your home and unobtrusive, a reliable 5kWp solar system is sufficient for households that want to experience all the benefits of renewable energy without compromising their lifestyle and routines. With these units, living off the grid gets a whole new meaning. Even if you lack funds to pay for a solar energy system up front, you can apply for a solar loan, solar lease, or solar power purchase agreement.
We have but one home
Many businesses and non-profit organizations go solar because they want to contribute to minimizing environmental issues like climate change and carbon emission-related health problems. There’s not a single reason why individual households shouldn’t follow suit, especially if we know that an average household emits about 20 metric tons of carbon pollutants each year. And while a single home or small business that goes solar barely makes a nick in the pollution mountain, the joint effect of building owners adopting solar systems across the country is guaranteed to make a lasting effect.
As the number of residential solar installations grows, we move away from our dependency on fossil fuels and closer to clean energy that rises and sets every day. Solar energy perks, however, are not only benefiting individuals and national economies. Our collective transition to commercially viable solar solutions is one of the most tangible scenarios for cleaner and more sustainable environment.