In this day and age, installing solar panels for your home is becoming more affordable, efficient, and accessible all across the nation. It’s no longer just a quirky toy for the rich and famous to play around with. As a result, many people are now considering solar power as a viable solution for themselves.
1. Control Your Own Power
You may not know it, but dealing with an electric company can be very unpredictable in various ways. Not only can the amount you pay fluctuate based on different factors, but the whole grid can go down too. Having solar panels and a battery puts more control back into your hands.
To start with, the cost of electricity has steadily gone up in the past decade. This isn’t something that is likely to change either, so investing in solar now can save a lot of money. On average, signing a Solar Service Agreement will save you cash when compared to your local electric company.
As previously mentioned, paying for electricity can be very unpredictable. This is because some areas enforce Time-of-Use rates, or TOU for short. Basically, companies will charge you more when you use electricity during peak times, and then charge less during low demand periods. If you know what those peak times are, you can use your solar panel during those moments to maximize your savings.
In addition, blackouts are becoming more common as preexisting grids get older and older. The pandemic has also made these kinds of events more common in certain areas. Having a solar-powered battery as a backup plan will give you a buffer from these incidents.
2. Get Access to Renewable Energy
Unlike other power sources like coal and natural gas, solar power generates no emissions, air pollution, or greenhouse gases. More importantly, it is a source of renewable energy that can be scaled to a personal home.
While it is true that manufacturing solar panels generates emissions, all of that is front-loaded. Once a system is installed and operating, it helps dramatically with things such as air pollution. Studies have shown that using this type of energy can prevent up to $167 billion in health and environmental damages. It is also estimated that a household that switches to solar will save the equivalent of 5000 pounds of coal in carbon emissions.
The potential for solar power is almost limitless because of how constant the sun is. We get a set amount of sunlight every day. It is estimated that capturing just one hour’s worth of solar energy could power the entire world for a whole year. Advancing the usage of this kind of technology would mean a cleaner future for everyone.
3. Increases Property Value
This is almost a no-brainer, because adding onto your property would obviously add to the value of your home. However, many people might be surprised by the total amount that it would add. On average, having a solar panel and battery system in place equates to a 4.1% boost in value. That means a property valued at $500,000 could add over twenty thousand dollars to its total worth.
What that essentially means is that solar panels are a great investment, because you’ll get a lot of that back when you sell your home. In fact, many homeowners will recoup the total cost of solar panel installation when they do decide to sell. Recent studies show that each kilowatt of solar panels equate to between $4,020 and $5,911 during resale.
Related to that is the statistic that houses with solar panel systems installed can sell faster. In some cities, a solar-powered home sells around 20% faster than one without.
With that in mind, you can rest assured that setting aside money for solar panels is a good investment. Even if you never plan on moving or selling your home, increasing your property value is a good thing.
4. Saving Money on Taxes
For those that choose to buy their systems instead of renting, there is a lot of money to be saved through incentives and tax breaks.
• Net Metering
Another way you can make money from your solar system is through net metering. In some cases, you will generate excess energy that exceeds your battery capacity, which is then sent back into the grid. In turn, the electric company will pay you for that energy, which can be applied to your next bill. This can come in handy for moments when your panels aren’t generating much electricity, like an extended period of bad weather.
• Credits From The Government
Many localities offer credit and or money back if you choose to install solar panels in your home. That is because the government knows that the effects of more people switching to solar in the long run is not only beneficial for the people, but for them as well. As always, doing your research ahead of time can result in a large amount of savings.
5. Solar is Cheaper than Ever
Like with most other “new” technologies, the cost of solar keeps going down as time passes by. Prices have dropped drastically over the past decade, by nearly half. Prices can only fall so much though, so you don’t want to wait too long. Combined with the fact that the government subsidies and electric buyback program might eventually go away, it is now the perfect time to get started on your solar journey.