Top 5 Advantages of Solar Panels for Homeowners
Our dependence on fossil fuels continues to cause drastic problems to both our planet and its people alike. We need to find a way to lower the need while not causing problems of its own.
Luckily solar energy is fulfilling both of these requirements. Find out about the advantages of solar panels that you can benefit from by adopting this green energy source and helping with the cause. Keep reading!
1. Environmental Impact
Adopting solar energy allows you to reduce your dependence on fossil fuels. Standard electricity is generated from the burning of fossil fuels such as coal and natural gas. When we burn coal and natural gas the creation of pollutants and greenhouse emissions occur.
Green energy improves not only the health of the planet but also those living on it. Coal and natural gas plants produce large amounts of air and water pollution, while also requiring a large number of resources to operate.
2. Rebates and Tax Credits
There are a huge number of credits, rebates, and tax credits that consumers changing over to solar energy are eligible for.
As of 2020 for those buying their home system outright, there is a federal credit that can reduce the cost of solar panels by 26%
In addition to the federal credits, some credits vary from state to state. To check on what you could receive take a look at the DSRE or Database of State Incentives for Renewables and Efficiency.
3. Improving Real Estate Value
A solar energy system installed on a home immediately increases resale value. Most shoppers are aware of at least some of the benefits of solar. Seeing a system already in place is very appealing.
To put real numbers to the equation a report from Berkeley Labs shows for every solar watt that is added there is an average of $4 increase in resale value. There is also an increased resale value of nearly $6,000 per kilowatt installed.
For some systems, this valuation could result in up to a ten-fold return on investment for owners.
4. Financial Savings
The first thing when talking about benefits that most people ask, rightfully, is how much does solar save ? The only investment when dealing with solar is the initial installation and that can be helped by federal and state incentives.
Unless your system does not produce enough electricity to offset all usage there are no further costs for energy consumption. You are not going to be subject to growing energy rates and fluctuating bills.
Take, for example, a family in California that decides to install a solar panel system. The upfront cost is $12,476 and they now own the system. The energy rate on average in California is $0.2079 per kWh.
Their panels account for approximately 96% of their energy needs. Over twenty years, because of their solar panels, the family stands to have a solar panel savings of $40,673.
Solar energy can help protect against TOU or “time of use” rates. These are rate adjustments made by the energy companies for usage during peak times.
5. Selling Energy
You can sell unused electricity back into the grid and make a profit! This is done through a program called “Net Metering”. Established to encourage the use of renewable energy, homeowners can receive credit for excess energy.
The credit received is not a flat rate throughout all states and you should check in on your area to see what the exact amounts are.
Advantages of Solar Panels Shine Through
From financial to environmental, the advantages of solar panels are plain to see. The return on investment can be up to tenfold without any risk and Mother Earth will thank you at the same time.
If this helped with your choices regarding solar or you simply loved learning more, be sure to come back soon and see the other content we have curated for you!