In 2012, the solar market in this country grew by 76%. This means that Americans have more access to solar energy than ever before. So why is this? Let’s take a look at the 10 main benefits of going solar.
- You Save a Whole Lot of Money
You can save around $100 per month on energy bills by going solar. This results in around $30,000 of savings over the lifetime of your panels. In Hawaii, you could save as much as $64,000 in two decades!
- Savings Start Immediately
You can finance your panels in a number of different ways, including through leasing options. If you do this, you pay the third party owner of your panels for the electricity. Even this, however, is cheaper than buying fossil fuels.
- The Payback Period Is Low
If you were to buy your panels outright, you should see a return on investment in around 10 years. In Hawaii, this return is seen in just five years.
- You Increase the Value of Your Home
Because homes with panels have lower energy bills, they are more attractive. In fact, the National Renewable Energy Laboratory has reported a 20% increase in how quickly a home with solar panels sells, and a 17% price increase. The average price increase is $17,000 according to the U.S. Department of Energy.
- There Are Lots of Incentives
The Federal Solar Tax Credit $2,000 cap was lifted in 2009. Hence, you should be able to get back around 30% of the costs of installation, translating into a $7,500 return on a system that costs $25,000. Then, there are the Solar Renewable Energy Credits (SERC), local and state rebates, and various other incentives, allowing you to save as much as 50%. Selling your SERC could result in earnings of between $5,000 and $7,500.
- It Is a Secure Investment
Energy companies often fluctuate their prices and this is getting worse. Solar panels, however, give you fixed energy costs for at least 20 years.
- Performance Is Guaranteed
You will receive a performance guarantee (or warranty) of between 20 and 25 years on your panels. Plus, industry standards guarantee that, after 25 years, panels still operate at 80% performance or more. The lifespan of a panel is much longer and even 40 years after installation, you should still get good performance.
- You Help Save the Planet
Solar panels make for a sound financial decision. But mainly, they allow you to contribute towards saving the planet. Only China has higher carbon dioxide emissions than this country, which means that everybody should take some responsibility in terms of lowering their carbon footprint.
- You Become Independent
When using solar energy, you no longer have to rely on the import of crude oils (40% is imported in this country). This means the country as a whole becomes less dependent on foreign fuels.
- Solar Is Easy
Last but not least, it is easier than ever to go solar. Finding panels, obtaining finance, and getting the necessary rebates are mostly done for you.