The use of solar panels is becoming more and more popular, but they are not cheap – at least buying the initial panels and having them installed isn’t. So if you have to spend a considerable chunk of money to get them- why are so many people investing in this energy source for their home? Well, there are a number of eco reasons; after all solar energy from solar panels offers unlimited safe energy with zero emissions. As well as this, and for some, equally as important- solar panels can offer homeowners huge savings on energy bills in the long run (as well as bumping up the value of your home).
Here are just a few examples how solar energy is a very positive investment.
You can watch the numbers on your electric bills drop
Electricity is definitely not cheap. A solar panel system offers a solution to generate free power for your home and see a significant reduction, if not complete elimination, in your electric bills. Of course this may depend on the amount on sun you expect to receive over the year.
Over the years, new financing options have emerged that make going solar more affordable
Like most investments, paying in cash and a long-term relationship will give you the best return. However, there are other financing options available that make going solar more feasible for more people. For example, you can get a solar loan to purchase the system or lease the system. If you own the system, you get tax breaks and rebates that decrease the overall cost of the system. If you lease the system, you get a guaranteed amount of electricity, which often comes at a cost between 10-20% lower than what you were paying before. In exchange, you would pay a monthly cost for using it and since you would not own the system, unfortunately you would not be able to get any tax breaks.
Earn a great return
In seven to eight years, the average American homeowner is able to pay off a solar panel system. After that, it is pure savings and ultimately a great return on an investment. However, it isn’t an overnight solution and you have to be thinking about the long game.
Increase your property value
As more people are adapting to more sustainable ways of life, the property value of a home with a solar panel system is higher than that of one without. As demand rises and the supply is limited, this puts homeowners with solar panels in a great position. According to a study by Lawrence Berkeley National Laboratory, consumers are willing to pay about $15,000 more for a home with rooftop solar panels.
Protect the environment
Going solar can significantly reduce your carbon footprint. When it comes to the carbon emissions in the U.S., buildings are responsible for over a fourth of it and each home always has room for improvement regarding its contribution.
Whether your motivation is to save the planet or save money, or indeed both, solar energy is a fantastic investment worth considering when renovating your home or when you receive your latest electricity bill and realize something has to change! You can find some great resources online to help guide you on your solar energy transition.