The growing popularity of solar power is reflected in over 49,000 residential installations in the third quarter of 2014. To date, more than 600,000 homes and businesses in the United States have converted to solar as their primary source of power.
REC, a leading global provider of solar energy solutions, outlines the following benefits of going solar.
- Good investment: Buying a solar system makes financial sense with a short payback time and good return on investment in countries that provide feed-in tariff or tax-credits and other incentives.
- Reliable: Solar panels are easy to install, require little maintenance and come with a 25-year linear power output warranty.
- Energy independence potential: Consuming electricity where it is produced.
- Environmentally friendly: People want to preserve the earth’s resources and reduce pollution; buying a solar system contributes to protecting the environment.
- Solar is the fastest growing energy source in the world. It’s more affordable, more efficient, and more reliable than ever.
Going Solar Saves Money
The energy of the sun is free. Solar panels capture the energy of the sun to power most anything electrical in your home. The greater the amount of sunlight captured, the more money you can save. Each and every kilowatt of power generated by your system is a kilowatt that you didn’t have to purchase from your local utility company. Additionally, if your solar system is set up for net metering, any excess electricity generated by your solar power system can be transferred to the grid and sold to your utility company in the form of a credit.
In the United States the average cost of a kilowatt of electricity is $ 0.10 cents; a figure that has doubled since 1990. However, as residents of many parts of the country can tell you, it really runs much higher than that. Statistica 2015 reports that the average annual electric bill in the United States for residential properties was $1,335 as of 2010. How does that compare to your annual electric bill for 2014? It’s easy to see that the cost of electricity is ever on the increase.
In Canada, the average cost of a kilowatt of electricity is $ 08.3. Worldwide, Italy has the highest cost per kilowatt at $ 0.21.1 and Sweden the lowest at $ 07.3. Energy prices are only expected to rise, making solar power an incredibly wise investment no matter where you live.
Solar Power Enhances Property Value
Solar panels have no moving parts and once in place will last for decades as long as they remain undamaged. The longer your panels are in place, the more free energy you will harness. The National Renewable Energy Laboratory offers a helpful guide when determining how much your homes value will increase. According to the NREL’s research, each additional $1 in energy bill savings derived from your solar installation adds $20 to your home’s total value.
For environmentally aware homeowners seeking to reduce their reliance on fossil fuels, save money on utilities and enhance the value of their property, today’s photovoltaic solar panels are more cost-effective and efficient than ever before. Now you get more power for the money you invest in a solar system.
TheCostOfSolar.com explains how a solar system installation for your home can contribute to value, noting, “The exact numbers vary from property to property and installation to installation, but recent research shows an average increase in resale value being $5,911 for each 1 kilowatt (kW) of solar installed. In a state like California, for example, a small 3.1-kilowatt (kW) system can add an average of $18,324 to the value of a medium-sized home.”
Ever-evolving technology and the growing popularity of home solar systems means that the increasing competition from new manufactures entering the market has driven the initial cost of home solar systems even lower than ever before. Since the third quarter of 2010, the average cost of a PV panel has dropped by a whopping 63 percent.
Save Money Even On Cloudy Days
Cloud cover has long been an obstacle when it comes to solar energy production. Today, the problem of cloud coverage has been dramatically reduced by the introduction of solar storage batteries. The larger the capacity of the batteries you invest in, the longer you will have a consistent supply of solar power, even on completely cloud-covered days. While this is not necessarily a large concern for people living in sunny La Quinta, it is nevertheless a benefit that will serve you well on the rare occasion that clouds grace the skies.
Solar power is extremely beneficial, both as a home investment and as a contribution to green living and the preservation of our resources. Outfitting your home with solar panels is a sound decision that will keep paying dividends years into the foreseeable future.