Residential solar
Residential Solar Facts
Solar energy is sustainable, renewable, and plentiful. As the cost of using solar to produce electricity goes down each year, many Americans are increasingly switching to solar. Now, there are over a million solar installations across the country. Below are additional benefits of switching to solar electricity.
Financial returns and lower monthly utility bills are major incentives for going solar. The exact savings you will see with solar depends on the following:
- Electricity consumption
- Solar energy system size
- Whether you purchase or lease your system
- Direct hours of daily sunlight
- Size and angle of roof
Solar energy is sustainable, renewable, and plentiful. As the cost of using solar to produce electricity goes down each year, many Americans are increasingly switching to solar. Now, there are over a million solar installations across the country. Below are additional benefits of switching to solar electricity.
Financial returns and lower monthly utility bills are major incentives for going solar. The exact savings you will see with solar depends on the following:
- Electricity consumption
- Solar energy system size
- Whether you purchase or lease your system
- Direct hours of daily sunlight
- Size and angle of roof
Many states and local jurisdictions offer incentives to homeowners who invest in renewable energy, including solar power. The federal investment tax credit (ITC) allows homeowners to reduce their tax burden by 30% of the cost of their solar system installation.
Learn more about the ITC credit when you contact us, and research and consult with local authorities to understand the specific incentives available in your area.Solar power systems have the potential to pay for themselves over time. While the initial installation costs can vary depending on system size, equipment quality, and location, solar panels typically have a long lifespan and require minimal maintenance.
The savings on electricity bills can gradually offset the upfront investment. In many cases, homeowners can recoup their costs within 6-9 years, often referred to as the "payback period."
Furthermore, with incentives like net metering and potential tax credits, the financial benefits of solar energy can be even more substantial, accelerating the payback period and improving the return on investment. When determining your solar system payback period, consider local energy prices, available incentives, and the characteristics of your home.
Financial incentives, such as rebates, solar tax credits, and federal tax credits, further enhance the appeal of residential solar power. These incentives offset the upfront costs associated with solar panel installation, making the switch to solar more affordable and economically viable.Solar Panels Increase Home Values
According to the National Renewable Energy Laboratory, every dollar a solar panel saves you on your electrical bills increases the value of your home by $20. Also, homes with solar panels sell for four percent higher than those without them. If a home has solar panels, its owners will be saving money in the long run, increasing its appeal and value.
Long-Term Savings
The start-up costs for a solar system represent a significant expense, but the costs are usually mitigated by savings on the electric bill. Consumers can often break even on the investment—usually within six to 10 years—and then start reaping the benefits well before the system needs replacement or considerable maintenance.
Low-Maintenance Costs
Once installed, a solar system requires little maintenance as long as it remains unaffected by environmental factors. If panels are kept clean and free of debris, they should continue to function without any additional action by the consumer for many years.
Regarding maintenance, professional service for your panels can cost between $140 to $180, while an annual inspection or cleaning can cost about $150. However, solar panel warranties typically cover them with performance guarantees.
Benefits the Community
A process known as net metering allows consumers to sell excess electricity their panels produce back to the utility company, further reducing utility bills. This often reduces a community’s reliance on fossil fuels, as well.
Diverse Uses
Solar energy is extremely versatile, and can provide power not only to our homes and appliances but to places where channeling power from a grid is impractical or impossible, such as remote, off-grid regions, satellites and boats.
Rising Power Prices
The price of electricity has been on the rise for the past ten years and remains unlikely to decrease in the near future. Solar power can help the consumer keep bills low and with net metering, many consumers can even sell extra energy back to the utility company to turn rising electricity prices to their advantage.