The cost of everything seems to rise consistently lately, and energy bills aren’t spared. With the rising energy costs, many homeowners feel constant dread.
As you reach for your electricity bill in the mailbox, is that how you feel, too? Or maybe you just want a cleaner source of energy.
Either way, solar energy is an excellent choice for homeowners. With numerous benefits, you can’t go wrong.
Energy Cost Savings
Most homeowners can relate to skyrocketing prices. Electric rates vary depending on location; however, according to 2022 data from the U.S. Energy Information Administration, the national average is about 15 cents per kilowatt hour. Most households can expect around $1,500 in savings each year by switching to solar energy.
Tax breaks and incentives are also attractive reasons to convert to solar energy. At first, the price tag of solar can seem steep, but the federal and state rebate programs can take some of the pressure off your wallet. For example, the federal tax credit for 2022 offered up to a 26% rebate on the price of a new solar installation. On top of that, the Database of State Incentives for Renewables & Efficiency can help consumers find discounts of up to several thousand dollars in their states.
The tax credit for solar was initially scheduled to decrease to 22% in 2023. However, with the recent signing of the Inflation Reduction Act of 2022, the credit still is available. Better yet, it will also increase to a 30% credit effective until at least 2032.
Increase in Home Value
Solar panels are one of the wisest investments you can make as a homeowner. Not only does it save money on your electricity bill, but this investment will also raise your home’s property value. The amount of the home value increase will vary depending on where you live. The National Renewable Energy Laboratory (NREL) found that home value increases by $20 with every $1 that you save on your utility bill. This means you will have a higher market value when selling your home. Let’s say your solar energy system saves you $700 every year. Based on that savings, your home will increase by $14,000.
Reliable Energy Source
Solar energy is a renewable energy source that can provide more than enough energy to meet the world’s needs. Fossil fuels can run out and are a less clean energy source. To put how reliable solar is—solar is one of the top three new sources of generation added to the grid within the last seven years. Solar provided 30% of new electricity in the United States in 2019, up from 4% in 2010. Another major reason it’s reliable is that solar panels provide consistent energy and more energy over their lifespan than the energy that is required to fabricate them.
Solar panels are also designed to withhold weather changes. You can continuously generate electricity despite the wind, rain, and snow. Even if you live in one of the most cold locations, it won’t be affected.
Positive Environmental Impact
While the initial reason most homeowners are drawn to solar panels is the cost savings benefit, there are several environmental reasons to make the switch.
Reduce greenhouse gas and CO2 emission
Making the switch to solar energy can help contribute to a healthier environment. Solar energy is a clean, renewable energy source that doesn’t come along with harmful emissions or pollutants like carbon dioxide (CO2).
Protecting water sources
Solar energy doesn’t need water to generate electricity, unlike other forms of power generation like coal-fired power plants that use large amounts of water for cooling. Another example is a steam turbine, which generates most of the world’s electricity. While the steam turbine is not a pollutant itself, the energy source to create the steam impacts water and air.
Reduce air pollution
Burning propane, fuel oil, kerosene, and other fossil fuels lead to harmful pollutants and other particulate matter in the air. Solar panels transform the way you receive electricity and take the pollution out of the air.
Conserve natural habitats
Since you can easily install solar panels on your rooftop or your lawn, this means they don’t need large-scale land development. Because of this, you can conserve natural habitats and reduce the destruction of ecosystems.
Promote energy independence
Solar energy can reduce a community’s reliance on fossil fuels since solar energy can be generated locally. When the demand for fossil fuels decreases and more people are opting for solar energy, the price will decrease even more.
Is Solar Energy Right For You?
While more and more people are flocking to solar energy for its benefits, it may only be for some. So how do you know this energy source is suitable for your home?
You have to consider the upfront cost with long-term savings in mind. Most people can see the investment and savings in this, but some people may cannot provide the costs upfront. What makes it even better is that the savings continue to rise over the years. For example, you could notice you have saved $10,000 around 10-12 years. Around 15-20 years, the amount could be $20,000-$30,000.
Another factor is how much land you have or how large your rooftop is. Solar panels require a lot of space.
Between the tax incentives, solar tax credits, and a potential increase in your home’s value, solar panels for homes make sense for most people. If you’re looking for a cost-effective way to switch to renewable energy, solar energy could make a difference for your household.
If you’re interested in learning more about solar energy and if it’s a good fit, or to schedule your installation, contact us at (phone here).
By Heather Burdo
Heather Burdo is a digital marketing enthusiast who loves helping businesses grow and reach their goals. She is passionate about leveraging the power of content marketing, social media, and SEO to support companies in gaining visibility with their target audience. Her expertise delves into numerous industries like solar energy, HVAC, health, real estate, finance, and more. During her free time, spending time with her family, going on fun adventures, and working on self-growth are her top priorities.