5 Financial and Green Benefits of Having Solar Panels on Your Home

Friday, December 08, 2017

Sunlight is everywhere and free for everyone. This pretty much sums up why solar is the energy of the future. Unlike fossil or nuclear fuels, sunlight lasts forever which means the world can take as much of it as possible without an end. This is clean energy with a non-existent footprint on the earth’s natural resources. Sunlight does not need to be extracted, processed or transported. So what are the advantages of using solar panels?

Eliminating energy bills
While it is true that solar installation costs are a bit high, the return on investment is realized  over time. It is easy to calculate the point at which your solar panel will break even. Simply take the cost of energy bills per year and calculate how many years it will take to get to the amount of cost of your solar panel. After your solar panel breaks even, you can count the rest of its lifetime as pure savings.

High reliability
You can be sure that your solar panel will give off electricity every day of the year come rain or sunshine. This is unlike relying on the power grid which can be affected by factors such as vandalism, terrorism, harsh weather or lack of fuel.As long as the solar panel is properly fixed, there is little maintenance needed, and energy can be expected without fail.

Tax credits and earnings
Local and federal authorities encourage installation of solar energy systems through tax credits. The US federal investment tax credit allows people who install solar energy systems to deduct 30% of the costs of these systems from their annual federal tax liabilities. People with excess production of solar energy can channel this excess to the power grid for earnings. This can help to further offset the costs of the solar energy system.

Increased home value
Installing solar increases a home's value The US National Renewable Energy Laboratory has shown that homes with solar panels will sell in a shorter period.  It sells in 20% less time than homes without solar panels. They also add value by as much as $17,000 or more per home. The Berkeley lab’s research showed that home buyers across the states were generally willing to pay higher by an average of $4 per PV watt installed.

Ecofriendly energy
Solar energy places no demand on the planet's natural resources.  There is no further footprint on the planet apart from the materials used to make the solar equipment. Adopting solar energy use on a large scale would help conserve the environment resources in water and vegetation. Solar energy is also a zero-emissions system meaning its use would help combat global warming over time.


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