Technological advancements in solar power have reached a point where the installation cost of a solar setup can be entirely negated by the savings in utility bills. In fact, a wide range of purchase, finance, and leasing options along with government tax incentives allow owners to repay their initial investment within a period of 5-10 years. And the advantages of solar energy include more than just cost savings. Let us take a close look at some of the financial benefits of solar power systems.
Reduced Power Costs and Energy Bills
One of the biggest financial benefits of a solar power system is that it dramatically reduces your electricity bills. This is evident from the fact that any amount of power produced via the solar panels is free energy which doesn’t require you to pay anyone. Moreover, homes and corporations with solar panels don’t have to worry about ever-increasing traditional power bills.
Solar energy systems have long life spans. Most solar panels usually have a lifespan of two to three decades and this can increase to four decades if the panels are regularly and properly maintained. In short, investing in solar panels can help you avoid energy bills for as much as 40 years that is a wonderful saving, to say the least.
Generous tax incentives and grants are provided by state and federal government for the installation of solar panels. Usually, states offering incentives have production-based or rebate-based incentives, or a combination of the two, all of which make the distinct advantages of solar energy more accessible and rewarding for the average citizen.
Increase In Property Value
Installation of solar water heaters or solar panels can enhance the value of your home or office by at least the cost of investment made by you. The best thing is that solar panels at your place pay for themselves in the form of reduced energy bills. Solar power adds resale value to your house – buyers are willing to pay more for homes with solar energy systems. This is a long-term benefit that won’t immediately become apparent but is definitely worth choosing solar.
Boosts Local Economy
Solar panels don’t just help you make personal savings; they contribute to community savings as well. Most of us still waste money by staying dependent on non-renewable and exhaustible sources of energy. However, solar energy that is a renewable and inexhaustible source of energy can be used to harness energy on a huge scale that can open new employment opportunities for designers, manufacturers, installers, and allow more individuals to earn money.
Net metering is a billing system wherein solar energy system owners are credited for the electricity they add to the grid. Apart from allowing owners to generate their own clean electricity, net metering also allows them to transfer extra energy produced during the day back to the grid, building a store of credits with the utility company to use in the future.
Solar energy has surely emerged as one of the smartest and most affordable sources of energy. This renewable and inexhaustible energy source can be efficiently used as an ecological way for providing energy for industries and homes by installing solar panels at residential and commercial levels.