If you’ve ever wondered if the benefits of solar power outweigh the costs, you are not alone, you are not alone. Interest in this alternative energy source has grown steadily since its introduction. In fact, solar panel installations increased by 70% in 2015 compared to the previous year, while costs have decreased by 73% since 2006.
Not sure yet? Here are 6 reasons why you should consider installing solar panels in your home.
Save on your electricity bill.
The average solar installation costs between $ 10,000 and $ 35,000. If that sounds too expensive, consider this: A recent study showed that customers save an average of $ 44 to $ 187 per month in the first year they install their solar panels. That’s $ 528 to $ 2,244 in a single year, which means your installation could pay for itself in five years – and continue to save money on your monthly electric bill for years to come. By some estimates, the average solar installation saves consumers more than $ 20,000 over 20 years. In some areas, savings can reach up to $ 64,000.
Save on taxes.
In some countries, governments encourage the installation of solar systems with tax cuts or loans at very low interest rates. You can access credits or grants for the use of solar panels in your house or you can even sell the electricity you don’t use to the grid.
Increase the value of your home.
A recent study from the US Department of Energy showed that potential home buyers are willing to pay a premium of $ 15,000 for a home with a mid-size solar system. The average solar system uses 3,600 watts, which means you can expect an additional $ 4 per watt sale value. Since the cost of a watt today is around $ 3 and is expected to drop further in the future, solar power will continue to be a worthwhile investment for your home.
Generators can fail, fossil fuels can run out, and utilities can be disbanded. The sun is not going anywhere at the moment. In fact, the sun provides about four million tons of energy per second, and humanity uses only 0.0001% of that amount in its energy consumption around the world. So you never have to worry about its exhaustion.
Reduce your polluting emissions.
A single installation of the solar system offsets 178 tonnes of carbon dioxide over 30 years, which is the equivalent of planting 10 football fields with trees. Instead of burning fossil fuels that are slowly killing the Earth, solar energy does not harm the environment.
Renewable energy will make you independent from expensive energy suppliers. Unlike an electricity supplier, the sun will never increase its prices. Over the past two years, the United States has experienced an average 3.2% increase in residential electricity prices. If this trend continues, you will have paid off your solar panels sooner than expected.