Solar panels provide home and business owners an access point to generate energy that is both environmentally and financially responsible. Yes, it is actually cheaper to harness energy from solar than traditional energy production such as coal or even natural gas!
However, what most people don’t really understand or fully grasp is the multitude of benefits that extend from investing in solar and the myriad of positive impacts that solar provides immediately and well into the future. For the sake of brevity and organization, we have categorized some the major topics into direct and indirect benefits.
Four Direct Benefits of Solar Panels
- The long-term nature of solar panel systems offers a huge reduction in carbon emissions and greatly counter continued pollution and the adverse environmental conditions created by fossil-fuel based energy generation.
- Electric utility savings start on day one! Solar panels provide you with energy each and every day, and the typical life of a solar asset is well beyond 30 years. Yes, that means panels can still make energy even on days that are a bit gloomy, although not nearly as well as when the sun is shining bright in the sky. Still, the day-in and day-out effects tabulated over the next 30 years truly makes solar panels an incredible asset.
- There are tremendous financial incentives for investing in solar. Namely, you still can take advantage of a 30% Solar Investment Tax Federal Tax Credit (yes, that's $1/$1 savings) through the end of 2019 as well as be eligible to depreciate the asset for a commercial project. Please note that means you must have a project installed and online before the end of 2019, and that most installers are booking up quite fast!
- Solar assets, and other renewables in general, qualify for added financial savings through various rebates and “green energy certificate” programs. These are usually governed at the state level and can vary from region to regions, but these financial incentives are more additions to the utility cost savings and basically extra icing on an already sweet cake!
Four Indirect Benefits of Solar Panels
- Solar panel arrays help fight off the inflationary costs of the utility provider. Although we may not recognize it, the average consumer spends more on the same relative amount of energy they consume each year. The utility companies continue to raise rates and add miscellaneous tariffs, fees, and more that are poorly understood by even their own billing staff. When investing in solar, you make your own energy on site and thus reduce your dependency on power provided by the utility. In turn, you have a fixed cost to your energy versus a continuously-rising variable rate offered by the utility company.
- Solar arrays add “hidden” equity right back into your property. Currently, there are no taxes assessed for investing in a renewable energy asset. These savings extend to any sales tax or increase in property tax due to the solar assets equity bonus. In layman’s terms, solar arrays will add value to the property for the very same reasons they provide ongoing utility cost savings and do so without a penalty in increased taxation!
- Rooftop solar panels can help protect your roof from the damaging effects of the sun. Solar modules are specifically designed to capture the sun’s irradiation or light energy, which is a main factor in roof deterioration. By installing rooftop solar, you are basically providing an extra layer of protection for your roof that invariably extends the life of the roof and save you from an early roof repair.
- Most solar installations in the United States source local goods and offer services from nearby designers, suppliers, and installers. As of 2015, there were approximately over 200,000 solar energy-related jobs in the U.S., which is more than both the oil and natural gas construction industries, as well as nearly three times the size of the entire coal mining workforce. Moreover, most utility companies have also seen the true advantage of solar and are heavily invested in their own solar farms as a means to provide electricity to consumers. What does that mean you may ask? It’s simple – It’s time to take advantage of solar energy before you’re stuck paying a higher utility cost from a utility company instead of having your own panels.
See the Benefits of Solar Panels for Yourself
Between all of these benefits, there has never been a better time to invest in a solar power installation than now. Solar power is a naturally occurring and extremely abundant resource that makes it the easiest and most viable renewable energy source for home and business owners. Of course, everybody’s situation is different, from where they live or work to how their home or office is built.
Fortunately, there’s a way to find out roughly how much you may be able to save based on your unique needs. Use our solar calculator to get an estimate on your potential energy savings and take the next step toward going solar