Jessica PirroAugust 31, 20206430
There are a lot of reasons that homeowners want to get a solar panel installation and there are a lot of reasons why you should install a solar power system. Here are a few in-depth reasons homeowners should get a solar panel installation.
Eliminate Your Electricity Bills
One of the biggest reasons that homeowners get a solar panel installation is to save on electricity bills. Solar panels can help homeowners eliminate or significantly lower your monthly electric bill. If you have a $100 a month electricity bill, your annual electricity bill of $1,200. Over 20 years, that same $100 monthly bill is going to turn into a $24,000 electricity bill. It is also going to be likely that your utility company will raise your electricity costs. When you install a solar power system at your home, you can protect yourself.
Getting a solar panel installation can eliminate your electric bill reduce it dramatically that electricity costs. Your solar power savings are going to depend on a few different factors, such as the amount of energy your solar power system produces and how much your consume, however, the biggest factor is the rates you would otherwise pay your utility.
Your solar power savings are going to equal the costs of solar panels, you are going to save even more if the electricity rates are high in your area. Because the electricity prices are continuously rising, the savings you get from solar panels is going to continue to grow each year over the entire lifespan of the solar power system.
Reducing a homeowner's largest monthly expense makes sense, but the benefits of solar panels aren’t just economical. Due to the cost of electricity being so unpredictable, managing you’re budget can be difficult. When a homeowner gets a solar panel installation, homeowners can also fix your electricity costs by making them a lot more predictable. When homeowners make their electricity a lot more predictable when they install a solar power system, you can also improve your expense forecasting and management capabilities.
A Solar Panel Installation Will Increase Your Home’s Value
There have been multiple studies that have shown homes that have a solar panel installation are going to be valued and are going to be sold at a higher value when compared to other homes in their area. Studies have shown that in California, a home with a solar power system increases the home by 4% or more. The Lawrence Berkeley National Laboratory, a research laboratory that is associated with the Department of Energy, continues to expand on the research as solar energy expands across the United States.
Back in 2015, the Lab released a report that analyzed sales of homes that have a solar panel installation in eight different states over the past 11 years to determine how much value solar panels will add to a home’s sale price. The key finding was: on average, homeowners are found to be “consistently willing to pay solar panel installation premiums” of approximately $4 per watt of installed solar energy capacity. For the standard 6-kilowatt solar power system, this is going to mean that solar panels may add around $24,000 to your home’s resale value.
A lot of the same factors that are driving your overall financial returns are also going to drive increases in property values. The largest increases are going to be in areas where the electricity rates are high and strong solar incentive programs exist. All of this is going to be great news for the property owners with the solar power systems: they are not only going to regain the initial cost of their solar power systems when they are going to sell, but they also will receive a premium will increase their returns on their investment.
The real estate industry is working to create more sophisticated methods for accurately determining the market value of solar panels, the financial value of properties that are equipped with solar power systems.
The Environmental Benefits of Solar Energy
A lot of homeowners decide to get a solar panel installation because they want to minimize environmental issues such as climate change and health issues that are related to carbon emissions. According to the U.S. Environmental Protection Agency, the average household is going to emit approximately 20 metric tons of carbon pollution every year. When you install a solar power system, a typical two-person household is going to reduce its carbon emissions by three to four tons yearly.
The U.S. Green Building Council has reported that buildings contribute 39% of all carbon emissions in the United States. When you get a solar panel installation it is going to help decrease these effects. Every home, the business, or non-profit that adopts solar power is going to make a pretty big dent in our pollution, the cumulative effect of property owners are going to adopt solar panels across the country that makes a lasting impact.
A lot of people also wonder how do solar panels reduce greenhouse gas emissions? The solar energy that is generated by solar panels is going to be free from emissions. When people use sources of renewable energy, like solar energy to power your home, you are going to reduce the demand for traditional sources of energy, like fossil fuels, you are going to reduce the demand for electricity from your utility. This is going to result in your utility plant emitting less carbon when they are producing the power needed to meet customer demands.
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