Why 2019 Is The Best Year To Install Solar
With the rising awareness among the masses about the usage of renewable and eco-friendly energy sources, they are now more inclined towards utilization of photovoltaic solar panels for household power generation. This not only drastically reduces the emission of greenhouse gases but also significantly curtails the electricity costs.
People considering installing solar systems in their houses must note that they will enjoy federal solar tax credit. This credit pays for 30% of the total system cost, owing to which people need to cover only the remaining 70% of the price. However, with the decrement of this federal tax credit from 30% to 22%, are the solar panels still worth installing in 2019?
What Exactly Do These Solar Panels Do?
The utility from which you buy your electricity is fundamentally dependent on a power plant which generates power. With solar panels installed on your rooftops, you are replacing that power plant with the solar panels system. This facility generates power by making use of solar energy. With this system, you can even generate 100% of the energy consumed by your household.
Should You Go for Solar Panels Even After the Decrease in the Federal Solar Tax Credit?
By installing a solar system, you are essentially making a long-term investment with assured returns. You can easily cover up the cost of the solar facility within 5-8 years of operation, owing to the humongous savings that you'll make on the electricity bill. A typical solar panels system’s operational life is at least 25 years. Once its initial cost is recovered, the remaining lifetime of this facility ensures huge gains.
The underlying principle is this – you are essentially producing the electricity that you use. Even if you are unable to generate 100% of your household’s energy consumption, the utility bills are significantly curtailed. What’s more? You are basically generating free and clean power for more than 25 years. This not only reduces the pressure on non-renewable energy sources but also impregnates monetary benefits.
Although at the time of installation, the facility might seem extravagant, it is essentially an investment in the long-run with assured savings. So, even though the people now need to cover up 78% of the total cost of the PV (photovoltaic) solar panels, the entire scheme is profitable for the people.
This is owing to the fact that the facility ensures enough savings to cover up its installation costs in less than a decade. The rest of the operational life of the system assures long-term benefits. Consecutively, the decrement in the federal government tax credit has a minuscule impact on the savings that people can make over the solar facility’s entire lifetime.
Are There Other Monetary Benefits Associated with This Facility?
Indeed. Installation of a solar power generation facility adds value to your home. In a study conducted on 22,000 houses, it was inferred that the houses with solar systems installed, on average, were sold for $14,000 more than the houses without any such facility.
The reason for this may be attributed to the increased awareness among the people about abstaining from the exploitation of fossil fuels and the need to switch to clean energy resources such as solar energy. This boosts the demand for solar homes. They not only sell faster than houses devoid of a solar facility but also fetch a better price.
Another financially beneficial facet of such a facility is that the extra power generated that you feed into your utility grid, earns you money. In 35 states in the US, utilities pay the full retail value for each unit (kWh) of energy transferred to their grid.
Considering Switching to a Solar Home?
Here Are Some Essential Tips to Pay Heed to:
1. Abstain from getting swayed by an installer’s popularity: A big company doesn’t necessarily imply the best quality. Some popular installers often charge an exorbitant installation fee from their consumers on the pretext of a big company name. You should try smaller contractors and companies instead as they offer more reasonable prices.
2. Give due consideration to all available options: There are various equipment options available out there in the market varying greatly in their efficiency ratings. You should check out all the options and compare them to make an informed decision.
3. Prefer buying the facility over leasing: If you are indeed considering switching to a solar home, avoid leasing the solar facility. You may end up paying rent on a monthly basis for about 2 decades. It is easier to buy a solar system instead of leasing one.
What Benefits of Solar Panels Make Them Worth Installing in Today’s Day and Age?
It’s quite evident that people with solar homes enjoy enormous savings on their utility bills. In addition to these monetary benefits, there are some other beneficial aspects of a solar facility that makes it worth shot.
1. Reduced emission of greenhouse gases: Solar panels generate electricity in a clean and eco-friendly manner. As opposed to the conventional methods that involve the combustion of fossil fuels and result in the emission of greenhouse gases.
2. Sun is an infinite energy resource: Utilization of solar panels for the generation of electricity reduces the pressure on fossil fuels, which possess limited reserves. On the contrary, the sun is a source of infinite energy which can be efficiently tapped into.
3. Offer immunity against soaring energy costs: Solar homes generate most of (if not entirely) the energy consumed by a household and hence provide protection against ever-rising prices of energy.
4. Protection of the environment and sustainable development: Using solar energy not only drastically reduces the emission of greenhouse gases but also prevents the emission of toxic effluents from fossil fuel combustion. This decreases air pollution and promotes eco-friendly and sustainable practices.
5. Increase in value of a property: Installation of solar panels gives a boost to the value of a property. A solar home not only has a huge demand among the conscious folk but also fetches a better amount than an ordinary home.
With all these monetary and non-monetary benefits that solar panels have to offer, there is no reason why you shouldn’t consider switching to a solar home.