1) Reduce or eliminate energy bills.
This one is pretty amazing. We live in Washington, D.C., which has an average amount of sun, but it’s enough to power our house of three kids and two adults at net zero energy consumption. On warm spring days, we generate a lot more than we consume, and then we trade that with the utility. On hot summer days, when we run the air conditioning, or on cloudy days, we draw from the grid.
Even if you live somewhere cloudy, such locations typically receive more than two hours of sunlight per day, while sunny locations receive an average of 5.5 hours of sunlight per day.
2) Earn tax credits and rebates.
idn’t realize how big of a benefit this one would be, but our solar panels are actually paying us. To start, you will get 30 percent of total system costs back from equipment and installation as a federal income tax credit when you file your taxes. This means you would save $7,500 on a solar system worth $25,000.
Combine this with state and local rebates and Solar Renewable Energy Credits (SRECs), and total costs can be cut in half. The SRECs are generated throughout the year, and you can sell them to utility companies, which generates a very impressive return on the initial investment.
3) Start saving from day one.
Annual energy costs can be in the thousands. In fact, the average annual energy expenditure per person is $3,052, including transportation and residential energy. Solar power can reduce or eliminate these costs as soon as they are installed. They also offer long-term savings, because it’s basically free to capture the power of the sun.
Solar panels significantly improve your resale value. Most home buyers understand what a home with solar panels means—especially because the system is already in place and they didn’t have to make the initial investment and installation. According to research, most homeowners see a $5,911 resale value increase per installed kilowatt. That means if you install a 3.1 kilowatt system, you could improve your home’s resale value by nearly $18,000.
4) Help the environment and help us all.
Solar power systems derive clean, pure energy from the sun. Installing solar panels on your home helps combat greenhouse gas emissions and reduces our collective dependence on fossil fuel. Traditional electricity is sourced from fossil fuels such as coal and natural gas. When fossil fuels are burned to produce electricity, they emit harmful gases that are the primary cause of air pollution and global climate change. Not only are fossil fuels bad for the environment, but they are also a finite resource. Because of this, the price is constantly fluctuating and can increase in a short period of time.
Renewable energy also improves public health. Coal and natural gas plants produce air and water pollution that is harmful to human health. But replacing fossil fuels with renewable energy sources, such as solar power, can reduce premature mortality as well as overall health care costs.