Ownership Benefits of Solar Panels

Introduction

Solar power is abundant, non-depleting, and environmentally friendly. There are many ownership benefits of solar panels. Over the past decade, the costs of solar have been reduced by 80%.  With this steadily decreasing price of solar energy, more people are tilting towards using it as a source of energy.

Particularly, both the financial and environmental factors make solar panel installation a good idea. By using solar as your energy source,  you can help reduce global greenhouse gas emissions while also saving costs on your electricity bill.

 The following are some other perks of switching to solar power. Follow closely.

Give you control over your power usage and reduce costs

When you use solar energy, you’ll get to enjoy freedom from utility companies and have control over your power usage. This gives you a safe alternative power source if the grid ever goes down. It also enables you to avoid paying higher rates, especially during peak hours.

In the past decade, electricity prices have risen globally, which is projected to continue. For example, between 2021-2022, the average price-per-kilowatt hour of electricity for Texas residents has increased by 70 percent. This is due to the increasing cost of natural gas, which is the largest source of power generation in the state.

However, the cost of purchasing and using solar is generally lower than the cost of using conventional electricity. So, you can expect to pay less for power when you go solar.

Also, if you live in a region with Time-of-Use (TOU) prices for electricity, a solar battery can act as a buffer against the higher peak rates. Your local utility determines the rates; they are higher during peak demand and lower at off-peak times. You can save the most money possible under a TOU rate structure by installing a solar energy system with a battery backup at your home.

Furthermore, there are tax credits across various states for using solar energy. For example, under the Federal Solar Investment Tax Credit, you may be able to claim 26% of the installation cost of your solar system on your tax return. This amount will be deducted from your taxable income.

Also, if you have a solar system installed on your property, you can apply for an exemption of the solar system from your property taxes

These subsidies have not only increased the rate at which homeowners recoup the cost of installing solar panels, but have also led to the creation of new jobs and a rapid expansion of the solar energy sector. 

However,  note that some of these rebate and incentive schemes have time limits, so putting off installation until later could mean losing out on substantial savings. For example, the Federal Solar ITC is scheduled to expire by the end of 2023.

Protects you from power outages

Your home solar battery will also protect you from a power outage. As severe weather and an aging power grid become more common, the United States may continue to have a high power-outage minutes. Solar battery storage system eliminates the need to keep a gas or diesel generator, thereby saving you time and money.

Produces eco-friendly, sustainable power

Another ownership benefit of solar panels is that solar energy for homes is renewable because it produces no pollution or greenhouse gases. Compared to traditional energy sources like coal and natural gas, home solar panels have zero emissions of toxic pollutants and greenhouse gases like carbon dioxide. 

If we switch to using solar energy, more than 25,000 lives can be saved, and $167 billion in health and environmental impacts can be avoided.

If we could harness all the sun’s energy for only one hour, we could provide electricity for the entire planet for a full year. This helps to reduce harmful pollutants from fossil fuels by lowering your carbon footprint. A cleaner and more prosperous environment can be achieved through the use of renewable energy sources.

Boosts the value of your home

Installing solar panels on your home is an excellent financial move. Solar panels increase a home’s value by 4.1% nationally. A home worth $500,000 might see a rise of $20,500.

For every kilowatt of solar panels added, a property’s resale value can improve by an average of $4,020 to $5,911. However, these statistics will vary depending on the installation and property specifics. Also, costs associated with a solar panel and battery installation in a home are typically recovered when the property is sold. 

Conclusion

Every day, more energy from the sun reaches the earth than humanity consumes. So, let’s keep pushing forward to find practical applications for this incredible source of energy. Given that its efficiency is improving, prices are falling daily, and new technologies are being tested, the use of solar energy is bound to keep increasing. These are just some of the ownership benefits of solar panels you can get through Sunfuse Solar.