Solar Energy: The Best 7 Financial Benefits of Switching

Solar Energy: The Best 7 Financial Benefits of Switching

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I couldn’t believe how fast my system got installed and turned on by PG&E.  I’m saving over $200 a month now that I’ve gone solar. Thanks Tim for helping me out.
~ Chris Tesene, Brentwood, CA

solar energy

In 2019, over 1 million solar systems were installed in homes, businesses, and schools in California. This contributed to 36% of the state’s electricity coming from renewable resources. Three percentage points past the goal of 33% by 2020.

Solar energy is cleaner and better for the environment than fossil fuels. Fossil fuels will eventually become depleted so solar energy has become a cheaper, more viable alternative.

You can help your state reach and even surpass its clean energy goals and reduce your carbon footprint while enjoying the benefits of solar energy. Here are some of the benefits of making the switch.

What Is Solar Energy?

Solar energy harnesses the light and heat from the sun and converts them to electricity. This is usually done in two ways:

Photovoltaic (PV) cells convert sunlight into electricity. It uses solar panels that absorb energy from the sunlight through PV cells. Electricity flows through the creation of electrical charges that move as a result of an internal electric field in the cells.

Concentrating solar thermal power (CSP) takes heat from the sun and converts it into steam or hot water. Receivers collect solar energy reflected and concentrated from mirrors. The solar energy is then converted to heat which can be stored or used to produce electricity. It’s usually used in large power plants.

Advantages of Solar Energy

The advantages of solar energy use extend from homeowners and businesses to the community and, on an even larger scale, the planet. It provides both economic and environmental benefits.

Here are some financial benefits that may convince you to convert your home to solar energy if you haven’t already.

1. Lower Energy Costs

Four peak hours is the ideal amount of time needed for the production of useful amounts of solar energy. There are approximately five and a half hours of sunlight every day in most states. California gets as much as six and a quarter hours of sunlight during the summer.

This is more than enough to power an installed solar system. Natural energy solar panels can produce between 10% to 20% of the power needed by drawing and storing energy on a sunny day. They also continue drawing energy on a cloudy day.

The cost to install a solar power system depends on its size. The cost is generally between $15,000 to $25,000 and covers the entire energy usage of your home. It can last as long as 20 to 30 years and can last much longer based on the degradation rate of your system.

Your energy savings will be long lasting and will extend to your utility bill as solar energy reduces your dependence on the electricity grid, eliminating your electricity costs. Contact a solar energy company in your area to learn more.

2. Tax Credit Incentives and Rebates

There are many benefits of solar energy so both federal and state governments offer incentives to homeowners to encourage its use. Homeowners receive a tax break equivalent to 30% of the total cost of equipment and installation for the first year of use.

Both the local and state rebates can add up to 50% or more of the initial cost.

3. Increase in the Resale Value of Your Home

Your property value increases once you install a solar improvement system in your home. The number of PV modules installed determines your property value resale bonus. Property buyers receive financial returns from the day they move in.

This is the reason many buyers are willing to pay up to $15,000 extra for a home with a solar power system. The estimated increase in value is $20 for every $1 deduction from your utility bill every year. This dramatically improves the value of your home. 

4. New Employment Opportunities

The manual labor involved in the installation of solar panel systems saw more than 5,600 jobs added to the workforce nationwide from 2018 to 2019. There was a total of 156,000 jobs added to the solar market over the past decade – an increase of 167%.

This paved the way for many solar energy companies and in 2019 there were almost 250,000 solar workers. This includes persons who spent 50% or more of their time doing solar-related work that involved the manufacturing, installation and sale of the systems.

Increased support from state and local communities can provide a boost to local businesses involved in solar power installation and can increase the number of jobs in the renewable energy sector.

5. Solar Energy Is Sustainable

Supply and demand will never be an issue when it comes to solar energy as it is unlimited. There is also no fear of catastrophes associated with solar energy such as gas explosions or oil spills. It means that the price won’t suddenly increase due to a shortage.

It’s a win-win situation when it comes to the use of solar power in homes.

6. Net Metering

This program allows you to get credit for the extra solar power produced by your system. Net metering is an incentive to encourage homeowners and businesses to use renewable energy.

Homeowners and businesses in California can receive credits if their system is less than 1,000 kilowatts (1 MW). California solar customers save tens of thousands of dollars on the cost of electricity over the lifetime of their solar panels.

The initiative allows the power company to get additional electricity when there’s a peak in demand. There’s also less voltage loss farther away from the substation as solar-powered homes and businesses lessen the strain on the grid. 

7. Stabilization of Energy Prices

Solar renewable energy will have a positive effect on the price of energy. After the initial investment, there’s almost no cost to run a solar energy system. This will result in stabilized energy costs as more people convert to solar energy. 

Make the Solar Switch

The sun is a unique, relative cheap source of energy and in a world where it has become more important to reduce your carbon footprint, it is a wise alternative.

If you’re wondering where to start, look no further. HomePro Solutions Solar Company can help make the transition to solar energy easy. We provide solar systems as well as home improvement services.

Call us for a FREE solar quote so we can start you on your journey to a cleaner, cheaper energy source.

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