Top 10 Economic Benefits of Converting to Solar Energy
Decisions we make as consumers have an impact on our lives and on the world around us. Going solar can affect the climate, the economy, and our own pocketbooks.
Here are 10 important benefits to home solar.
Solar Controls Energy Costs
1. Solar can mean lower utility bills.
Your local utility rates are probably higher than you’d like. Unfortunately, saving money by turning off the lights and easing back the AC may only go so far.
When you choose to install a home solar system and a battery, you can better control your average electricity costs over a year. Households with the highest electricity rates from their local utilities are the ones who stand to save the most when they convert to power from the sun. But home solar systems can save almost any homeowner thousands of dollars over the life of the product, which is two decades or more.
2. Say goodbye to more Time-of-Use (TOU) rates.
For states with TOU rates, going solar with a home battery allows you to run your appliances when you want, not when electric companies tell you to. Since TOU rates are charged during peak hours, after work and during dinner, they can lead to a higher electricity bill. That’s utility surge pricing. If you can use energy in the morning or during the day, you’ll probably pay less.
We often need to power up our homes when it’s convenient for us. With solar and a home battery, you are in control. Excess energy is stored in your home battery and you can use it when you need it the most.
3. Net Energy Metering (NEM) can work for you.
Net Energy Metering allows customers who generate their own electricity from solar panels to sell the excess electricity generated back to the grid. However, not all states have NEM policies, and these policies vary by state. A reputable solar company can explain the NEM in your location.
4. Federal and state incentives are available for going solar.
Currently, you can deduct 30% of the cost of your purchased home solar system from your federal income taxes. Many state and local governments that offer property and sales tax exemptions, too. Cash rebates can also help you reduce your costs by about 10% to 20%. Find out more about federal and state incentives.
5. Your home value may increase with the purchase of a home solar system.
Another reason to go solar is an increase in the value of your home. This makes solar a safe and wise investment. The right size purchased solar installation may increase your home value by $20,000 or more, if you plan to sell.
Solar Saves Lives
6. Renewable energy helps others in times of need.
We need the energy to live our daily lives, but we also need the energy to help those less fortunate. People all over the world are using solar energy to push through power outages caused by storms and other natural disasters that can lead to loss of life and property.
Events like floods, wildfires, hurricanes, rising sea levels and hunger-related to environmental damage have caused devastation around the world. The costs associated with climate change are growing and include rising health care costs, destruction of property, increased food prices and more. Wide-scale adoption of solar and other renewable energy must continue so we can address the negative societal and economic impacts of dirty fossil fuels.
7. Solar energy means healthier air.
We all need clean air for survival. But ground-level ozone and other pollutants from cars, power plants, industrial boilers, refineries, and chemical plants can kill. The damage extends to crops, trees, and other vegetation, and the toll on human life is significant. Pollution is so bad in some parts of the world that people are instructed to stay indoors. The Environmental Defense Fund states that pollution is responsible for the deaths of 6.4 million people per year.
In contrast, solar energy supports a planet that is clean and green. By eliminating harmful toxic emissions from fossil fuels, solar lets us breathe easier and provide healthy air for future generations.
8. Solar creates jobs and supports families.
When your community is gainfully employed, everybody benefits. The U.S. solar workforce increased by 168% in the past seven years. In 2010, the industry hired 93,000 people. In 2018, the number of solar jobs increased to over 242,000, and further growth is expected. The best thing? These solar jobs cannot be outsourced so they are a significant contributor to our economy.
Solar Saves on Gas and Fuel
9. The price of sunlight is zero.
The sun is a renewable resource. Unlike fossil fuels, sunlight is never going away. You can count on it every day.
Coal and natural gas are not free, and they are expensive and dirty. Their price is volatile too and has increased systematically over the past decade. But there is no fuel cost for sunlight. With GPS residential solar, you will know your annual energy expenses for at least the next two decades.
10. Solar reduces dangerous greenhouse gases from cars.
The Environmental Protection Agency (EPA) reported that new motor vehicles contribute significantly to greenhouse gases, which endanger our public health and welfare.
The good news is that an electric vehicle can be powered by your residential solar system. You can use clean power from the sun to fuel your car and run your home. The switch from fossil fuels to solar energy contributes to healthy communities and a healthy planet.