Solar power isn’t just for large commercial or expensive residential properties anymore. With solar photovoltaic system prices falling and forecasted to continue, today, entities of all sizes can take advantage of solar energy’s numerous benefits. According to the highly influential annual report from the International Energy Agency (IEA), solar power technology is now cheaper than coal and gas in most major countries.
As temperatures rise and non-renewable resources become more difficult to access, traditional energy demand and costs rise. Solar panels are an effective alternative energy source that can help offset rising conventional energy costs. They can also reduce your carbon footprint, contribute to your energy independence and support local businesses.
Let’s look more in-depth at how homeowners and businesses alike can benefit from the numerous benefits of going solar.
1. Say Goodbye to High Energy Bills
One of the most compelling reasons for your home or business to go solar is that you can substantially reduce and, in some cases, eliminate your electricity bill. Of course, your solar energy savings will depend on how much energy you consume compared with how much your solar power system produces. However, the most significant savings factor will be your standard utility rates.
For this reason, your savings will be even more significant if your area’s electricity rates are high. Moreover, since electricity prices are forecasted to continue to rise, your savings will keep on growing over your solar power system’s lifespan.
2. Simplify Your Budgeting
Managing household budgets and commercial operating costs can be challenging due to unpredictable factors. With a solar panel installation, you can set your monthly electricity costs, so they’re more predictable. If your business needs a constant cash flow or you live on a fixed income, this advantage can be especially beneficial. The predictability of a fixed electric bill can also improve your expense forecasting, eliminating the need to factor in rising energy prices.
3. Get a Great Return on Your Investment
Thanks to significant electricity bill savings, solar panel installation is one of the best ways to invest your money, offering returns similar to those of more traditional investments. Typically, average American homeowners pay off their solar power system in approximately seven years and see a return on investment of 20% or greater.
4. Increase Your Property Value
According to recent research, solar panel installation can potentially increase your home’s value by up to 4.1%. For a median-valued home in 2019, that increased value added up to an extra $9,274. While the impact of solar panels on property values depends on the location, properties using solar energy also saw quicker sales as lower electricity bills will appeal to prospective businesses and homeowners alike. With solar prices continually dropping, this benefit is not likely to change.
5. Receive Tax Credits and Bonus Depreciation
When you opt for residential or commercial solar panel installation before the end of 2022, you can take advantage of the Solar Investment Tax Credit (ITC), which provides a 26% federal tax credit. The savings with this credit translates to $7,800 on a $30,000 solar project.
In 2023, the tax credit for both types of installations will fall to 22%, and then in 2024, the residential credit is scheduled to drop to 0%, while the commercial market will fall to a permanent 10% credit. Businesses can also benefit from an available 100% bonus depreciation, providing a deduction on their solar installations in the first year.
6. Reduce Your Carbon Footprint
Solar power is a great way to reduce your business’s or household’s carbon footprint and address environmental issues such as air quality and climate change. According to the U.S. Environmental Protection Agency (EPA), the largest source of the United States’ greenhouse gas emissions from human activities comes from burning fossil fuels for transportation, heat and electricity.
Fortunately, the electricity that solar power produces is entirely emissions-free. Households and businesses that use alternative energy sources such as solar to meet their energy needs, reduce the demand for electricity from their utility provider. Less customer demand means the utility plant produces less power and therefore creates fewer emissions.
The EPA also notes that the average U.S. household emits approximately 20 metric tons of carbon pollution each year. As buildings create 39% of all carbon emissions in the U.S., solar panel installation can significantly decrease that number — a typical residential solar power system can reduce annual carbon emissions by three to four tons.
7. Green Your Image
Choosing solar energy for your home and business not only benefits the environment but can also affect how these entities are viewed within your community. Today, businesses’ bottom lines benefit from an image of corporate social responsibility and sustainability. Increasingly, consumers recognize and reward companies that make ‘green’ investments and operate responsibly. These corporate values are influencing consumer purchasing decisions and building trust and loyalty along the way.
8. Use a Reliable and Low Maintenance System
Solar panels are virtually noise and maintenance-free and are built for exposure to the elements — they can easily withstand rain, hail, wind and snow. In general, the photovoltaic cells in solar panels very rarely break down. Even if they do, our solar panels come with a 25-year warranty, which means that once you add solar panels to your commercial building, you will generate your own clean electricity for at least 25 years or more from a system that is just as functional and probably more reliable than the utility company.
9. Support Local Businesses
Demand for solar panel installations increases high-quality, well-paying jobs in the local economy. When you hire a solar panel installation company such as Solar Edge Pros, you’re supporting a local business based in San Antonio, Texas, that uses its own locally-based crew for every job. Solar Edge Pros offers daily power output monitoring and a 20-year Workmanship Warranty. This support means that if your solar power system needs anything, they are there for you long after the installation at no extra cost.
The cost of solar panel installation has dropped by more than 70% over the last decade. With the currently available federal tax credits, now is the ideal time to choose a solar panel installation. Call Solar Edge Pros today to book your free solar consultation.