Top 10 Economic Benefits of Converting to Solar Energy
Everything we do has an economic impact. The cars we drive, the houses we buy, the jobs we take, the food we eat, the clothes we purchase, the places we visit… every decision we make about the goods and services we buy, sell or produce has a societal health and economic impact on every community throughout the planet.
Going solar is a decision that has enormous impact in today’s world of climate change and the unpredictability of rising energy costs. We’re glad you’re here. We gathered the top ten economic benefits to consider when you choose rooftop solar.
Solar Saves on Energy Costs
We all want lower utility bills.
Check the utility rates in your location. Chances are your utility bill is higher than you want it to be. You find yourself constantly reminding your family to turn off the lights, stop doing so much laundry and don’t run the dishwasher unless it’s packed full. All noble efforts, to be sure, but often hard to accomplish. Heaven forbid if you have a heatwave. The stress of the inevitable increase in your utility bill makes you wonder if turning on the air conditioner is worth it.
When you choose to install solar panels, or get solar panels + plus solar battery storage, you can bring the total cost down to a manageable level (averaged over the course of a year). Homeowners with high electricity rates from their local utilities are the ones who save the most when they convert to power from the sun. But you’d be surprised that most solar rooftop systems can save every homeowner thousands of dollars over the life of the product - which is two decades at the minimum (and probably more).
No more Time-of-Use rates (TOU).
For states with TOU rates, going solar with a battery backup allows you to run your appliances when you want to, and not when the utility companies dictate you should. TOU rates are charged during peak hours - after work and during dinner - which means you’ll have a higher utility bill. It's utility surge pricing. If you can use energy in the morning or during the day, you’ll probably pay less.
But let’s face it. We need to power up our homes when it’s convenient for us. We can’t do chores at work. With solar+ battery storage you are in control. Excess energy is stored in your battery. Use it when you need it the most!
If it’s available - Net Metering is your friend.
If you’ve started to research the benefits of going solar, you have probably come across the term Net Metering. Net Metering is a practice in which your utility credits you for the excess electricity generated by your solar panels. It’s that simple. There are different net metering plans across the country. Each state is different. Some utility companies are hesitant to adopt net metering, so benefits may vary, but it is well worth your time to check into it. A professional solar company can walk you through the details.
There are solar Federal and State Incentives for going solar.
If you haven’t discovered these tax deductions and credits yet, you’ll be pleased to know that you can deduct 30% of the cost of your purchased home solar system from your federal income taxes (your personal income tax credit).
And there are many state and local governments that offer property and sales tax exemptions. Don’t forget to ask about cash rebates! These rebates help you reduce your costs even more, in some cases by as much as 10 to 20%.
Own your solar system? Your home value goes up.
The research is in. A primary solar driver is an increase in the value of your home, making it a safe and wise investment. The right size installation can net you a possible $20k increase in home value, or more, if you plan to sell. When residential home owners began buying solar roughly a decade ago, there were no reports or analyses to consider for the financial gains. Now? You’ve got several to choose from. Again, the research is in and its says that solar is a good investment.
Solar Saves Lives
Renewable energy helps others in times of need.
We need energy to live our daily lives, but we also need energy to help others in time of desperate need. Solar saves lives. People all over the world are using solar energy to push through power outages caused by severe weather storms that often result in unnecessary fatalities. Fatalities that can be avoided with renewable energy.
Climate change has caused devastation around the world. Flooding, wildfires, severe hurricanes, rising sea levels, hunger from environmental destruction… the list is growing. And the costs associated with climate change is growing, too: rising health care costs, destruction of property, increased food prices and more. The adoption of solar and other alternative energies must continue to be adopted on a wide scale so we can address the negative societal and economic impacts of dirty fossil fuels on our planet, and on our lives.
Clean air saves lives.
We need clean air to live our daily lives, so why not clean energy? Solar energy creates a planet that is clean and green. When you live in a healthy environment, you’re bound to be... well... healthier. The Environmental Defense Fund states that pollution is responsible for the deaths of 6.4 million people per year. Let’s say that again: 6.4 million people die from dirty air across our planet every year.
Smoggy air contains ozone which is a colorless, unstable gas. There is, however, a good ozone and a bad ozone. The good ozone starts about six miles above our heads and protects the earth from the sun’s harshest rays.
Needless to say, bad ozone kills. It comes from cars, power plants, industrial boilers, refineries and chemical plants - to name a few - and hangs around close to the ground in the air we breathe. Pollution is so bad in some parts of the world that people are instructed to stay indoors to limit the negative effects. And this is not uncommon. It’s not only harmful to human beings, but also crops, trees and other vegetation.
When we eliminate harmful toxic emissions caused by burning fossil fuels, people breathe better air, lead better lives and protect the planet for future generations.
Solar creates American jobs, and supports families.
When your community is gainfully employed, it stands to reason that everybody benefits. The solar workforce saw an increase of 168% in roughly the past seven years. In 2010 the industry hired 93,000 people. Fast forward to last year and the number of jobs rise to 250,000. And it’s expected to continue to grow. The best thing? These solar jobs cannot be outsourced. They are here, in America, and a significant contributor to our economy.
Solar Saves on Gas & Fuel
The price of sunlight is zero.
The sun is not sending us a bill to charge our houses with its power. And sunlight is never going away, unlike limited fossil fuels. You can really count on renewable energy each and every day.
Coal and natural gas are not free, and they are expensive and volatile. You never know when these dirty fossil fuels - which are not sustainable - are going up in price (utility prices have increased systematically over the past decade). There is no fuel cost with sunlight. You will know how much your energy prices will be for 20 years, at minimum. HomeLink Pros residential solar system options provide energy at the same, current utility rate every year for two decades.
Solar reduces dangerous greenhouse gases from cars.
The Environmental Protection Agency (EPA) reported not long ago that new motor vehicles contribute to extremely large levels of dangerous greenhouse gases that - as we speak - are endangering our public health and welfare.
What does solar energy have to do with cars? A lot. An electric vehicle can be powered up by your residential solar rooftop. You can use power from the sun to run your house and charge your car. Every single person who goes solar-plus-EV contributes enormously to the health of our communities and the health of our planet... and saves money on expensive, dirty fuel.
What is the Cost of a Home Solar Panel System?
Given these ten value points, you’re probably wondering about costs. How much is a solar system?
We’d love to continue the conversation with you on how solar power from HomeLink Pros can help lower your energy bill and save our planet - while creating greener savings in your bank account, where it belongs.