The Benefits of Solar Power
Should you switch to solar power?
Switching to solar power can be a good decision for a home or business for a few reasons. Solar power comes with more control over your energy supply, lowered electricity bills, a reduced carbon footprint, and less dependance on municipal utilities. If you're looking for ways to live a green or sustainable lifestyle, installing solar panels on your home or business is a great way to make a big impact.
Below, we've explained the benefits of switching to solar power in homes and businesses.
Benefits of Solar Power for Homes
Why install solar panels in your home?
Installing solar energy saves you money on your electricity bills – lots of money. On average, it takes 5-7 years for solar panels to pay for themselves with electricity savings. Once the panels are paid for, you continue to save money on monthly electricity bills, compared to using electricity from your municipal utilities.
Exactly how much money you save is dependent on how much electricity your home consumes, how many hours of daily sunlight you get, the size and angle of the panels on your roof, and your local electricity rates. But solar panels decrease your home's dependance on your municipal utilities. By drawing your household's power from the sun and not from the municipal grid, you can save thousands of dollars a year.
Rolling blackouts, downed power lines and random power outages become a thing of the past when you have solar panels in your home. Not only do these panels produce electricity, they store excess energy as well, allowing you to draw from it as needed. That means you always have energy backup on hand, even in the middle of a big thunderstorm or rolling blackouts. Your home won't be tied into the energy grid, waiting for the lights to come back on. Your freezer and air conditioning will thank you!
Increase Your Home's Value
Did you know that installing solar panels on your home is one of the most lucrative home improvements you can make? In a multi-state study conducted by Renewable Energy World, they found solar panels increase home value dollar for dollar more than any other home improvement investment, with an average of $15,000. Today's home buyers are becoming more environmentally conscious, and are looking for easy ways to reduce their carbon footprint at home. Solar panels are kind to the earth, to your wallet, and also to whoever owns your home next! When you consider the cost savings of using solar energy, and the boost to your home value, the numbers really start to add up!
In addition to adding value to your home, you can also write off the cost of installing solar panels in your federal income taxes. The Solar Investment Tax Credit is an incentive program that offers a dollar-for-dollar reduction on your federal income tax, up to 26% of the purchase price of your solar system. But this program has an expiry date, so if you're thinking of installing panels, don't wait.
Through 2022, homeowners can deduct up to 26% of the cost of solar installation. In 2023, they can deduct up to 22% of the cost, and from 2024 on, there is no federal credit for residential solar energy systems. If solar panels are something you've been considering for your home, there's a financial incentive to installing them before 2024.
Solar panels are environmentally friendly because they reduce dependance on gas and coal power, lower the carbon footprint of your household, and utilizing a renewable resource.
Solar panels work by converting and storing energy harvested from the sun to use in your house. Rather than using gas, coal, or grid heat to power and warm your home, you're using a sustainable resource with energy from the sun. Solar energy won't run out for thousands of years so we have an unlimited supply of sun power to run our homes and businesses with.
Currently, municipal utility grids can produce harmful greenhouse gas emissions while using traditional power lines. These power lines can also present a health and safety hazard if they're blown down in a storm or have a live wire knocked to the ground.
If you're looking for ways to live a more sustainable life and reduce your household waste, solar energy can be a great place to start.
Solar panels are surprisingly low maintenance. Once installed, there's little you as a homeowner need to do to keep your panels working in top shape. These panels don't require regular cleanings, repairs or professional upkeep. Most solar panel installers have a warranty on their product, so if something does break you can call them.
Solar is Easy!
Using solar power is easy. Once the solar panels are installed, your home is able to generate and store all of the energy you could need, reducing your electricity bills, lessening your dependance on municipal power, and giving back to the environment by choosing to use a sustainable resource. Solar panels work throughout the country, anywhere in the US. As a homeowner, all you need to do is make the choice to switch, and the rest is easy!
Benefits of Solar Power for Businesses
Why install solar panels in your business?
Reduce Electricity Cost
Businesses run with profit in mind, so keeping operating costs low is essential. Not only will solar panels save you money in the short term by lowering your electricity bill, the panels will also save you money long term once they're paid off, because you own the source of your power supply.
Protection Against Rate Changes
Relying on municipal utilities for electricity can get expensive, as rates can quickly change due to fluctuations in demand and diminishing non-renewable resources. Short-term spikes in prices can wreak havoc on budgets and balance sheets, sending projected profits down the drain. With solar panels, you're not dependent on the grid to supply power, so you're able to keep costs steady month after month. Taking control of your energy supply reduces budget insecurity and removes a large expense.
Reduced Operating Costs
Business must balance bringing profit with operating expenses, and saving money on a large utility expense like electricity quickly adds up. The panels save you money on monthly electricity bills in the short term, and quickly pay for themselves.
With protection against rate surges and reduced operating costs, it's easier to predict operating costs into the future and improve your cash flow. Your business is no longer dependent on the utility grid, giving you greater control over your electricity supply, forecasting and budgeting.
Become Green Business
Modern consumers are aware of the need to live a sustainable lifestyle, and more and more they expect the businesses they shop from to be environmentally-conscious as well. In addition to being a boon to your budget, installing solar panels is a great marketing point to connect with consumers. By switching to solar power, you're reducing your carbon footprint and your dependence on non-renewable resources, and consumers care about that.
Marketing your solar panels may seem like an odd choice for a retail or services business, but consumers actively seek out environmentally-conscious businesses to purchase from and recommend. As consumers take more steps to live a sustainable life, they also expect businesses to take action as well. Letting your consumers know your business is powered by solar energy is a great way to connect over a shared cause, build rapport, and establish trust.
Like homeowners, businesses can write off a portion of their solar investment come tax time. Through 2022, businesses can deduct up to 26% of the cost of a new solar system from their taxes. That number drops down to 22% in 2023 and then again to 10% in 2024. Unlike homeowners, there is not currently an expiry date on the tax incentives to installing solar, but the difference between writing off 26% of the cost and 10% of the cost is large! If you're thinking about switching your business to solar, now is the time to do so.
Solar panels are a low maintenance energy system, so businesses don't need to worry about pricy service or cleaning calls. After the install is complete, solar panels don't require much maintenance to work. They don't need regular cleanings, repairs or professional upkeep. Additionally, solar panels are noiseless and highly reliable. They can withstand the elements including rain, hail, snow and wind.
Solar is Easy!
Using solar power is easy. Once installed, your business is able to generate and store all of the energy you could need, reducing your electricity bills, lessening your dependance on municipal power, and giving back to the environment by choosing to use a sustainable resource. Solar panels work throughout the country, anywhere in the US. As a business owner, all you need to do is make the choice to switch, and the rest is easy!
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