The U.S. solar market is set to grow 120% in 2016. Never before has solar power been this available to American homes. Why so many homeowners choose to go solar these days? Here are some of the reasons why so many Americans are choosing to make the smart change:
1. It Saves Them Thousands of Dollars
Adding solar panels to your home can bring in monthly savings of well above $150 in many states, depending on the solar program that you choose. Extend this to two decades, less than the length of a typical solar panel warranty, and this translates to over $30,000.
How much can you save by going solar? It only takes 11 seconds to find out.
2. Savings From Day 1
Purchase power agreements and solar leasing has made it possible for homeowners to go solar for little to no money down.
Many homeowners choose to finance their solar panels with one of the “pay-as-you-go” financing options. This means that a third-party company – the solar provider – owns the solar system and takes care of installation, maintenance, monitoring and repairs. You simply pay the solar provider for electricity – less than you would’ve paid the utility company.
Pay-as-you-go solar is an excellent option for many homeowners. However, we generally recommend that you should pay in cash if you can. This will bring in more long-term savings.
3. Increase Your Home Value
Buying a home with solar panels translates into lower electricity costs. Solar panels will increase a home’s attractiveness on the market, similarly to homes with low property taxes, homes in school districts and homes with good Home Energy Ratings (a measurement of a energy efficiency).
4. Low Payback Period
If you choose to pay in cash, the payback period is in many cases less than ten years. In Hawaii, it takes homeowners on average 5 years before the monthly savings (in terms of lower electricity costs) meets the total costs of the solar system.
A study conducted by National Renewable Energy Laboratory (NREL) concluded that homes with solar panels sell 20% faster and for 17% more money.
Studies from the government have found that the sales price of the average home increased $17,000 with solar panels.
5. Take Advantage of Incentives
By purchasing your solar system, You will get 30% of total system costs back (equipment and installation). This means you would save $9,000 on a solar system worth $30,000. Combine this with state and local rebates, Solar Renewable Energy Credits, and total costs can be cut in half. Take advantage of incentives while they last.
To find out what state and local incentives apply to you (they can vary between ZIP codes), you should signup for free solar guidance.
6. Guaranteed Performance
Solar panel manufacturers include a 20- to 25-year warranty (also known as a performance guarantee) with their solar panels. The industry standard guarantees 80% performance after 25 years.
The real lifespan of solar panels is much longer – your solar panels will likely generate a good amount of electricity 30-40 years down the line.
7. Solar is a Secure Investment
The utility companies are notorious for their fluctuating and unreliable electricity prices. There is clearly an upward trend.
With solar panels and math, we can calculate how much electricity will be generated, and most importantly, at what price, for at least the next 20 years.
8. Save the Environment
We know that the majority of homeowners choose to go solar because it makes good sense financially. That being said, the environmental benefits are also clearly worth mentioning.
The U.S. places second in the world in annual carbon dioxide emissions at 18%, right behind China. You can go a long way in lowering your carbon footprint by replacing utility power with clean electricity from solar panels.
The average residential solar system offsets about 100,000 lbs. of carbon dioxide in 20 years – the equivalent of driving a car for 100,000 miles.
9. Create Energy Independence
You can help to reduce U.S. dependence on foreign energy. We will inevitably run out of oil, coal and natural gas. While we continue our consumption of these increasingly expensive and dangerous energy source, our national security and economy suffers.
10. Solar is Easy
Shopping for solar used to be a long and arduous process. There are thousands of solar companies in the U.S. alone. It would take you weeks to find the best solar deal. Luckily things have changed.
To go solar has never before been easier. Our team of independent solar consultants will help you sort through your options. To see how much you can save, and for all other solar questions, request a free consultation. There’s no obligation.