There are many reasons why homeowners go solar, but improving the environment and cutting energy costs tend to be among the most common. Many people are aware that solar is a great home efficiency upgrade and are eager to reduce their carbon footprint while also improving property value.
Whether your motivations for going solar are economic, environmental, or personal, there are a host of benefits that solar power provides. Here are the top seven reasons why solar energy is good for your home and why it’s more popular than ever in the United States.
#1. Drastically reduce or even eliminate your electric bills
Whether you’re a homeowner, business, or nonprofit, electricity costs can make up a large portion of your monthly expenses. But with a solar panel system, you can eliminate your electric bill completely or reduce it so dramatically that electricity costs are no longer a significant factor in your budget. You’ll generate free power for your system’s entire 25+ year lifecycle. Even if you don’t produce 100 percent of the energy you consume, solar will reduce your utility bills and you’ll still save a lot of money.
#2. Earn a great return on your investment
Solar panels aren’t an expense – rather they’re a financial product and one of the best ways to invest, with returns rivaling those of more traditional investments like stocks and bonds. In fact, solar power systems are capable of generating annual returns ranging anywhere from 10 percent to more than 30 percent. And thanks to substantial electricity bill savings, the average American homeowner pays off their solar panel system in seven to eight years and earns a strong ROI, receiving free electricity for the remainder of the system’s 25+ year lifespan.
#3. Protect yourself from rising utility costs
One of the most clear cut benefits of solar panels is the ability to hedge utility prices. Over the past decade, residential electricity prices have gone up by an average of three percent each year. By investing in a solar energy system now, you can fix your electricity rate and protect yourself against unpredictable and fluctuating increases in electricity costs. If you’re a business or homeowner with fluctuating cash flow, going solar also helps you better forecast and manage your expenses since your monthly bill will be more predictable.
#4. Increase your property value by 3-4%
Adding an affordable, reliable, and a clean energy source to your home is attractive to potential buyers. Multiple studies have found that homes equipped with solar energy systems have higher property values and sell twice as fast than non-solar homes in the same area. Appraisers are increasingly taking solar installations into consideration as they value homes at the time of a sale, and as homebuyers become more educated about solar, demand for properties equipped with solar panel systems will continue to grow.
#5. Boost U.S. energy independence
The sun is a near-infinite source of energy and one of the world’s greatest resources. By investing in solar power, you can help take advantage of the sun’s abundant resources and bring the United States one step closer to energy independence. Global energy markets are notoriously unstable, and price fluctuations can have a serious impact on the U.S. economy. But by increasing our capacity to generate electricity from the sun, we can also insulate our country from price fluctuations and ensure a sustainable source of energy for the future.
#6. Create jobs and help grow your local economy
The solar energy industry is a national industry that provides high-quality jobs across the country. As more homes and businesses go solar, job opportunities continue to grow. According to The Solar Foundation, the solar industry added jobs at a rate nearly 12 times faster than the overall U.S. economy in 2015, representing 1.2 percent of all jobs in the country. This growth is expected to continue. Because solar-related jobs tend to be higher paying and cannot be outsourced, they are a significant contributor to the U.S. economy.
#7. Protect the environment
Many homeowners, businesses and non-profits go solar because they are focused on minimizing environmental issues like climate change and health problems related to carbon emissions. Buildings are responsible for 38 percent of all carbon emissions in the U.S., and going solar can significantly decrease that number. By installing a solar power system, a typical two-person household reduces their carbon emissions by three to four tons annually—the equivalent of planting over 100 trees annually.
Ready to go solar?
With all the benefits and advantages a solar panel system delivers, it’s easy to see why they are rapidly growing in popularity across the U.S. Whether you own a home, run a business, or manage a municipal building, going solar have never before been easier.
So join the 700,000+ homeowners across the nation have already committed to solar.
Get your free solar estimate today and see what exclusive saving opportunities for solar installations are available in your area.