Solar energy is starting to become the mainstream source of energy in residential homes in the US. Since 2008, solar panel installations have grown 35-fold. It is considered the cheapest and most abundant energy source in the world.
These are just two of the best benefits of residential solar power that has attracted thousands of homeowners to switch to solar. In fact, in early 2019, the US surpassed 2 million solar system installations according to EnergySage. It is even projected to reach 4 million installations in 2023 making it the fastest-growing energy resource in the world.
This fact cannot be argued with because the energy that the sun provides to the earth for one hour is enough to meet the global energy needs for one year. So, let’s see how installing residential solar power can make a significant difference to your home and to the planet.
If you are looking for ways to save money on your energy bills in the long run, go for solar. It is a low-risk investment that will help you save on monthly utility bills on energy used from the grid.
This is one of the first reasons homeowners choose residential solar power. They get financial returns and lower monthly utility bills that are considered major incentives. However, the amount of savings that you get depends on the following factors:
- How much electricity you consume monthly
- The size of your solar energy system
- Whether you purchase or lease your solar system
- The length in hours of direct daily sunlight
- Local electricity rates (you can check the Utility Rate database in the US that provides rate structure information for any state)
While the cost of electricity from the grid is on the rise, solar has become more and more attractive. Homeowners are getting to break-even points for as low as three to four years in states where utility prices are high. Most homeowners are getting payback periods within seven and eight years with $20,000 savings in a 20-year time.
Wherever you are in this country, you get good to excellent solar resources because there is sunshine everywhere! This means you can install a residential solar power system in any state in the US.
One hour of the noontime summer sun is equal to the annual U.S. electricity demand so there is no doubt that the solar resource of the United States is enormous. Solar is the most abundant readily available source of power.
Increased Home Value
If you plan to sell your house in the future with residential solar power installed, homebuyers will most likely be attracted and they will also be willing to pay a premium price. Solar panels are considered valuable upgrades so a solar energy system will increase the value of your home.
Studies show that on average, the value of a home is increased by $15,000 when it has solar panels. The real estate industry is appreciating how the increase in the demand for installed solar energy systems is getting more and more common.
They have reported that because of the increased value that a solar system adds to a home being sold, it shortens a home’s time on the market. So, leverage the premium-boosting power of going solar to sell or refinance your home.
Least Negative Impact on the Environment
Compared to any other energy source available today, solar energy poses the least negative impact on the environment. Using solar panels does not produce greenhouse gases and does not cause pollution to other important resources like water.
This is especially true because using solar energy does not require the need for water to produce energy like nuclear power plants and dams. It also does not create any noise in the process, thus, making it the best choice for urban settings.
If you go solar, you are helping in substantially reducing greenhouse gas emissions like carbon dioxide and other dangerous pollutants such as sulfur dioxide, nitrogen oxides, and particulate matter.
Install Solar Panels in Your Home
Solar panels are a great way to offset energy costs, reduce the impact of using energy from the grid on the environment, and to increase the value of your home. These are the top benefits of having a residential power system. But there are more! You can also earn tax credits and rebates and help create local jobs. Overall, using residential solar power boosts the economy and affects the local community favorably.