5 Financial Benefits of Going Solar


 
 
Alternative energy brings benefits not only to our environment, but also Solar energy provides great benefits towards your bill.
 
 

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Alternative energy would be all the latest craze and, understandably, so fuel-produced energy is mostly not beneficial to the environment. However, the attraction of avoiding high electric and gas payments is undeniable. Our bright blazing sun is a fantastic alternative to relying on the electrical grid. Unlike most other intermittent power alternatives, solar energy does not harm the environment. Adopting renewable electricity for your household requires a very discreet system that can, potentially, drastically, reduce your dependence on regular electricity or even meet all of your energy requirements.
 
 
These are the benefits you can get if you switch to using solar panels:
 
 
No additional charges. Power generation is scheduled to meet with peak usage. The peak hour rate increases significantly between the hours of 2 PM to 7 PM or 3 PM to 8 PM depending on your utility provider. It is during this time that electricity users could experience a, nearly, 300% increase in their utility bills. Energy production from solar panels, on the other hand, produces the most energy during these peak hours of the day when consumption is highest. In the power industry, with massive solar power generation, the extra power consumption throughout peak times may drop electricity costs even during mid-day periods.
 
 
Protection from rate increases. One of the most significant benefits of switching to solar is that you are protected from the increasing rate of energy utility companies. Plus, an instant decrease in your monthly utility bill. What will happen if ever your electricity provider suddenly decides to shoot up their rates again? Yours will not be affected. Your solar panels are now your source of electricity. This is what we call, energy dependence. This advantage is enough for you to go solar. Your expenses in purchasing the solar panel installation will be much less than what you are paying your electricity provider. The rising cost of electricity has resulted in high consumer expenses in almost all of the world’s major economies because oil is commonly used in several industries across the world to power equipment and vehicles. All increases in oil prices impact production.
 
 
Government subsidizing and incentives. This is the most important benefit of going solar. If you buy a solar panel, you are eligible for a solar tax which is a 26% tax credit [2021] for the overall expenses of a solar panel installation. So if you bought $25,000 worth of solar system, you can save approximately $6,500. Solar renewable energy credits as well as state and federal credits (SREC) will help to reduce expenses further. These SREC’s are produced on a yearly basis allowing you to exchange them with electric utilities for even higher profits. Solar panels typically have a lifespan of 25 years or more with a payback period of only about three and a half years. Therefore, this financial investment can save nearly 22 plus years in savings on electricity. The pace at which solar panels lose efficiency over time is called the degradation rate and is a natural consequence of their exposure to the elements. According to a 2012 study by the national renewable energy laboratory, panels lose anywhere from 0.5 to 0.8 of their production capacity each year.
 
 
Improves value of your home. For example, you are considering acquiring a house and you found two house prospects. The only difference is that the other house has solar panels installed, enough to reduce $200 in your electric bill and the other one doesn’t have a solar panel. What would you choose? This is a no-brainer. Properties with solar panels make much more money than those without and it’s simple to see why when you take into account that the PV system enables you to reduce your electricity bills monthly, drastically. Would you rather live somewhere where you have to pay for energy utility bills.
 
 
Major long-term benefits. Suppose your panels produce more energy than you require to run your house. In that case, you may receive compensation instead of a bill via your municipal utility provider for the excess energy generated by your solar panels. Net-Metering is when an electricity provider tries to negotiate with you to compensate you for the surplus energy you produce. This might build up to vast sums of cash over time allowing your solar panels to pay by themselves. Finally, let us all explore paneling our homes for environmental and economic grounds we will, undoubtedly, benefit.
 
 
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