Are solar panels the next big clean energy revolution? Maybe. Do they add value to homes and significantly reduce the cost of energy bills? Definitely.
In recent years, the increase in solar panels installed in American homes has shown the possibility this clean energy source can have on the grid. Although only 1 million U.S homes had solar panels in 2016 (which is rather minuscule) this trend is set to increase as more homeowners realize the benefit of solar power.
Could Solar Panels Be An Option For You?
While there is global agreement on the need to encourage cost-effective, non-polluting renewable energy sources, it is also acknowledged that solar power isn’t the solution for everyone. Certainly you’ll need to take a look at the stats for your location.
Consider the Stats and Your Location
Several Southwestern states boast abundant sunshine, as well as a high percentage of roofs that face in the direction to capture the rays that will turn solar energy into usable energy. These states also have higher energy demands. Experts predict that California could supply 74 percent of its total electrical needs through solar energy. However Nevada, another southwestern state, with a much smaller population and a different climate only has the ability to supply 14 percent of its total need. The truth is that solar power won’t be the best for every location.
Even so, according to information provided by the Union of Concerned Scientists, more than half of U.S. states have reached or are close to the point where rooftop solar costs are on par with grid costs for electricity. In areas where utility companies offer net metering, solar producers can return excess energy for credit, which results in a monthly electricity bill that is extremely low, in some cases – even zero.
The Cost of Investing In Solar Panels
Before committing to rooftop solar panels, homeowners should ask some pertinent questions. An investment in solar is still pricey, even though installation costs have dropped by about 50 percent over the past decade. Including government incentives, the total cost of installing solar panels could reach $10,000 for an average size home.
However, the benefits of such an investment will be long-term, even though monthly savings on electrical bills can be immediate.
For that reason, many American homeowners have turned to panel leasing. As there is no initial down payment required and the lease term may extend for 10 or even 20 years.
Return On Investment
Current data suggests that buyers are interested in solar-equipped homes and are willing to pay for this feature. A study by Energy Sage reveals that buyers in some states are very “pro-Solar” compared to other U.S. residents. But says that solar panels would increase property values by an average of $15,000 throughout the U.S.
Since there are so few homes with solar panels the need for this feature will only increase, which would be great for households that have made the investment.