When evaluating the advantages and disadvantages of solar energy, many homeowners are aware that the cost of solar power has significantly decreased. However, the extent of this cost reduction may surprise some. According to a study conducted in 2018, the expenses associated with solar modules have plummeted by an astonishing 99% over the past forty years.
One of the key factors contributing to this cost reduction is the absence of any additional expenses for generating solar power. Unlike other forms of energy generation, solar panels solely rely on sunlight as their input. Therefore, the price of solar modules and their installation is the primary consideration for most homeowners.
Looking ahead to 2023, as energy costs continue to rise and time of use rates (TOU) become increasingly extreme, opting for solar power can lead to even greater savings.
As previously mentioned, solar panels have transitioned from being considered a luxury item to becoming a dependable long-term investment and a safeguard against escalating energy expenses.
The main benefit of solar energy is that it stabilizes your energy costs at a low rate for a period of 25 years or more, effectively protecting you from any future increases in energy prices. Let's compare the purchase of a solar system to paying for electricity from the grid for the average American household:
While it is true that investing in solar requires a significant upfront cost, unless you opt for financing through a solar loan, it is important to note that solar systems typically pay for themselves multiple times over and can generate energy savings of over $100,000 throughout their warranty period.
Increase Home Value
In addition to the potential energy savings, solar panels offer homeowners an additional benefit in the form of increased home value. Extensive research conducted by Zillow and the Berkeley Lab has confirmed this, although the exact amount of value added may vary. Zillow estimates that solar panels can increase home value by approximately 4.1% of the existing value, while the Berkeley Lab suggests a value of around $4,000 per kilowatt of solar capacity installed.
One of the advantages for homeowners is that they can recover the cost of installing solar panels even if they decide to move. Furthermore, by taking advantage of the 30% federal solar tax credit, the value added by the panels could potentially exceed the net cost of purchasing and installing them.
Moreover, it is worth noting that 34 states, along with the District of Columbia, offer property tax exemptions for solar equipment. This means that homeowners may not have to pay taxes on the additional value that solar equipment brings to their homes.
Solar energy is not only a sustainable source of power, but it also has a significantly lower carbon footprint compared to fossil fuels. When considering the entire lifecycle of energy production, from manufacturing to operation to end-of-life processes, rooftop solar is approximately 12 times cleaner than natural gas and 20 times cleaner than coal.
In addition to its positive impact on carbon emissions, rooftop solar offers various environmental advantages. One notable benefit is that it does not require any additional land, making it a space-efficient solution.
Solar Modules and Warranties are Lasting Longer
As solar panels continue to have longer lifespans, the duration of manufacturer and installation warranties also increases. Many leading solar manufacturers, such as REC, SunPower, and Panasonic, now offer warranties that ensure a specific level of output for 25 years, and some companies are even introducing 30-year warranties.
A typical rooftop solar system typically recoups its cost within 10-15 years, allowing solar owners to enjoy 10-15 years of energy production without any additional expenses while the panels are still covered by warranty.
It's important to note that solar panels do not cease to exist once their warranty period ends; rather, their production capacity gradually diminishes over time.
Considering the rapid advancements in solar technology, it wouldn't be surprising to witness further increases in warranty durations.
Solar energy offers a wide range of benefits, making it an attractive option for various individuals and situations. One of its major advantages is its versatility, as it caters to different needs and preferences.
If you are looking to save on energy costs for a long period of time, going solar is the way to go. By harnessing the power of the sun, you can significantly reduce your electricity bills for up to 25 years.
Moreover, if you are concerned about reducing your carbon footprint and contributing to a cleaner environment, solar energy is the ideal choice. By utilizing renewable energy, you can actively participate in the fight against climate change and promote sustainability.
The advantages of solar energy are continuously growing as technology advances and the cost of electricity continues to rise. Embracing solar power not only benefits individuals but also contributes to a more sustainable and eco-friendly future.
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Sources of this blog are from Solar.com