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Benefits of solar energy for homes

Energy / May 24, 2017

Environmental BenefitsEnvironmental Benefits of Solar Panels It’s no secret that two major selling points of switching to a solar-powered lifestyle are 1) savings on your utility bills, and 2) reducing your carbon footprint. Regardless of the reason you’re choosing to...

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Measuring the Cost Against the Benefits of Solar Energy

Ten years ago, the upfront cost of installing PV panels was prohibitively expensive for many homeowners, but the industry has evolved rapidly over the past decade. Not only have panel prices plummeted by double digits every year, but there exists a range of programs to help drive down the cost of going solar even more.

Many states offer lucrative incentives designed to make solar power more affordable than ever before. In Maryland, for example, you can claim certain tax credits based on how much clean electricity your PV system generates. In addition, your panels are exempt from state taxes, and you may even qualify for a $1, 000 rebate.

Maryland is no exception. Similar programs exist in other states as well, and don’t forget federal incentives like the solar tax credit. This subsidy essentially reduces the total cost of your installation by 30 percent (parts and labor included).

Moreover, there are tons of financing options to help make going solar very affordable. For example, the Maryland Energy Administration (MEA) and Maryland Clean Energy Center (MCEC) offer low-interest solar loans up to $20, 000. Programs like these have helped bring solar within easy financial reach of countless homeowners. Remember, you’re not buying the system out of pocket; you’re borrowing the money and using your monthly utility bill savings to pay the loan balance.

Economic BenefitsEven without these loans and incentives, going solar is an investment that delivers guaranteed returns for decades. However, when you add the above programs, the benefits of solar far outweigh the costs.

Solar Energy Is an Excellent Investment

With solar energy, you can realize a better ROI than with many long-term investments: up to a 200%-plus ROI over 25 years. Compare this to a five-year CD (average yearly return of 2.5%) or even the S&P 500 (average yearly return of 11%). Although some stocks can provide a higher return than a solar system, stock prices are also substantially more volatile year after year.

Save Money on Electric Bills Immediately

  • Installing a home solar system dramatically lowers your electric bills. Many homeowners save 50% on their electric bills — some even completely eliminate their electric bill.
  • A typical American household uses 920 kWh of electricity per month. A residential solar installation of 840 kWh per month from Renewable Energy Corporation would almost entirely offset your electricity costs.
  • Your actual savings depend on your home’s energy needs, available space for a photovoltaic system, and your PV system orientation.

Protect Yourself Against Rising Energy Costs

  • Electricity costs have climbed more than 21% during the past five years.
  • Rates jumped 10.3% in 2006 alone.
  • Fossil fuel supplies are dwindling, which will lead to higher energy costs.
  • Solar power locks in your electrical costs and protects you from escalating utility costs.