As a homeowner, you know that weighing the pros and cons of a particular home improvement project can be a daunting task. But converting your home to solar power doesn’t have to fall into this category. Whether it’s to help improve the environment or to slash your energy expenses, solar power is a home upgrade that keeps on giving and giving. Here are the top five reasons why now might be the time to go solar.
Decreased Energy Bills
Did you know that the average American spends a whopping $114 per month just on electricity alone? Solar power helps put that money right back in your pocket because you’ll be able to generate free power for the life of your solar system, which is usually well over 25 years. In fact, some estimates say that the average residential solar array saves a homeowner more than $20,000 over 20 years, with certain areas of the country like Hawaii, seeing those savings jump to over $60,000!
Ballooning utility costs seem to be a constant headline these days. Analysts with the U.S. Energy Information Administration are projecting energy rates to continue to increase by an an average of 2.3 percent each year, but with your own photovoltaic system, you are able to remove yourself from these fluctuations altogether.
Increased Property Value
It’s always wise to ask a realtor how a renovation is likely to impact your home’s property value before the hammers start swinging, just to make sure your ideas are going to benefit one of your biggest investments. A multi-state longitudinal study conducted by the Lawrence Berkeley National Laboratory has found that solar-powered homes tend to sell more quickly and for higher prices than traditionally-powered comparable homes, with an average-sized 3.6 kilowatt system increasing property values by roughly $15,000.
Solar panels installations increased by 70 percent from 2014 to 2015 alone and for two very good reason. Since 2006, photovoltaic solar panel cost prices have dropped by a whopping 73 percent, making an installation far more affordable for any family’s renovation budget. Additionally, the Solar Investment Tax Credit allows for homeowners to recoup 30 percent of their renovation expenses with many states adding their own solar tax incentive programs on top of that. Because of this, residential solar systems are now more affordable than ever, making it a renovation many homeowners can fit in their budget.
Protect the Environment
The environment is a fragile thing and it’s up to all of us to help protect it. The average residential solar array will offset over 178 tons of carbon dioxide over the life of the system, not to mention reducing our need to source and burn harmful fossil fuels. Thanks to the millions of homes that have already made the switch to solar, over 37 million metric tons of carbon dioxide emissions have been offset, which is the equivalent to having planted 956 million trees!
Regardless of where you are in the country, the sunny days of summer are fast approaching. Start saving money—and the planet—by converting your home to solar power!