Top 10 Benefits of Solar Panels
Top 10 Benefits of Solar Panels.
Solar panels are designed to harness the sun’s energy and convert it into electricity to power homes and businesses. Solar energy is also rapidly turning out to be a low-cost, eco-friendly and popular energy source. Research conducted recently shows that power bills have increased in the past four years and according to Crain's Chicago Business in their June 2021 edition with rising inflation they are expected to continue to raise at even larger percentage rates. Add the cost of living to that, and you understand why lots of people are flocking to solar power as a reprieve.
Below are the benefits of turning to solar panels as a way of generating electricity.
1. Benefit of Federal tax credit and State rebates ( incentives ): The United States offers individuals who install solar panels tax credits and rebates. This means you are primed to receive 26% of the total cost of the solar panel and installation cost as a federal income tax credit when it’s time to file your taxes. So when you install a solar panel worth $25, 000, you save $7500. Include local and state rebates, plus Solar Renewable Energy Credits (SRECs), and you could cut the total cost by half to two-thirds of the cost depending on how viable your property is to solar energy. Solar Renewable Energy Credits are generated throughout the year giving you the chance to sell excess power to utility companies. This can produce a remarkable return on investment for you.
2. Rollback on your utility bills from day one: When you compute your annual energy bills, you would be shocked to find that they are in thousands of dollars. On average, an individual consumes energy worth $3,050. Utilizing solar panels to generate electricity can massively dial back on these costs. They also provide long-term savings as the sun’s energy is harnessed free of charge.
3. Good for Nature: The sun’s energy is clean and pure. Installing solar panels in your home (Residential Solar ), business (Small Business Solar ) premises, or industrial (Commercial Solar ) complex aids in fighting the emission of greenhouse gasses and minimizes over-dependence on fossil fuels. It is known that conventional forms of electricity are generated using fossil fuels such as coal, oil, and natural gas. These fuels emit a lot of greenhouse gasses when burned to produce electricity. Greenhouse gasses are the chief causes of air pollution and global warming.
4. The sun’s energy is renewable: Renewable sources of energy are never-ending, which means they’ll be used to the very end of time. Solar energy is a renewable energy source because the sun will continue to shine until the end of our lifetime. Fossil fuels, on the other hand, are non-renewable, which means they are projected to run out in the next fifty years or so. So installing solar panels means you’ll enjoy electricity until your time on earth is up. WOW imagine that!
5. Driver of economic development: Solar power has proven to be an incredible economic development resource. For example, in 2014, the United States solar industry generated more than 17,000 jobs, overtaking the overall economic rate by 20%. In the same year, the country saw the creation of 6,000 solar companies in the 50 states. This development is contributing about $15 billion to the U.S. economy each year.
6. Increases property value: Installing solar panels in your home can increase the value of your home. With more and more people looking to cut back on energy bills and live a green lifestyle, homes with solar panels are magnets these days for new buyers. This means when you intend to sell your home in the future, you will get an impressive return on investment and possibly more people looking at your home.
7. Wipes out extraordinary maintenance costs: Solar panels require little maintenance. You may use them for years before they develop a glitch. This is because they are developed with safeguards including thorough surface sealing to mitigate weather impacts. They are also wrapped entirely with non-reflective glass to prevent external damage and harsh climatic conditions.
8. Cushions you from power interruptions: Installing solar panels will insulate you from annoying power interruptions associated with traditional forms of electricity. When the traditional power goes off, solar power will keep you going since you can save the energy for later use. (Solar Battery Needed during nighttime outages)
9. Offers a wide range of uses: Energy harnessed from the sun using solar panels can be used directly to heat homes, provide hot water for bathing, cleaning, and other household chores. The energy can also be converted into electricity for lighting homes, powering appliances, commercial and industrial processes.
10. Reduces overdependence on foreign fossil fuels: Most developing nations heavily rely on fossil fuels such as oil, gas, and coal to meet their energy needs. When conflicts erupt, or supplies drop, the shortage is experienced, and prices skyrocket. This can impact these countries’ economies. The installation of more solar panels will help mitigate this problem.