A few years ago, solar panels were pricey enough that not many people could afford to install them. However, the price of panels has fallen by over half just in the past 10 years, even as panel efficiency has risen. At the same time, it is now easier than ever for homeowners to get financing for installing a solar power system. It is no wonder that these days, a new solar energy system is being installed every three minutes in the U.S.
Still, solar is a big investment for any homeowner. Like any other home improvement investment, it’s a good idea to weigh the benefits before moving ahead with the project.
With that in mind, let’s look at a few of the advantages of solar energy panels can improve your home and your life.
Solar saves money
There’s a reason the solar industry is growing like gangbusters. Who wouldn’t want to see their electric bill shrink each month? Once installed, solar panels basically provide free electricity for decades. To fully understand the financial benefits of installing solar, it’s best to think of it in terms of ROI. When you do, the outlook is impressive. One recent study found that fully financed solar panels outperformed the stock market in 46 out of 50 American cities.
Solar equals security
Solar panels are one of the most reliable ways to generate electricity ever invented. Once installed, solar panels quietly produce energy for decades. They have no moving parts, so they almost never break down, and maintenance costs are extremely low. What’s more, since the sunshine is freely delivered to every roof, they are secure from any political or economic events that may disrupt delivery of other fuels.
Solar panels also effectively lock in the price of electricity for the homeowner who invests in them. Fossil fuel prices can be extremely volatile and could take a price hike at any time. Though once your panels are installed, the price you pay for the electricity they generate is limited to your monthly payment on any financing you used for their purchase. Once they’re paid off, even that goes away. Talk about peace of mind in your golden years!
Solar saves the planet
Everyone knows solar is one of the best sources of clean, renewable energy, and helps combat global climate change. Yet, did you know that PV panels consume 16-20 percent less water per kilowatt-hour of electricity generated than traditional forms of power? By going solar, you can make a difference every day.
These are just a few of the many advantages of solar energy panels at home. To learn more, check out this informative infographic.
Infographic Credits: Renewable Energy Corporation