Searching for ways to save on energy bills? Consider solar energy.
A large monthly electric bill can hurt your finances, especially if you have a small income. Lucky for you, there are plenty of alternative energy sources available. Many homeowners have made transitioned to solar energy.
Whether for home or business, solar energy is a great alternative. Solar is not only easy on your finances but can also provide many environmental benefits. If you want to know how to live sustainably, switch to solar.
Still not sure if you should switch to solar? Read on and learn the full benefits of using this renewable energy source:
1. Reduce or Get Rid of Electric Bills
Reduced costs are the most common reason to use renewable energy sources like solar. As said above, your average monthly bill can add up over time. The $100 average monthly bill becomes a $1,200 expense each year.
Within two decades, you’ll pay $24,000 if the electricity costs remain the same. The truth is that it’s likely to increase, making your bill higher. If you install a solar panel system in your home, you’ll break free from this cycle.
Depending on how much you’re willing to invest, you can completely eliminate your electric bill. Even if you don’t, it becomes too small to become a significant budget concern. This works best when you live in areas where electricity rates are higher.
Electricity prices can also fluctuate every month. Your bill becomes too unpredictable for you to budget. A solar panel’s stable monthly expenses are a blessing for people with a fixed income.
2. Earn a Great ROI
A solar power system is a financial product. It can make yearly returns that range from 10% to over 30%.
When your electricity bill drops to nothing, your investment pays dividends. Solar systems last at least 25 years, making them more cost-effective than other energy sources. Regardless, some factors affect your ROI, such as:
- Electricity rates
- Financial incentives
- SRECs (Solar Renewable Energy Certificates)
- Cost
- Property characteristics
- Property value increases
Once you consider these factors, you’ll have a better idea of your solar payback period. It’s the best method of determining your ROI. It’s the amount of time needed to earn back your initial investment.
3. Avoid Rising Energy Costs
It’s inevitable for electricity prices to go up as time goes on. Over the past decade energy costs rose by 3% per year. It’s important to get rid of or reduce these costs to save more money in the long term.
Solar energy is the best way to do it. This system allows you to make your own energy. You no longer have to worry about energy price fluctuations.
This works even if you have insufficient upfront funds to buy a solar panel system. You’ll reduce your energy bills even if you finance your solar panel system. It matters not whether you’re using a solar loan or a solar power purchase agreement.
Most financing options have no down payment requirements. Furthermore, your expenses each month will be lower as soon as you install the system. Your energy bill won’t fluctuate anymore since the majority will go to your loan or lease payments. To sweeten the deal even more, most governing bodies also offer tax incentives on renewable energy so remember that when you calculate your tax refund.
4. Increase Your Property Value
Studies show that solar panels can increase your home’s value by up to 4%. The caveat is that you must own your solar energy system. If you’re leasing it, you can’t include it as part of your home’s value, since you don’t own it.
Your property value increases because of the financial benefits that solar provides. Your home could be in higher demand if you live in an area with high energy rates or strong alternative energy incentive programs. When you sell your property, you maximize your ROI with the premiums associated with it.
Even real estate businesses recognize the importance of solar power systems. It’s what’s driving them to devise more accurate methods of determining their added market value to homes.
5. Help the Environment
Investing in a solar energy system is one of the best ways to live sustainably. It allows you to mitigate some global environmental issues. Some of these include climate change and health issues caused by carbon emissions.
The average American household emits 20 metric tons of carbon pollution every year. If you install a solar power system, you’ll reduce your carbon emissions. Each year, it means 3-4 tons of reduction.
Businesses or non-profit organizations can also reduce carbon emissions with solar. Commercial buildings contribute 39% of all carbon emissions in the country. If everyone in the country uses solar energy, it can create a positive change in the environment.
Solar panels make electricity without emitting harmful greenhouse gases. When using renewable solar energy, you play a part in reducing electricity demand. It means your local utility plant emits less carbon since they’ll make less power.
6. Help with Energy Independence
The sun gives a near-infinite amount of energy. It’s the world’s greatest energy resource. If the world allocates at least 25,000 square miles for solar panels, it will sustain the entire globe’s electricity demands.
It also brings the United States closer to energy independence. It stabilizes the American economy by freeing it from the global energy market. With it, you can do your part to get rid of reliance on unstable global energy prices.
Live Sustainably Today With Solar Energy
With these solar energy benefits, you can live a more sustainable life. Solar panels can last longer than their 25-year average lifespan with proper maintenance. With your initial investment, you’ll reap these benefits and more.
If you’re looking to live more sustainably, switching to solar is the first step. Want more valuable guides? If so, browse our blog and learn more tips and tricks to improve your quality of life.
We hope you found this blog post Live Sustainable: The Benefits of Going Solar useful. Be sure to check out our post Step by Step Guide on Getting a Home Solar Power System for more great tips! Read also: Can Tax Debt be Negotiated?
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