Homeowners all over the country are discovering multiple reasons to upgrade with solar panels. Cutting energy costs and improving the environment are among the most common. The obvious home efficiency upgrade and reduction of the homeowner’s carbon footprint make it a great idea. The improved property value makes it worthwhile. There are many reasons that could motivate you for installing solar panels. But, consider the following before you take the leap. Keep reading to learn about the multiple benefits of solar panels. A Fairmarket contractor can give you more information about the many other advantages. You will quickly see why the energy from solar panels is more popular than ever in the United States.
Solar Panels Reduce Monthly Electric Bills
Monthly savings will depend on the size of your home. Electricity may make up a significant portion of your monthly home bills. Solar panels can make a big difference because they generate free power for your home for over 25 years. If you plan on living in your home for a while, the investment of solar panels can make a huge difference. You will save money and reduce utility bills.
It might be helpful to think of it like this: the average monthly electric bill ranges from $100 to $150 a month. That can quickly add up to a hefty annual expense. Some plan on living in their home for 20+ years. When you factor in increases in electricity rates, your energy costs can be astronomical. By installing solar panels, you are taken out of the cycle by generating your own electricity.
Remove Electricity Costs from Your Budget
Going solar means you can dramatically reduce or even completely eliminate your electricity costs each month. Savings with solar panels depends on many factors. These include: how much energy you typically consume, how much energy your solar panels produce, and the rates you typically pay using electricity. Obviously, you will save even more if the electricity rates in your area are high.
While reducing expenses makes sense, there are other benefits of solar panels, too. With electricity prices often extremely unpredictable, solar panels put the control back in your hands. Easily manage your budget by installing a solar panel system. You’ll fix your electricity budget and make it much more predictable.
Earn a Great Return on Investment with Solar Panels
Adding solar panels to your home comes with a hefty price tag upfront. Yet, when you think about it, solar panels are less of an expense and more of an investment. The return rivals those of more traditional investments such as bonds and stocks. Because of the substantial savings in the electric bills, the average homeowner in America will pay off their solar panel system in approximately five to eight years.
For that reason, they will see an ROI of 20 percent or greater. Once the system is paid off, the homeowner is essentially receiving free electricity for upwards of 25 years. A typical solar panel lifespan is about 25 years, about the same as a roof. Easily calculate a return on investment by dividing the annual financial savings by the initial investment of solar panels. Consider the following:
Ask yourself if you are comfortable with your current electricity rates. How high are your current electric bills? The more you are paying in electric bills, the more savings you will get over the lifespan of the system. Consider the incredible amount of savings with solar.
Do a little research and see if there are local or state tax rebates that encourage solar panels. The higher the incentive, the lower the upfront costs of installing solar panels and the sooner you will pay them off.
Solar Renewable Energy Certificates (SRECs)
Your Fairmarket contractor will be able to help you determine if you can sell the SRECs associated with the energy produced by your solar panels and energy system. If so, you may be able to earn a small amount by selling energy, which can help you break even on your investment faster.
Consider the efficiency of your current system. It is providing energy at optimal levels? It is creating an enormous bill each month? Solar panels can improve the efficiency of the electricity output and produce energy at optimal levels. A more efficient system means you can offset a large percent of your electric bill each more.
Does your property get a lot of sun? Which way does your roof face? What is the pitch in the roof. All of these factors can impact the level of production from your solar panels.
Property Value Increases
Solar panels can increase the value of your property. Keep in mind that actually owning the solar panel system increases property value, not simply leasing, third party ownership, etc.
Year after year studies show that homes equipped with solar panels sell faster and with values for the property higher than those without solar panels. Appraisers are progressively adding solar power installations into their list of considerations for property value. As new homebuyers learn more and educate themselves about solar panels, the demand for them will increase. This will persistently grow the already increasing demand for properties equipped with solar panel systems. Here are a few statistics about how solar panels increase property value:
- According to research performed by Zillow, homes with solar panels sell for at least 4.2% more
- Multiple studies covered in the New York Times show solar energy’s value: Solar panels and home values
- Analysis from Lawrence Berkeley National Laboratory shows that prices are at a premium for homes quipped with solar energy systems.
- Solar panels are regularly covered in CNET in terms of ECON 101. Evidence shows that solar panels increase home values.
Solar Panels and Financial Return
Unsurprisingly, the multiple factors driving your financial returns are the same that are driving the increase in property values. This is especially true if the electricity in the area is particularly high. The solar incentive programs are higher in these markets, which can help you recoup the initial costs and increase return on investment. Because of the consistent added value to a property, the real estate industry is working hard to find more ways to educate the public about the benefits of solar energy. This helps to accurately determine the market value of homes equipped with solar power systems.
Solar Panels Protect Against Rising Energy Costs
Therefore, unsurprisingly, the multiple factors driving your financial returns are the same that are driving the increase in property values. This is especially true if the electricity in the area is particularly high. The solar incentive programs are higher in these markets, which can help you recoup the initial costs and increase return on investment. Because of the consistent added value to a property, the real estate industry is working hard to find more ways to educate the public about the benefits of solar energy. This helps to accurately determine the market value of homes equipped with solar power systems.
Solar Panels Protect Against Rising Energy Costs
In addition to lowering your current energy bill, you will not be a victim of rising energy costs. Solar panels ensure that you avoid hefty energy bills. According to Energy & Environmental Services, electricity prices have gone up by 3.1% every year. By installing solar panels you can help forecast your homeownership expenses and accurately manage your bills.
Clearly, the long-term trends of energy costs is dramatically increasing upwards. There’s never been a better time to talk to your Fairmarket contractor about eliminating unwanted energy bills through solar energy. By going solar you can protect yourself against high electric bills and produce your own energy. This takes away any worry about fluctuating or rising energy bills.
Solar Panels Help Protect the Environment
You will reduce your carbon footprint with a solar system. You will demonstrate your commitment to a more sustainable lifestyle. Increasingly, communities are recognizing homes that make the responsible choice to protect the environment. By “going green” you will be a powerful driver in your neighborhood and set an example to others. When you protect the environment with solar, others are more likely to follow suit. They will see the benefits you are receiving and want the same.
Consult Your Fairmarket Contractor
The benefits of solar panels and solar energy are tremendous. When you take all of these factors into consideration you can easily see why so many are choosing solar energy over traditional energy. If you are on the fence about solar energy, talk to your Fairmarket contractor. They have worked with many homeowners in your neighborhood and have seen firsthand the benefits of solar energy. These contractors can answer your questions, discuss your options, and help you make your decision. You may also want to talk to your neighbors who currently have solar energy. Discuss with them the installation process, maintenance, and anything else you need to know to make your decision. When you are ready your contractor can help ease the process. Contact your Fairmarket contractor today!