Focusing on achieving 100% renewable energy by the year 2035. In the US, 100 cities had already committed to this resolution by end of 2018. Across the US, solar energy is a trending topic and this is also reflected in several other parts of the globe. This shows that there is an economic benefit attached to renewable energy.
Solar energy is simply energy that is derived from the sun`s radiation. It is one of the most sustainable energies that has been developed by human beings. The solar energy has been harnessed since 1839 until today. So, what are the economic benefits of converting to solar energy?
1. Saves Your Money
Solar power will save you a huge percent of the money you spend on paying utility bills. If you pay for electricity, installing solar panels will be a major investment that will give you savings in the future. Basically, an average household in the US will save over $60,000 over the next two decades if they choose to turn to solar energy. The commercial entities will also make a huge saving out of this move. Therefore, if you have been struggling to fund the electricity bills, its time you switch to solar energy a more sustainable source of energy.
2. Solar Energy is Creating thousands of Jobs
We have just seen that cities in the US are committing to renewable energy in the next two decades. What does this mean to the economy? Apart from saving millions of dollars that would go into paying electricity bills, there will be more jobs. This is more money to the economy and will improve the livelihood of millions of people who will be employed by solar panel companies, the solar energy storage battery companies and other key stakeholders. Therefore, the future is bright for those focusing on jobs in the solar energy industry.
3. A Better Environment To Work in
Solar Energy will help in reducing the global carbon emissions. This is because energy sources like coal will be used less often as solar energy is a suitable alternative. With fewer carbon emissions, you can be ready for a cleaner working environment encouraging employees to become more productive. The low carbon footprint associated with solar energy also contributes to a healthy workforce. Low pollution levels on waterways, soil, animals, and beyond will have a good financial benefit to the global economy.
4. Inexhaustible Source of Energy
Solar energy gives us an opportunity to enjoy inexhaustible energy. This is also the case with the other renewable energy sources. The strong winds, clear sunny skies, the heat from the earth and also abundant plant matter are some of the sources of renewable energy. These are inexhaustibly providing a significant share of the future electricity needs.
5. Low Cost of Maintenance Hence More Savings
Solar energy is cheaper to maintain compared to hydro power. The systems that are used for solar energy production require low maintenance. For most of them, you just need to clean them. This cuts down on the maintenance cost both for the commercial and residential users. The power companies will also save as they don’t need to spend millions of dollars every year replacing the equipment used for solar energy. Basically, distribution of this energy is much cheaper as you just need a panel on top of the building’s roof compared to a distribution of the hydro power where you require electrical cables and poles to distribute the power. The replacement of electrical cables and rotten poles costs much more compared to what is needed for solar energy.
6. Enjoy Uninterrupted Source of Energy
Another economic benefit of solar technology is that it offers uninterrupted energy. This means more productivity at the industry level. You will not have to reschedule the production of goods and services as a result of power outages. There has been an argument that solar energy fails in winter, but this is not very true. Solar energy remains functional over winter as solar panels just need light to produce the electrical energy.
7. Through Solar Energy Adoption, We are Encouraging Technological Adoption
Although this might not seem to have an economic benefit adoption of solar energy means that we are encouraging the use of the latest technology. This promotes the technology sector encouraging more innovations and also building the economy.
8. Increases Home Resale Value
By switching to solar energy, you increase the value of your home. More and more Americans are looking for ways through which they can save on utility bills with electricity being one of them. If you are a real estate investor, incorporating solar energy into your project means you can get more value for the same properties. This is a top idea for those who are in house flipping business. Install solar panels on an old building and the value will almost match the modern day homes just because it has solar energy installed.
9. Solar Energy Installation Materials Have Become Cheaper
The Solar PV panels are changing the solar energy game. This is by being more affordable and hence attracting people to make the investment. If you compare today’s solar PV panels value to the value of solar panels sold two decades ago, you will realize that the cost is becoming cheaper as technology improves the panel’s efficiency.
10. Installation of Solar Energy Allows You to Earn Tax Credits and Rebates
Solar panels are paying homeowners! A 30% of the total system cost is paid back as a federal income tax credit when you file the tax returns. The state and local rebates are another reason why you should consider installing solar energy! This is an idea that focuses on incentivizing the home owners to switch to solar energy. Several installers are also offering a no installation cost to home owners who purchase the equipment from them.
There are more economic benefits of solar energy than we have highlighted. Are you ready to take advantage of solar energy benefits? Contact a professional Solar Installer near you today.