Solar energy has been a rising star in the energy world for decades now — at least, in theory. Nevertheless, for many, the idea of investing in solar power and solar energy solutions remains a vague concept with a high barrier to entry and unclear benefits to follow.
Despite the misinformation and confusion surrounding solar energy, two decades into the 21st century, it has become one of the premier ways to power a home. Here are a few realistic reasons more consumers should be considering using the sun to run their lives moving forward.
Solar Power Pays for Itself in Tax Credits and Home Value
Starting with one of the most obvious myths out there, many believe the idea that solar is too expensive for anyone but a wealthy individual to afford. And there’s no doubt that the costs associated with solar are sizeable. However, there are multiple positive financial factors to consider, as well.
The first is long-term savings. Solar power is cheaper than alternative sources of electricity. In fact, the IEA (International Energy Agency) reported in its World Energy Outlook 2020 that electricity sourced from the sun is as much as 50% cheaper than originally expected. This makes it an easy choice as far as protracted expenditures on electricity are concerned.
And then there are tax credits. The federal government is aggressively incentivizing the shift to cleaner energy — including solar. The Residential Clean Energy Credit, for example, is a nonrefundable tax credit equal to 30% of the cost of qualified clean energy property for a home installed between 2022 and 2033. Qualified purchases include solar panels and water heaters. There are similar programs on the state level in many cases, as well.
The other cost factor to consider with solar is what it does for your home’s value. Zillow reported in April 2019 that homes with solar panels typically sell for 4.1% more than comparable homes without them. At the time, that equated to $9,274 at the median home value — a number that has skyrocketed since.
Setting Up Solar Doesn’t Have to Break the Bank in the First Place
It’s easy to make the case that the renewable resource of solar is cost-effective once it’s set up. However, getting it set up in the first place is the biggest problem for many consumers.
Consumer Affairs reports that the average cost of solar panel installation is between $17,430 and $23,870 — and that’s after federal tax credits. The site adds that it typically takes between five and 15 years for a household to break even on the investment.
This is an admittedly sizeable up-front cost. But there are alternatives. Posigen, for example, is an innovative and equitable solar energy brand committed to “working to implement solar power for all.” The company was born out of the trials and tribulations that the people of New Orleans faced when rebuilding after Hurricane Katrina. Twenty years later, the brand is still running a popular solar leasing program that eliminates the barrier to entry for those who want to tap into solar power.
Solar power isn’t free. Just like any power source, it comes with a cost. But companies like Posigen are finding ways to circumvent this expense and keep the costs low from the get-go.
Solar Empowers People to Create a Sustainable Future
The cost factors that solar power provides are a personal advantage that benefits a homeowner. However, the benefits of solar power extend beyond the four walls of each house that it powers.
For example, the most obvious external benefit is the fact that solar power is a truly renewable resource. From climate change to stewarding the use of limited natural resources, there are plenty of arguments against recklessly powering human homes with limited fuel options.
The simple shift to electricity, in general, isn’t always enough. According to the U.S. Energy Information Administration, over 60% of the electricity generated in the U.S. in 2021 came from either natural gas or coal. A full shift to solar power is what truly makes a difference.
Another area where the personal and community-based benefits of solar power overlap is with net metering or NEM. This supercharged term refers to the process of selling back unneeded solar energy into the electric grid. This reduces demand and cost for everyone while also lowering the environmental impact of the electric power industry.
Charging Up With Solar Energy Solutions
Solar energy used to be an avant-garde method to power a home. Only those who were well off and interested in dealing with the quirks of a solar energy system tried to use one.
In the 21st century, the use of solar power has become commonplace. It’s one of the most cost-effective ways to power a home. Tax credits are reducing and lease programs are eliminating barriers to entry.
Along with these financial factors, the larger benefits of solar power are more potent than ever. From providing the community with power to protecting the environment and preserving limited natural resources, there are many factors that make solar energy solutions a win for anyone willing to give it a try.
