There are a set of clear facts that establish the money-saving potential of solar and can make choosing the solar option far easier for you.
First and foremost is the fact that it increases home value. Multiple studies conducted by reliable organizations such as NREL point to a recurring number of a 4.1% increase in the resale value of a solar-installed house. This does depend on the size of your solar system, though, and understanding the number of solar panels needed is an important part of any solar installation.
Another plus about solar panels is that they last a long time. Companies guarantee solar output for 25-30 years, which significantly cuts down on cumulative electricity bills.
Speaking of bills, solar can save tens of thousands over its lifetime. It also eases your tax burdens, by incentives of 30% of installation costs. Besides this, prices of solar cells have recently seen a steep decline. Home-sized systems’ price has dropped by up to 40% in less than a decade.
The purchase price may not feel attractive, but compared to the 25-30-year life of the panels, the average payback is 10 years. This makes it a profitable decision in the long-term. In fact, when it comes to long-term, solar ROI beats 30-year treasury bonds in many states.
Besides financial incentives, there are other useful policies like net-metering, which eliminates the need and cost of batteries. Users can even sell their surplus energy to the national grid at a specified feed-in-tariff (FIT) rate.
Fossil fuels keep becoming scarce each day. This puts an increasing trend on the prices of fossil fuels and subsequently on the conventional electricity prices. With a 12% rise in 10 years and further rise predicted, there was never a better time for going solar.
In a nutshell, the facts prove that solar is a sensible financial choice.