Solar panels allow homeowners and businesses to harness the power of the sun to produce electricity. Back in the day, solar energy was prohibitively expensive. Solar panels were pricey, and the solar arrays themselves were inefficient at producing energy, which translated to even more expense. Today’s solar panels are both less expensive and more efficient, making solar energy more affordable than ever.
Going Green with Solar
Solar energy is both clean and renewable, which makes solar energy an excellent option for environmentally conscious households. Solar energy does not utilize carbon-based fuels and produces no carbon emissions. As a result, solar energy does not contribute to air pollution. Solar energy is also infinitely renewable, unlike carbon-based fuels, which will eventually become exhausted.
Achieving Energy Independence
Installing solar panels can also help your household achieve energy independence. By producing your own electricity, you won’t be subject to sticker shock from high electricity bills from running your air conditioner during the summer. You will also be spared the effects of electrical blackouts, brownouts or power outages. And depending on the policies of your electric utility company, you may even be able to sell back any excess power.
Long-Term Financial Benefits
Even with significant reductions in price and added energy efficiency, installing a solar panel array still represents a significant initial financial investment. However, federal tax credits for up to 30 percent of the total installation costs are also available for solar panels installed on your primary residence through the 2019 tax year. Federal credits decrease to 26 percent for the 2020 tax year and decrease again to 22 percent for the 2021 tax year. These tax credits can significantly reduce the financial bite of installing solar panels.
In addition, you will also begin to recover your investment right away in the form of lower (or nonexistent) electric bills, and eventually, your solar panel array will pay for itself. Finally, installing solar panels also increases the resale value of your home. All in all, the investment made in installing solar panels is money well spent.