Having been in the new homes industry for many years, we’ve seen solar power for residential use grow in popularity quite a bit. What is the reason for the growth in usage of solar energy? We’ll run through a couple of reasons in this editorial.
The discovery of solar power had a genesis back in the 1800’s when it was discovered that light could produce an electric current when it hit certain materials. Without knowing it at the time, that observation would help give birth to our modern day solar panels. There has been a large amount of evolution and innovation over the years with solar. Those improvements have eliminated some of the concerns about solar such as the longevity of the panels and the overall cost of the system. Those two issues initially kept many potential buyers from investing. Solar is now, however, exactly that: a great investment.
Better Longevity of Solar Panels
Modern day solar panels have much better life spans that previous versions. There was a time when a 10 year life span seemed to be the norm. These days, many manufacturers will offer warranties in excess of 20 years with performance guarantees. When looking at the initial investment, these long life spans make the system produce savings long after the payback period.
Short Payback Period
When investing in any “money saving” device, you have to look at the time you will personally be using the product and the initial investment. Solar has become a quick payback. Due to lower prices (see below) many people are finding that they are paying back the initial investment within 3 to 5 years of having the new system installed. In 2013, NAHB did a study showing that the average person stays in their home for 13 years. That’s a lot of years of savings on utility bills after the initial costs have been paid back.
Lower Costs via Better Production Practice and Rebates/Credits
As with any technology, as production practices improve costs usually go down. Systems of better and longer reliability are costing less these days than in years past. In addition, as of 2017, some utility companies such as(which is one of the largest energy providers in South Carolina) provide rebates on systems. Further, as of 2017, both the State and Federal offer tax credits for installed units that meet their approved criteria. For more info on current rebates, credit offerings and eligibility, please contact a solar specialist and/or the state/federal agencies and your servicing local utility company.
When it comes time to resale your house, the energy savings, expanded life and environmentally friendly aspects of your solar panels will help. Buyers will appreciate these elements and will pay a premium for the home with solar panels according to studies.
Environmentally Friendly and Reducing the Use
The current generation is as conscientious about saving our environment as any. There is an understanding that we need to find safe, renewable forms of energy. Solar allows us to utilize light from the sun for power instead of harmful forms of energy production. All the while, we are reducing our dependence on oil and otherwise for our country and on an individual level. Some buyers are even able to get to the goal of complete energy independence through smart building practices. With these “Net Zero” homes that produce as much energy as they use, people can have zero expense each month in one of the largest monthly expenditures of owning a home.
The above are just a few reasons the solar movement has grown and should grow into the future. As mentioned above, always check with an expert regarding currently available programs for savings and for proper installation on your home or business. We look forward to hearing any questions our readers have!