With more and more companies jumping aboard the green wave of energy efficiency, solar technology sales over the last decade have exploded. It’s one of the most widely known renewable energy resources and one of the most popular green technologies used today. From 2012 to 2019, the job market for solar tech more than doubled. Now, there are upwards of 10,000 companies in the solar business in every state.
The industry is growing. The average home in the U.S. gets 5.5 hours of sunlight per day, meaning just about any homeowner or small business can take advantage of solar panel benefits.
Here are a few reasons you should look into the technology:
Solar panels reduce your energy bills
Tired of paying astronomical energy rates in peak hot and cold seasons? Energy-efficient technologies such as solar panels can help drastically reduce those costs.
The average electricity bill per month in the U.S. is $110, or $1,320 per annually. Depending on how many solar panels you use on your home or office, you could completely offset your monthly electrical costs. To do so, the average home in the U.S. needs 28-34 panels.
If you want to use fewer panels, you can still easily knock off a large chunk of your monthly energy expenses.
Solar panels last a long time
If you’re hesitant to invest in solar panels, just remember that once you decide to purchase the green technology, a generation will pass before you need to replace them. A basic solar panel has a life expectancy of up to 30 years.
Electricity costs don’t typically go down, so why not try to help your wallet as much as possible?
The technology pays for itself
The average cost of a solar panel installation for a whole home is $19,000. That may sound expensive, but when you figure out the savings over the lifetime of the technology, you may be astonished.
If you can completely wipe out your monthly electricity bill with solar panels, you could save upwards of $20,000 over the lifetime of the project.
Even if you can’t afford to fully eliminate your monthly electricity bill, you can still make money over the lifetime of the project if you slash your monthly bill by just over 50%.
You can take advantage of government tax breaks and incentives
Both the federal government and state governments offer tax credits and incentives to invest in solar technology.
In 2020, you can claim 26% of your solar panel installation costs on your federal income taxes. That means the average cost for a solar installation ($19,000), equates to a $4,940 tax credit on your federal income filing. But hurry, the federal credit program expires in 2022 for non-commercial properties.
Each state also offers an abundance of rebate and incentive programs associated with solar panel installation. California offers the most with over 200 programs, while Texas, Florida, New York, Minnesota, Washington, and Oregon all offer over 100 rebate and incentive programs for both residential and commercial installation.
It’s good for the environment
Even with many energy companies moving into more wind and solar technologies, the fact remains that by using solar panels on your home or office, that’s one less address to stress the grid.
If you have the monetary resources, it seems like a no-brainer. You can save on bills, all while gaining greater energy independence from the utility companies.