What is solar power? Is it for everyone? If you are considering getting solar panels on your house, read this first.
The average American household spends 2-3% of their annual income on electricity, paying an average bill of $111.67 per month. Indeed, electricity is an expense that can be reduced in several ways. In addition to switching to energy-saving devices and LED bulbs, renewable sources can also be tapped.
Solar energy is an option that a family may consider for this purpose. It is a clean form of energy that can provide power efficiently to a home while reducing the cost of your monthly bills.
The Benefits Of Solar Energy At Home
Solar power offers many benefits, including reduced electricity bills and lower carbon footprints. Specialists at Freedom Solar Power also suggest that installing solar panels offers energy independence, cutting reliance on traditional sources of energy. In addition, solar power installations increase the potential value of your home when it is time to sell.
At present, there is a demand for green homes that are using renewable sources, drastically reducing pressures on fossil resources and the environment. And with a solar panel system already in place, homebuyers are likely to see the benefits of owning a home with its own solar panels without investing and devoting time to building work.
Is It Feasible For The Average Home?
Unfortunately, benefits also come with costs, and the main disadvantage of solar power is that it is pricey to install and maintain. The good news is that photovoltaic (PV) technology has been around since the 1950s.
Upfront Investment Cost
Thanks to falling solar module prices, solar energy can become a financially viable venture for the average household, with an investment cost between $11,00-$14,000, and depending on where you live, savings between $17,000 to $50,000 over a period of 20 years, according to Energy Sage.
Look For Subsidies
Moreover, there are also subsidies available from the government or your local utility provider. Historically, the US government has offered a tax credit of up to 30% of the cost of the solar power system. However, incentive programs differ within each state, so it’s best to do your due diligence and see how much assistance you can expect from various sources.
Other Costs To Consider
Nonetheless, this undertaking entails capital investments, with the major expense attributed to the purchase of equipment. Other costs will include the inverter, meter, cables, battery storage, and other wiring gear, plus the installation fees.
For maintenance, you must include panel cleaning and battery replacement in your budget. Hence, one of the major considerations when installing solar panels is to check your home’s geographical location. Being closer to the equator is better, but a home’s orientation, solar production, and electricity prices are also important factors.
Electricity is one of the most important expenses in a household. Solar power can offer a viable and sustainable option to power up homes at affordable prices, taking into account investment costs, location, and energy pricing in your area.