Homeowners that install solar power systems can benefit from a variety of financial benefits. They can save money on their energy bills and increase the resale value of their property.
The savings that homeowners experience depend on their local electricity rates. Homeowners in areas that have peak demand prices will see the greatest benefit from a solar power system.
Reduced Electricity Bills
A solar power system is a cost-effective way to lower your utility bills. If you purchase your system with a loan, you’ll make a monthly payment that is a flat amount regardless of season or usage. This offers you stability in your electricity payments, which is valuable for homeowners budgeting their monthly expenses.
If your region offers net metering, you can send any excess energy back to the grid and get compensated for it. This helps the power company reduce the strain on its network, especially during peak times of energy demand.
Additionally, if you combine your system with battery energy storage systems, you can store and use the energy produced by your solar panel system at night. The resulting self-sufficient energy supply also improves the reliability of the grid in case of natural disasters and other emergencies. A solar power system reduces the need for fossil fuel energy, which is expensive and creates carbon emissions.
Reduced Carbon Dioxide Emissions
Solar energy systems generate their own electricity, making them less reliant on the electric grid. As a result, the energy cost savings continue to accrue over the life of the system.
Unlike fossil fuels, solar energy is a clean, renewable resource that produces no harmful carbon dioxide emissions. It also reduces the need to import foreign oil, a practice that comes with its own economic and environmental costs.
In addition to reducing the demand for foreign oil, solar power also reduces the amount of electricity that is lost during transmission. This can be an important factor for businesses that require a consistent energy supply and want to avoid costly outages.
A PV system can be paired with battery storage to store excess energy from the day for use at night. This also helps to stabilize the grid during periods of peak demand. Under a program known as net-metering, homeowners who produce more energy than they consume can send the surplus back to the utility company for credit on their bill.
Increased Property Value
Numerous studies throughout the real estate industry have shown homes with solar energy systems sell for a higher premium than those without. In New York, the premium paid for homes with solar energy is even higher than the national average.
The reason for this is that the system adds to a home’s value and also increases a homeowner’s level of energy independence. A home with its own solar power system will not be as reliant on the grid for electricity, reducing interruptions to productivity and providing an emergency back-up if the grid fails.
This benefit can be especially important in areas with time-varying electricity rates, where the marginal cost of electricity rises with demand. In these situations, the PV solar system can offset a large portion of high-cost electricity consumption.
Peace of Mind
Unlike traditional power sources, solar energy is a clean, renewable energy that doesn’t produce greenhouse gases or pollute the air. It also doesn’t require water to operate, which is a major benefit in places where water is scarce.
Solar energy can also be used in remote areas that are not connected to energy grids. This makes it an ideal solution for improving the lives of millions of people who don’t have access to electricity.
Installing a home solar system is an investment that will pay off for decades to come. With a solar lease or purchase, you can save on your energy bills and qualify for incentives. Solar energy is a great option for homeowners looking to reduce their electricity costs, protect themselves against rising electric rates and contribute to a cleaner environment. Learn more about going solar today! Contact us to request your free solar quote. We’ll connect you with a local installer that can help you make the switch to solar.