With all the unexpected occurrences occurring in recent years, the term ‘local’ becomes increasingly important. We have gone through many uncertainties, diseases, lock downs, and energy prices soaring without limits due to low stock and fluctuation in availability of natural gas, according to estimates. In Europe, an average household energy bill goes from the range of €1,200 to €1,800 per year and a half.
Uncertainty is what accompanies our demand to bring energy from distant places. Solar energy is based on a completely different model. Solar is localized.
If your solar system consists of a battery, you will be able to operate without reliance on the power grid during a blackout. You will be able to use the stored electricity to run the most important devices such as a refrigerator or an air conditioner. A solar system enables communities to save money, which they can allocate to infrastructure improvements and local developments.
Solar panels and all the equipment you need can be an expensive initial outlay, but they will save you money in the long run. By installing a solar PV system, you could cut your electricity bills by around 90% - so you'll make back your original investment within just three years!
In 2020, the average American home paid $117.46 every month (about $1410/year) to meet their electricity needs. That means that if you installed a solar panel system that generates enough power to cover this amount, you'd be saving at least $1410 in year one.
The savings grow yearly, reaching $1518 in year 2 and $1628 in year 3 if you factor in the average 4% increase in energy prices year over year. While your neighbors' energy bills continue to get bigger and bigger, you will only have to pay the fixed price for the panels which you purchased. This is essentially locking in a low price of energy for your home for years to come!
Today, there are many different types of incentives available for residential solar power. These include tax rebates, renewable portfolio standards, net metering and others. Some states also offer direct cash grants for solar installations. Also, utilities often provide financial incentives such as net-metering or cash kickbacks.
One of the biggest factors influencing the spread of solar energy is the availability of government subsidies. If you choose to install solar panels on your home in 2022 or 2023, you will be able to claim the federal tax credit of 30%, thereby enabling you to receive a massive payout immediately. You can then use this credit to either pay down your solar loan, enabling even lower monthly payments or you can keep it and invest it in other areas of your home!
A recent study found that properties with solar power systems sell for about 4 percent more than similarly sized homes without such a system. That means a homeowner who puts up a solar panel could end up making that homeowner thousands of extra dollars when they decide to sell their house. And because the federal government offers a 30 percent tax incentive for homeowners installing solar panels, those rewards can add up quickly.
Solar power does not emit any harmful gases into the atmosphere. It can also help reduce pollution caused by traditional forms of energy generation. Using solar power instead of conventional methods reduces the amount of carbon dioxide released into the environment.
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