There are many advantages to making the switch from using conventional energy sources to installing residential solar power systems. One of the main ways that one can benefit from installing residential solar panels is financially. As the technology has advanced and their popularity has increased (causing a beneficial economy of scale), the initial costs of installing residential solar panels have dramatically fallen, making them affordable for households of all income levels. Additionally, the Federal, State, and many local governments offer further incentives to make the switch by lowering the upfront cost needed to install a residential system by almost 50 percent. The Federal government provides a 30 percent tax credit to everyone who decides to install a residential solar panel system. Moreover, states such as California will offer rebates on top of the Federal tax credit that make the systems, such as those offered by Verengosolar all the more economical to install.
Another way that one can benefit financially from installing residential solar panel systems is through an increase in property value. According to the Appraisal Institute in Chicago and ICF consulting (which is a company funded by both the United States Environmental Protection Agency and the United States Department of Housing and Urban Development), every $1 saved annually on one’s energy bill increases your home’s value by $20. Using that 1-to-20 ratio, if your residential solar panel system reduces your home’s annual energy bills by $500, then your home’s equity will have increased by $10000. Many States will not increase your property taxes, despite the dramatic increase in property value, meaning that one can get all the benefits of home improvement without any of the associated tax hikes.
A third way that one can benefit financially from installing residential solar panel systems is that one can change the customer-client relationship that they have with their local utility provider. Traditionally, homeowners have to pay utility companies to get the energy needed to power their homes. However, if one installs a residential solar panel system, then some utility companies will offer to buy back the extra energy that you produce but do not use at wholesale prices. This means that one can even make money by installing a residential solar panel system, adding a much appreciated stream of recurring revenue to one’s budget.
Financially is just one of the many ways that one can benefit from making the switch to using solar power. Another advantage of using solar power is that it is much safer and healthier for the environment than conventional energy sources. While many traditional fuels, such as oil, gas, and coal release greenhouse gases, which contribute to the deterioration of the ozone layer and pollute the atmosphere, water, and land, solar energy is pollutant-free, making it one of the cleanest and greenest energy sources. Furthermore, it is a completely renewable energy source, as all one needs to make the system work is natural sunlight. By making the switch to solar energy, one will not only be benefiting financially, but will also be doing their part by helping keep the environment clean, healthy, and pollutant-free.
On top of the financial and environmental benefits of making the switch to solar power, a third reason why one should consider making the switch to solar energy is geopolitical. America and much of the world have historically relied on getting their energy from countries with vast amounts of oil and gas deposits. This dependence has bred unhealthy relationships, as America has had to be allies with certain countries just in order to keep America fueled. By switching to solar energy, one can help America become energy independent and a more powerful political player in the world.