Solar Panel Benefits
Solar Panel Benefits
Deciding to upgrade to solar photovoltaic (PV) panels is a big decision for customers, and some may be wondering “are solar panels worth it?” The list of solar benefits customers can receive from upgrading to a home solar system grows daily. While there are many benefits of solar energy, the following are our picks for the top 5 solar benefits when upgrading to solar PV panels.
1. Lowering your energy bill
One of the top reasons that people start looking into solar pv panels is because of their high energy bills. Over the past decade, energy prices have steadily gone up each year with no signs of slowing down, while solar system equipment prices have been going down. With energy prices going up, and solar panel prices going down, most solar installations can pay for themselves within seven to ten years.
When you go solar with Infinity Energy, you can monitor your energy by checking your solar production of your solar panels with our free Infinity Energy mobile app. When you produce more solar energy than you consume each month, you will not only spend less money on your energy bill, but you can also earn solar energy credits through net energy metering (NEM).
For even more control of your energy bill, you can pair a home battery back-up with your new solar PV panels. When pairing your solar panels with a home battery back-up you will not only get protection from planned/unplanned power outages, but your home battery back-ups can also supplement power from the grid during on-peak hours to help you save even more on your electric bill.
2. Reduce carbon footprint/ Clean/renewable energy
Solar energy is one of the most abundant resources on the earth, and it is not going anywhere anytime soon. Renewable energy sources, such as solar or wind energy, are both cost and energy efficient. By moving towards renewable sources of energy, we can end our reliance on fossil fuels which have created large carbon footprints. By going solar, your individual carbon footprint could be lowered by up to 3,000 pounds.
Carbon dioxide emissions have been wreaking havoc on our planet for a long time. Carbon dioxide, and other greenhouse gases, trap infrared radiation and prevent it from escaping into space. This causes gradual heating of the Earth’s atmosphere and surface, which we call global warming. Upgrading to solar PV panels allows you to lower your carbon footprint, while you save on your electrical bills.
> Statistics and data provided by the International Atomic Energy Agency (IAEA)
3. Solar Incentives (Tax breaks and rebates)
There are many incentives that benefit the consumer when they decide to upgrade to solar PV panels. The Solar Investment Tax Credit (ITC), also known as the Federal Solar Tax Credit, was created to allow renewable energy to become more accessible to purchase. As of 2021, the ITC allows you to deduct up to 26% of the installation costs of your solar energy system from your federal taxes. While this program was set to go down (22%) this year it has just been extended (at 26%) for another year. There are some things to remember when considering the tax credit:
- The federal tax credit is accessible for both residential and commercial customers.
- The tax policy will continue to stabilize the solar industry including jobs and investments.
- The federal tax credit is applied to homeowners who have purchased solar systems and have them installed.
Some solar incentives are state specific, like California and the Self-Generation Incentive Program (SGIP). The California Public Utilities Commission says, “The Self-Generation Incentive Program will offer incentives to energy storage systems based on several factors, including the kilowatt-hour (kWh) capacity of the system. The incentive amount offered to new storage customers will decline over time as the market matures to ensure efficient use of these ratepayer-funded incentives.”
4. Increase Home Value
With solar panels becoming more popular, and some states mandating new home builds to require solar panel installation, it is no surprise to see the effect solar panels can have on your home’s value. Upgrading to a home solar system can increase your home’s value immediately after install. Appraisers have begun to consider solar panels as they value homes, to reflect these increases in value.
Studies have found that over the past 10 years, homes equipped with solar equipment sell more quickly than those without solar panels installed.
5. Clean Energy Trends
The solar industry has seen a steady increase in solar installations over the years. In 2020, the global solar energy industry has seen record growth of 14% capacity increase from the previous year. The United States is expected to see a growth of as much as 20% in solar installations. As of today, the United States is viewed as a world leader in solar, with the second-largest solar market.
With climate change affecting our planet, it has never been a better time to start lowering your carbon footprint. As the U.S. continues to increase its capacity of renewable energy, to increase its energy independence, there will be more demand for clean energy producing equipment. Getting your solar system set up now will make sure you are not left waiting for products to become available.
Deciding to upgrade to solar PV panels can be a big decision and while these are just 5 benefits of solar energy, there are countless more that have not been listed here. Going solar is not just an investment for you and your family’s future, it is an investment in our planet’s future.
Infinity Energy is here to help you get the best deal possible when you are ready to upgrade. Our energy advisors are standing by to get you a free quote that will show you your energy requirements, financing options and what rebates or incentives you may qualify for. There are now strings attached, so what are you waiting for? Contact us today for your free quote!