Installing home solar panels is a great way to protect yourself against increases in energy prices. Most economists agree that energy prices will continue to rise in the near term, and buying a solar energy system hedges you against this expected increase. As the price of energy goes up, the payback period of your system will continue to decrease.
The United States suffers from a large dependence on foreign oil. Every year, billions of dollars leave the United States for middle eastern nations. By purchasing a solar power system made in America, you not only stimulate the economy, you help close the trade gap by keeping more money within our borders.
There is no ‘home run’ solution to combating global climate change, but a solar photovoltaic system is a great way to decrease your own carbon emissions. Although it takes an initial investment of carbon to produce them, solar panels help reduce the overall amount of carbon emitted throughout their useful lifetime.
In addition to decreasing carbon dioxide, home solar systems help keep a whole host of toxic pollutants out of the air. The burning of fossil fuels, such as oil, coal, and natural gas emit about ten million tons of sulfur dioxide, fifty million tons of mercury, and four million tons of nitrogen oxide each year. Running your home on the electricity produced by a solar energy system emits no harmful gasses into the air.
Solar panels for homes allow you to lower your utility bills. In addition, it is estimated that for every dollar you are able to save on your energy bill each year, the value of your home increases by fifty dollars. If you are able to just one thousand dollars on your utility bills each year, then the value of your home will go up by twenty thousand dollars. When producing more energy than your house is consuming, your electric meter will run backwards. When this happens, you are making money by selling electricity back to your utility company.
People who purchase residential solar power systems are eligible for tax credits from the United States government. When performing a cost evaluation of a system, be sure to check and see what both state and federal tax credits are being offered at the time.
Be conservative with your cost analysis for purchasing a solar system during calculation, but keep in mind that tax credits and rises in energy prices will dramatically lower your payback period.
