Economic advantages of solar energy
Economic advantages for your home with solar energy
Utility costs continue to rise, not just for individuals but also for businesses and communities. The traditional fossil fuels we have been burning to provide energy are running down and becoming more expensive to source. In addition to pushing prices up, we now know that they are also harming the environment. Alternative environmentally friendly energy sources can provide a solution to both of these problems. They can help lower the carbon footprint while providing a way for both individuals and the community to save some money in the process. The great thing is that solar energy has you covered as far as these cost considerations go. It is provided free by our sun and will never run out.
The ‘solar is expensive’ argument
Any investment worth its salt will involve an initial expense before you reap its benefits. It’s the same thing with solar energy. As we veer away from non-renewable fossil fuel energy sources, there are going to be some growing pains. However, as the initial investment matures, the payoff keeps getting better.
What’s more, solar panels these days are far cheaper compared to when the technology was still in the early stages of adoption. The higher demand for solar equipment makes production economically viable and therefore more affordable.
It is estimated that panels these days cost about half the price of similar system installed a decade ago. As demand in both the residential and commercial segments continues growing, it will continue to drive prices down. Development of new materials and the streamlining of production processes are also contributing to more affordable panel systems. That’s good news for everyone involved.
Savings on utility bills
Among the primary incentives for adding a solar component to one’s power supply is the fact that this can lead to considerable reductions in utility costs. The savings will of course depend on case-to-case situations involving a variety of factors. Good solar panel providers will give you a free estimate showing the savings you can expect from a well-designed system for your property. They estimate this over the life of the installation using on your specific home or commercial setup. You can easily get a Free Solar Estimate by submitting this quick online form. Try it out and see what solar could save you in monthly expenses.
How inflation affects electricity costs
According to the U.S. Bureau of Labor Statistics, prices for electricity were 64.18% higher in 2019 versus 2000. In this period electricity experienced an average inflation rate of 2.64% per year, higher than the overall inflation rate of 2.04%.
Stack those rate hikes up over the course of several years and it will amount to a considerable drain on your budget. When you go with solar, your initial expenditure for the panels and the installation fee is basically what you pay. That’s a fixed one-time cost, with minimal maintenance or servicing costs to worry about.
Did you know that government subsidies are in place in order to incentivize people and companies as well as to encourage the use of renewable energy? These incentives can come in the form of rebates or tax credits, depending on your location. Government initiatives and eco-friendly policies have really allowed solar energy to become not only more accessible but also extremely attractive from a cost perspective.
The economic advantages of new solar technology
As solar energy costs continue to drop, it will only encourage increased adoption moving forward. With this higher demand the solar industry will keep investing more into the technology. This will generate more jobs and benefit the national economy in numerous ways. More players keep entering the field, which will continue to drive prices down. The result will also see better solar services becoming available. If you’re considering the solar energy route, there’s no better time than now.