Today, the economic benefits of solar energy can be understood by many property owners; but it wasn’t always this way! Many forms of technology undergo an evolutionary process. It happened with computers, phones, and TV.
New technology is usually large, inefficient, and expensive. Over time, it becomes more compact, efficient, and affordable. Solar energy has followed this trend and has proven to be a remarkable and affordable tool in the search for clean, sustainable energy.
Consider the past decade. In 2020, the United States utilized over 13 times more solar energy than it did in 2010. Much of this concerns solar energy becoming more affordable to the average person or business. Here’s why solar energy has become more inclusive and economically viable for consumers.
The Economic Benefits of Solar Energy – Policies and Rebates
For many years, solar energy was cost prohibitive, which meant the expense of ownership was too great to justify its use. Even so, new policies have made solar panels more affordable. For example, a federal tax credit lets homeowners write off 26% of their solar installation costs.
Many local city governments in Texas also offer rebates on solar energy installation. Utility companies frequently offer solar net metering, which allows homeowners and businesses to generate their own electricity to offset grid-supplied electricity costs.
-Learn About The Benefits of Belonging to a Solar Co-Op!-
The Economic Benefits of Solar Energy – Savings Over Time
Many homeowners see solar energy as an investment. They may pay an expense upfront, but their solar array saves them money over time and can even earn them money too.
Depending on several factors, you may be able to pay off the cost of your solar array in ten years or less. In an article featured on Greenlancer.com, Allison Ruedig writes, “Most Americans’ solar panels now pay for themselves in seven years.”
The Economic Benefits of Solar Energy – By the Numbers
The numbers will vary, but most estimates find that a homeowner can save about $1,500 per year since solar panels can last up to 25 years or more. If you add it all up, that’s $37,500 over the lifespan of a solar panel array. When you deduct the average initial installation cost, there’s still a lifetime of savings of $20,000 or more!
Remember that you’ll need to include solar panel maintenance costs into your savings. Even so, having solar panels can increase the value of your home. Under Texas law, you won’t have to pay property tax on the increased value of your home caused by your solar panels, and this is called the Solar Energy System Property Tax Exemption.
Sunshine Renewable Solutions is the premier Houston solar installer and one best solar companies in Texas. We’re a residential and commercial solar company that’s happy to answer any questions you have about the economic benefits of solar energy.
Contact us to learn more about solar installations!