9 Best Reasons Why Solar Power Is a Good Investment

So, you like the idea of green energy but are not fully convinced to invest in solar?

Whether you are a homeowner looking to cut down electricity bills or a business owner seeking solar investment for a green future, this blog highlights the top reasons to make a green switch this year!

As energy costs surge forward and climate concerns are getting redoubled, investing in sustainable energy like solar is becoming increasingly appealing. Solar panels not only offer long-term financial benefits and reduce carbon emissions but also minimize your reliance on traditional grid systems.

The sun provides constant light and heat which can be transformed into a mighty source of energy that can power your entire house. The demand for PV (photovoltaic) systems is expected to hit 125.2 gigawatts globally by 2024. Solar power is increasingly becoming a popular choice for homeowners and businesses due to its countless benefits.

But! Is solar right for you? In this blog, we have rounded up the best reasons why solar power is a good investment. We will explore the financial and environmental impact of PV panels to help you in your decision-making process.

Let’s dive in!

Why Solar Power Is a Smart Investment For Homeowners and Businesses?

Whether you want to lower your energy bills or contribute towards environmental betterment, investing in green energy is the perfect solution. Depending on the location and size, the average cost of solar panels ranges between $17430 to $23870. Due to high investment costs, many people seeking green switches drop the overall idea of switching to green energy.

Fortunately, many solar financing companies offer great options to make this green investment affordable for homeowners.

Solar is a clean, sustainable, and trending source of energy that carries economic, environmental, and personal benefits. Here is a list of some insightful reasons to make investments in green energy.

1. Cuts off Electricity Bills

Whether you are a homeowner, a non-profit organization, or run a business, electricity bills are one of your biggest expenditures each month.As of June 2023, the United Kingdom, Ireland, and Italy have the highest electricity prices in the world. Countries relying heavily on fossil fuels to generate electricity can expect a steep rise in electricity costs in the coming years.

When you install a PV system on your property rooftop, you minimize your reliance on the main grid that uses fossil fuels to generate power. Right after the installation, you can expect to see a drastic drop in your electricity bills. Solar panels can save up to 60% on your utility bills. Plus, for 25 to 30 years, you can generate your own electricity without depending on the traditional grid.

1. Augment Property Value

Using renewable energy is not only financially beneficial but also augments the overall value of your property. Many studies have shown that PV-installed properties comparatively are valued at a high price and tend to sell faster than ones without them. PV panel-installed properties appeal to prospective buyers which puts you in a position to quote a high price at the time of house resell.

According to the Lawrence Berkeley National Laboratory study, buyers are willing to pay an additional $15000 or more for a PV-installed house. Therefore, if you install PV panels worth $20000, your property value gets increased by $40000. This shows green investment not only brings short-term benefits but also offers great advantages in the long run.

1. Avail of Government Incentives

To encourage homeowners and businesses to make investments in PV systems and reduce the harmful effects on the environment, the government has introduced numerous solar incentives. These local and federal tax incentives help solar seekers offset the huge initial cost of their green investment.

Currently, federal tax offers 30% off on the entire installation cost. However, this percentage will drop in the coming years. From 2033 onwards, this credit will decrease to 26%, so it is the right time to invest in a PV system installation if you want to avail of these incentives. Many states also offer benefits of going green such as rebates, property tax exemptions, and more. You can check what types of incentives are available in your location.

1. Reduce Carbon Footprint

Contribution to environmental betterment is another good reason to make an investment in PV panels. Solar is clean, unadulterated, sustainable, and renewable energy that doesn't emit harmful greenhouse gases that adversely affect the environment.

The traditional grid system utilizes fossil fuels, gas, or coal to generate electricity which produces a large portion of carbon dioxide and massive pollutants that cause global warming, trap heat in the earth's atmosphere, and contribute to greenhouse gas emissions.

Our environment is already alarmed by rising sea levels, extreme weather events, and other detrimental effects. So, if you invest in this green power, you reduce carbon emissions that pollute the air by reducing your reliance on fossil fuels.

1. Minimum Dependence On Traditional Grid

If you are dependent on a traditional grid, unexpected power outages can cause a lot of problems in your personal and professional life. Imagine that you are about to close an important deal with your client or working on a deadline-restricted project, and suddenly the power goes off. This not only leads to missing out on the task deadline or losing an important client but also impacts your credibility.

When you are greatly dependent on fossil fuels for electricity, you can experience power outages anytime. Extreme weather conditions and technical glitches can lead to a complete shutdown in your area and there is nothing that you can do. On the flip side, if you invest in solar systems you can generate your own electricity, get more control over energy consumption, and reduce your dependency on the power grid.

1. Requires Slightest Maintenance

PV systems are robust and come with a lifespan of 25 to 30 years. As panels don’t have any moving parts, the likelihood of wear and tear on any component is none. This means the cost of maintaining this system is minimal as it doesn't require much upkeep. You can say that the operating cost of PV panels is low.

The only maintenance of panels includes cleaning the accumulated dust, debris, dried leaves, etc. with a clean and dry cloth to ensure maximum sunlight absorption. You can also clean PV panels with water and other many easy DIY techniques. However, if you are unsure about any cleaning technique, calling a professional is recommended.

1. Future-Proof Home

Due to the huge initial cost, investment in PV panels can scare off many homeowners. However, if you want to save money on your electricity bills and avail of other benefits down the road, the solar investment is worth it. From increasing your property value, reducing your electricity bills, and minimum reliance on the grid to the lowest carbon footprint, you make your home future-proof against electricity hikes and rising environmental concerns.

Photovoltaic panels protect your house from unexpected power outages and blackouts. If you reside in an area that experiences frequent power outages, having a reliable source of energy is a must to avoid keeping your home in the dark. Investing in PV panels saves you huge money in the long run.

1. High ROI (Return On Investment)

Earning high ROI is another big reason to invest in this renewable and clean energy. Purchasing panels is not an expense but an investment that pays off in the long run. The average return on investment of PV panels is around 10% in the United States which is a good benchmark. This means people investing in this renewable system in the US can expect 10% ROI over a period compared to traditional utility costs.

If the rate of electricity is high in your area, you will observe a faster payback period and higher return on investment on your PV system. Your ROI also depends on the size and number of PV panels you install on your property. Large PV panels generate more electricity which leads to increased ROI.

1. Support Local Economy

When you opt for PV panels to generate electricity, you create job opportunities for installers and local PV system providers in your area. When more jobs are created for deserving and experienced candidates, it directly impacts the local economy. As panel installation is one of those services that cannot be outsourced, professionals get high salaries which greatly contributes to economic growth.

In 2015, the solar industry solely added job opportunities up to 12 times faster than the overall economy of the United States. This means 1.2% of jobs were created in the country. This phenomenon is expected to grow in the future.

In Summary

When you invest in green power, you are making a smart financial decision and taking a step toward a more sustainable and clean future. From accessing financial benefits to environmental advantages, you can make out why demand for green energy and panel installation is increasing exponentially.

Solar power gives you control over your energy consumption, offers long-term value, saves money, and contributes toward a better environment, so going for an installation is worthwhile. You can reach out to a reliable PV installer, get your burning queries answered, and understand more about this technology.

Mark Thomsann is a dedicated writer at a rapidly growing IT company. As a marketing specialist, he specializes in Seo, solar panels, and marketing strategies. As a result of his efforts, many solar businesses have gained quality leads.