With federal and state incentives and rebates readily available for “going solar,” there is no better time than the present for both residential and commercial property owners to explore this clean energy option. There are many benefits of installing and using a solar energy system:
Long-Term Viability of Solar Energy Systems
Just before the onset of 2017, Congress extended a number of vital federal tax credits that gave a boost to the renewable energy industry. As a result, more affordable wind, utility-scale solar, and distributed solar will be driving additional research and development related to energy storage and distribution. As energy companies become more diversified and able to incorporate more solar customers within their “grid,” cost savings will continue to increase over time.
Immediate Savings to Homeowners and Corporations
There are state-by-state estimators on line to help you calculate estimated savings, depending on where you live. In most states savings estimates are at least $100 per month. Given the length of service anticipated for a solar panel installation, this can end up saving you over $30,000 over the life of the system. It should be noted that some solar systems produce more electricity than is used each month, bringing net electricity costs to $0. However, there is still a minimal connection fee (typically about $100 per year) to remain connected to an electrical grid owned by a power company.
Ready availability of “pay as you go” financing options allows homeowners to go solar for little or no money down. This usually means that a third-party company retains ownership of the system while agreeing to take care of installation, maintenance and repairs. The homeowner pays the provider for electricity, but at a lesser rate than what you would have paid the utility provider. According to Anthem, s of June 2013, 75% of all American homes have access to pay-as-you-go solar.
The Overall Price of Solar Energy is Coming Down
According to SEIA (Solar Energy Industries Association) the cost to install solar has dropped by more than 60% over the last 10 years, leading the industry to expand into new markets and deploy thousands of new systems nationwide. The U.S Solar Industry is a 50 State Market. While California has traditionally dominated the U.S. solar market – with 34% market share in 2016 – other markets are continuing to expand, including Massachusetts, Utah, New York and Texas, where much of the future growth will take place.