Jessica PirroDecember 3, 20191820
Solar-powered systems are the gift that keeps on giving. The numerous benefits of solar energy are starting to become more and more mainstream. Most of the people in the United States, have a solar panel installation, are thinking about getting a solar panel installation, or they know someone who has a solar panel installation.
Cost of Solar is Falling
In the past 5 years, the cost of solar has fallen over 34%. An average solar-powered system can cost anywhere between $10,000-$30,000 when homeowners utilize the federal investment tax credit. However, this is the last month to take advantage of 30% ITC before it drops down to 26% in 2020. If you are considering installing a solar-powered system, now is the perfect time to get one!
But if the initial investment is too much, there is a way that it can be $0 down, if you get a lease for solar panels. However, when you get a lease for solar panels, you won’t be able to get the solar energy tax credits, because you won’t be the owner of the solar-powered system.
Credits for Solar Power
There has never been more gravity in the search for sources of renewable energy. Why is that? It is not just the powerful amount of data that our planet is becoming perilously polluted. While the environmental concerns are certainly the predominant reason for adopting solar panels, financial considerations are almost as important. Governments and other entities are implementing incentives for solar panels that were supposed to lapse in 2016, but it was extended to the end of 2019. In 2020 the credit drops to 26%, and then to 22% in 2021. By 2023, the residential tax credit will end.
The Environmental Benefits of Solar Energy
The environmental benefits of solar energy are just one of the many benefits of getting a solar panel installation. Not only will you be helping the economy by getting a solar panel installation, but you will also be helping the environment.
Renewable Energy Reduces the Externality Coming From Carbon
The main reason why solar energy was created, wasn’t to reduce our energy bills but to reduce the global carbon emissions. Solar power’s carbon footprint, low emissions, and long-term sustainability make for healthier people, waterways, soil, animals and more. This environmental benefit of solar energy is invaluable.
Emissions that are derived from the fossil-fuel power plants are made up primarily of carbon dioxide, sulfur dioxide, nitrous oxides, and particular matter while being very costly to society as well. The emissions are linked to a plethora of health issues and have even been linked to premature death. They are also causing massive and perhaps irreversible changes to the climate.
Opposite to fossil fuels, a source of renewable energy produces electricity without any emissions. The electricity that is being generated by the sun or the wind, doesn’t burn any fuel, therefore completely avoiding all emissions.
When accounting for the whole life impact of the manufacturing and shipping process, and the installation and decommissioning, solar electricity results in a reduced amount of emissions.
Solar is a “Free”, Renewable, and Constant Source of Energy
One of the advantages of solar panels is that beyond the solar panel installation and maintenance is, the solar energy that is generated is completely free. As long as the sun continues to shine, it will always be there as a source of renewable energy. Your house or office building car be completely supplied by solar power, making it self-sustaining. There is no obligation to pay electricity distributors, and you can go completely off-the-grid if you want. It’s also a source of renewable energy, unlike fossil fuels, which need to be dug up, manufactured, and are a limited resource.
Earn a Return On the Cost of Solar
Even though the cost of solar is falling, it is still a pretty costly investment. But the returns that are rivaling those are more traditional investments such as stocks and bonds. The average American homeowner is going to pay off their solar-powered system in an average of seven to eight years and sees, and ROI of 20% or more. When you factor in solar panels significantly reduced the cost of solar equipment and reliable performance, the average return of investment of solar energy ranges from 8% to 12%.
Increase in Local Jobs
The investment in a source of renewable energy leads to jobs and a large amount of them at that. On a per-megawatt basis, by installing a source of renewable energy, it will result in more jobs than the installation of a more traditional source of energy production.
These jobs aren’t just short term jobs the annual residential solar panel installations have remained stable over the past few years, and the utility-scale solar panel installations have maintained their increase. This means that jobs in the solar power industry are more than likely to continue to be steady in the foreseeable future.
A solar energy job census was released by The Solar Foundation, finding that the solar power industry employs close to a quarter of a million workers across the United States. Between 2010 and 2018 in the United States, solar energy jobs have increased by 159%.
The results of this census were proof that solar energy is one of the fastest-growing job industries in the United States right now. More importantly, these solar power jobs are being distributed throughout the country, in opposition to coal and natural gas, whose jobs are focused on an area with these deposits.
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