We first wrote this blog back in 2016, and a lot has changed between then and now. So, we thought it was time to update this article! Some of these changes include: Solar batteries and energy storage solutions have sprung up; The cost of solar has fallen (a lot!); New solar batteries with integrated battery inverters have come out; The federal solar tax credit was extended to the end of 2021; in 2020, a tax credit stands at 26%; Some local solar incentives have gone and some new solar incentives have started; The Trump administration imposed tariffs on solar panels; Net metering has survived in key states but is under attack from utility companies by the day.
1. Marginal cost of generation is zero. For most American homeowners the most significant attraction to solar power is that once the capital cost of installation is paid off the energy is free.Insurance against rising power prices
2.Installing a solar power system on your home means you can lock in a price of energy for at least the 25-year life of the solar panels. You know how much energy the solar panels will produce so that once you get an accurate price quote you know exactly how much each kilowatt-hour of energy will cost you over the next 25 years.
3. Renewable Solar energy is a renewable energy source: NASA estimates that the sun will shine for another 6.5 billion years. Most of us aren’t too concerned out that far.
4. Environmentally friendly. Harnessing solar energy does not generally cause pollution.
5. Geographically widely available. The level of solar irradiation that falls upon the earth varies with the geography of the planet. Generally, the closer to the equator the more solar energy but what most don’t realize is that solar energy can be used anywhere.
6. Reduces electricity costs. With the introduction of net metering and feed-in tariff (FIT) schemes, homeowners can now “sell” excess electricity, or receive bill credits, during times when they produce more electricity than what they actually consume. This means that homeowners can reduce their overall electricity expenses by going solar.
7. Financial support from government/state, You can get a massive 26% federal tax rebate for installing solar panels in 2020 (the rebate drops down to 22% in 2021 and to 0% in 2022). In addition to this federal tax credit, there are also rebates available in some jurisdictions at either the state, county or utility company level.
8. Technology is improving. Technological advancements are constantly being made in the design and manufacture of solar power equipment.