Solar panels harness energy from the sun, an abundant and renewable resource. By installing a solar energy system, you can significantly reduce your dependence on fossil fuels, helping to improve air quality and protect the environment. Additionally, solar systems can generate substantial savings, ranging from $25,000 to over $110,000 over their lifespan.
While many people choose solar for its financial benefits, the environmental advantages are equally compelling. Let’s explore how going solar can benefit both your wallet and the planet.
While the production of solar panels does release some emissions, a solar panel system’s energy payback period is still very low.
Installing a solar panel system can drastically reduce or even eliminate your electricity bills. Solar panels generate free, renewable energy for 25 to 30 years, meaning every kilowatt-hour (kWh) of solar energy you use is one less you need to purchase from your utility provider. While you may still rely on grid power occasionally, your overall dependence on utility-produced electricity will be significantly lower.
Going solar also offers protection against rising and unpredictable electricity costs. Over the past decade, electricity prices have increased by an average of 2.8% annually, driven largely by the fossil fuels that still dominate utility power. These prices are influenced by global market fluctuations and foreign policy, making them inherently volatile. By reducing your reliance on the grid, solar energy provides you with greater energy independence and a buffer against future price hikes.
It provides a great return on your investment
Homes equipped with solar systems typically sell for about 4% more than those without. This makes sense, as solar significantly lowers or even eliminates electricity bills. After all, who wouldn’t prefer a home with reduced monthly utility costs?
While going solar requires an upfront investment, it typically pays for itself several times over during its long lifespan.
With electricity costs continuing to rise, our EnergySage data shows the average homeowner is expected to spend over $60,000 on electricity bills in the next 25 years. In comparison, the average cost of a solar system is about $22,670—meaning you could save nearly $50,000 over the same period by switching to solar.
