The U.S. Energy Information Administration (EIA) anticipates that renewables will be the fastest-growing source of electricity through mid-century. While solar is accounted for about 15% share of renewable electricity generation in the U.S. in 2020, according to EIA, that will increase to nearly 50 percent by 2050.
International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, has declared solar power: the cheapest electricity source. Wood Mackenzie reports similar outcome stating that solar will be the cheapest form of electricity across the United States by 2030. The consultancy expects solar costs to decline 15 to 25 % over the next ten years.
Sunshine is, and always has been, a free source of energy but harnessing that to power our home and business has not always been cost-efficient. Luckily, that is no longer the case. Rapid adoption of solar energy allowed the industry to scale and cut costs much faster than analysts anticipated in the early 2010s.
Thanks to both major advancements in the technology as well as to state and federal efforts to combat climate change, solar energy is more affordable than ever. At the end of the day, home and business-owners are experiencing faster payback and greater savings from solar. We must not forget the sense of security which solar is able to provide us as compared to old and unreliable grid.
Solar Return on Investment (ROI)
To be precise, solar power is a financial product which can generate annual returns ranging anywhere from 10 percent to more than 30 percent. In general, solar typically pays for itself in just 5 to 8 years, before providing free electricity for the remainder of the system’s 25+ year lifespan.
There are a few other factors that influence the benefits of solar:
Electricity rates: For example take the Golden State;, California’s electricity prices are among the highest in the country. The higher your electricity rate, the more you can save by going solar by paying less amount to your utility company.
Falling Costs: Cost declines have been the most important reasons to go solar. Worldwide, solar system prices fell by more than 80% from 2000 to 2010, according to WoodMac’s analysis. But we recommend not to wait further because perhaps these costs may continue to go down but keep in mind the soft costs too: Cost of obtaining a permit, labour cost, etc. they will go up in future, no matter what.
Financial incentives: Currently, there are significant incentives for residents as well as business owners to go solar. Federal Solar Investment Tax Credit is one of them. Higher incentives lead to lower upfront costs and a shorter payback period for solar.
Price: While prices for solar vary across the country, the best way to ensure you’re paying a fair price for the right system is to compare multiple solar quotes. Whereas lower costs mean a shorter payback period, we recommend you stick to the quality and tailored service according to your need.
Increased Property Value: Zillow recently estimated that homes with solar panels installed on it sell for 4.1% more. Solar panel system on the roof of your house tends to increase your property resale value.
The Sun not only lights up the world but also the economy. Shift to the solar energy and maximize your savings on your electricity bills. You are just a click away from reducing your energy bill and carbon footprints as well. Simply leave us a message and facility/home address and we will revert you back with a customized solar solution ASAP.