Making the move to installing solar panels can be a big step when owning a home. One has to weigh the high cost to the long-term savings that comes from having them. So if you’re on the fence here are three great reasons why now is the best time to invest in solar panels.
- Energy Costs Are Rising — Energy bills are going up and solar panels are a great way to bring it back down. According data provided by Energy Sage, a standard installation of a 5-kilowatt system can bring savings from $7,000 to $30,000 over 20 years of ownership, taking into account for inflation.
- Global Warming Is Getting Worse — Not only do solar panels have the potential to save you money on your electrical bill but they also are a great way to help reduce your carbon footprint and contribute to stopping the progress of global warming. According to Energy Sage, a standard 5-kilowatt system produces around 7,100 kWh, which reduces 4.9 metric tons of carbon emissions a year. For perspective, 4.9 metric tons a year roughly translates to the emissions of your typical car.
- Increases the Value of your Home — According a study by Lawrence Berkeley National Lab, adding solar panels increases the value of your home. The study finds people are willing to pay more for homes with solar panels already installed. This phenomenon is being dubbed as the “solar premium.” According to the study, a home in California increases in value roughly by $4 per watt of energy created and outside of California it adds $3 per watt. So, for example, a California home with a 5,000 kWh solar power system in place would be valued at $20,000 higher than a comparable home without solar panels. So in addition to the energy savings over time, photovoltaic power also constitutes an investment in the value of your home.
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