The Earth intercepts 173 thousand terawatts of solar power. That's ten thousand times more power than the planet's population actually needs. Although solar power is that abundant, you'd better hurry up. Here are 8 reasons why there has never been a better time for going solar than today.
1. Go solar for an affordable price
Many still assume that installing a solar PV system costs a bunch. A decade ago, that was close to the truth: a 6kW residential solar power system could cost more than $50,000. Now, the average cost of the same 6kW system will not exceed $15,000 - $16,000. The payback period is relatively short, about 6-8 years. After that you can start enjoying solar energy for free!
2. Take advantage of 26% Solar Federal Tax Credit
Solar Investment Tax Credit (ITC) allows you to deduct 26% of the cost of installing a solar system from your federal taxes. ITC doesn't have a cap on its value and applies to both residential and commercial solar systems. You can claim the tax credit when you file your annual federal tax return. But keep in mind, the ITC will drop to 22% in 2023 and be canceled in 2024.
3. Save money with net metering
The net metering incentive allows you to send the surplus of your energy to your utility grid. In return, it will give you energy credits that you can use later, when your panels don't generate enough energy to meet your needs.
4. Get solar loan at 1.49%
Even though the price of solar panels has significantly dropped during the past couple years, not everybody is ready to take $15,000 out of the pocket straight away. In that case, a solar loan can be the answer. You can get one traditionally from a bank or from your PV module manufacturer. The interest rate depends on your solar system type, capacity, and payback period, but on average you will find the rate to be as low as 1.49% with no down payment.
5. Increase your home value by 4.1%
Recent research done by a leading real estate company Zillow has shown that installing solar panels increases property value by more than 4.1% on average in the US. This will bring an additional $9,274 for the medium-valued home.
6. Reduce carbon footprint by 25%
The US has a 16-ton carbon footprint per person which is one of the highest in the world. In fact, it is 3 times higher than the global average of 4 tons. Installing solar panels is the best way to reduce your carbon footprint. A 6kW residential solar power system will lower your carbon footprint by over 4.5 tons annually.
7. Don't bother with maintenance: clean panels 1-2 times a year
Since there are no moving parts in solar panels, they require very little maintenance. All you need to do is clean them a couple of times per year from debris such as leaves, dirt or droppings, and to make sure that nothing is blocking the sunlight.
8. Be sure solar panels will serve long years no matter what