Have you ever wondered why you haven’t taken the solar power plunge? There are numerous reasons people put off switching to solar power, from misperceptions about the price and how energy is stored, to whether solar systems generate energy on cloudy days. These statistics will put those misperceptions to rest and make you want to go solar as soon as possible.
1) The Solar Investment Tax Credit Extension
The Solar Investment Tax Credit (ITC) is a 30% tax credit available to homeowners and businesses. In December 2017, when Congress passed the Tax Cuts and Jobs Act (TCJA), they kept the 2015 expansion of the tax credit through 2021. However, the amount of the credit will decrease after 2019, so the sooner you install solar panels, the more of the credit you can use.
2) Solar Installations Are Increasing
There are nearly 2 million solar panel installations in the U.S. Total installed U.S. PV capacity is projected to more than double during the next five years, and by 2023, over 14 gigawatts of PV capacity will be installed annually.
3) Return on Investment for Solar Is Huge
When you switch to solar power, you get a huge return on your investment. Not only can you save money on your bill, but the average break-even point also ranges from 6 to 8 years.
4) Even the Least Sunny Areas Can Produce Enough Solar Power
If your state is not known for generous amounts of sunshine, you may wonder if there is enough sunlight to power your home with solar panels. According to POWERHOME Solar, even northern states with much harsher winters get enough sunshine to make solar power a viable option.
5) Solar Installation Costs Have Dropped
The cost to install solar panels has dropped by more than 70% since 2010. As of Q3 2018, prices are at or near historical lows across all markets.
6) An Airplane Can Fly Around the World Using Solar Power
You may have heard of solar-powered cars, trains, and even space stations. But what about airplanes? Challenging the skeptics, in 2016 Bertrand Piccard flew a solar-powered plane around the world with no additional power source. He departed from Abu Dhabi in the Solar Impulse II in early 2015 and completed the final leg of the journey in July 2016. The global flight, documented with photographs, made a statement to the world about the enormous potential of solar power.
7) Solar Energy Can Provide Power 24/7
Most people worry about how they can get energy at night when the sun is no longer shining. By taking advantage of net metering, you can send any excess energy back into the grid and draw on it later as needed. Net-metering rates can vary from state to state, so be sure to find out what the rates are in your state.
In addition, a number of respected and well-known brands are entering the storage market. This competition paired with innovations is causing the prices of solar-plus-storage to plummet, even as innovations make storage more efficient.
8) Solar Panels Are Exempt from Property Taxes in Some States
Thinking about remodeling your kitchen? Consider installing solar panels instead. Some states exempt solar panels from property taxes, which helps boost the value of your home more than completely remodeling the kitchen.
9) You Can Sell Your Excess Energy
Through net metering, the process of feeding excess energy back into the grid, you can sell your excess energy back to the utility for a credit on your power bill. Rates and programs vary from state to state, but in some cases, you can recoup the cost of your panels more quickly.
These nine statistics can provide insight into how switching to solar power will affect your energy bill now and in the future. Saving monthly on your energy bill while reducing your impact on the environment will help ensure a sustainable future.
Photo from shutterstock
Guest Author Bio
Silvana Williams is a freelance writer with a deep sense of faith and an intellectual curiosity about all religions, philosophy, and spirituality as well as travel, fitness, health, and the environment. She looks for spaces where religions unite rather than divide. Silvana is especially passionate about yoga, her pets, and creating the best life for herself and those she loves while leaving as small a footprint on the earth as possible.
Silvana has worked as a technical writer, proofreader, and content creator. She has also been a professional baker, caterer, and event planner. She has also been as a social worker, helping heal families and brings parents and children closer together. She believes that communication is critical, that there can be no conflict resolution without the conflict, but that the process can be creative, productive, and healing.
When not writing, Silvana searches flea markets for old furniture pieces to refurbish and repurpose. She currently lives in Boca Raton, Florida.
Blog / Website: Balance Inner Life, Health, and Wellness