Is Solar Worth it?

Over recent years, a growing interest in solar energy as a sustainable power source has generated questions on if solar is worth it. To examine the feasibility of solar energy, it is vital to analyze the investment and its considerations before determining if it is a viable renewable energy option for a clean energy future.

Financial Considerations

When looking at investing in solar energy, it is important to understand the financial considerations. With rising utility costs, reviewing your electric bill can aid in determining the cost-effectiveness of a solar energy system that meets your needs. While the initial upfront costs of installing a system are high, the long term benefits and savings can significantly outweigh the initial investment. Tax credits are also an option to help limit the cost of installing a system, increasing the cost-effectiveness and return on investment.

Energy Savings

With a solar energy system, you will be generating your own electricity, so your monthly energy costs are significantly reduced or even completely eliminated. The cost of installing solar has drastically decreased in recent years and therefore the return on investment has increased. As utility costs are expected to continue rising, solar energy is a cost-effective alternative to supplying your energy needs.

Environmental Impact

Solar energy results in many positive environmental impacts. Solar panels work by converting sunlight into a clean and renewable form of electricity. This aids in the reduction of carbon emissions as well as the dependence on fossil fuels, driving energy independence. When burned, fossil fuels release emissions that impact the air quality of the surrounding areas. Implementing solar energy systems can help improve local air quality and support environmental sustainability.

Energy Independence and Resilience

At utility costs rise, energy independence and resilience is being sought after more than ever. Solar energy reduces reliance on the grid and fossil fuel sources which drives energy independence and a clean energy future. Depending on the system you have installed, solar energy can power your electricity needs through grid power outages. This can bring peace of mind to individuals living in areas that experience frequent power outages. Experts at Peninsula Solar can aid in making sure your needs are met with the proper system.

Property Value

Installing a solar energy system can boost the property value of your home. According to the U.S. Department of Energy’s National Renewable Energy Laboratory, your home’s value increases $20 for every $1 that is saved on utility bills. It is important to understand that increased property value may not necessarily result in increased property taxes. Many states have laws that protect homeowners from increased property taxes for implementing clean energy upgrades. Before making decisions, research the laws in your state.

Maintenance and Longevity

Although the initial upfront cost of installing a solar energy system may be high, the long term maintenance requirements and costs associated with the system are minimal. Systems are designed to last 20-25 years with little to no maintenance or change in the amount of electricity being produced. If issues do arise, here at Peninsula Solar, we are committed to troubleshooting them and get your system fully operational again as soon as possible. Monitoring your system can help ensure optimal performance and help combat any challenges that present themselves. 

Considerations and Challenges

Many factors that have the potential to present challenges should be considered before implementing a solar energy system. Seasonal variations, obstructions such as trees can cause intermittency in energy generation. Additionally, roof features like shading and orientation may mean that solar is not worth it for you. To overcome these challenges, net metering and energy storage can be feasible options. Net metering allows customers to receive credits for excess energy sent to the grid when production is high that can be used to purchase electricity when production is low. Batteries can be added into your system, so energy is able to be stored for later use.

Case Studies and Real-Life Examples

Many of those who have implemented a solar energy system have experienced the many positive benefits of solar energy. The 30% tax credit has greatly reduced the cost of systems and allowed many to afford to install solar panels. For example the 30% tax credit will turn a $16,000 system into $11,200. If you save an average of $100 a month on electricity, once the payback period is complete you will be saving $1,200 per year. It is important to understand your energy needs, utility costs and affordability of installing a solar energy system for you in order to make an informed decision.

Bottom Line

Many factors must be taken into consideration before determining the worth of implementing a solar energy system that meets your energy needs. Evaluating the financial, environmental and long term benefits of solar energy will aid in making an informed decision. Every individual situation is unique and therefore it is important to conduct a thorough analysis of the circumstances of your home or business.