Written by Sarah Lozanova
The coronavirus pandemic has caused stock prices to plunge. This leaves many investors exploring other more reliable investment options. Because the cost of solar energy systems has dropped 70% in the last decade, the industry has experienced explosive growth. Going solar is a very wise investment for most homeowners and businesses.
How do electricity rates impact my solar energy investment?
The return on investment of a solar system has two primary variables: the net cost of the solar system and the price of grid electricity. As power rates across the country continue to rise, solar becomes increasingly more economical.
Georgia Power announced a 3-year rate increase, starting in 2020. This means that the average customer will eventually see an increase of $175 annually on their electric bills due to the rate hikes. Using solar electricity mitigates the impact of these rate hikes by utilizing solar electricity instead of grid power. In fact, the higher the cost of grid electricity, the faster the solar system pays for itself in savings.
How do solar system warranties protect my investment?
With no moving parts and almost no required maintenance, solar panel systems are very reliable. Equipment manufacturers offer warranties on their products, including inverters, power optimizers, and solar panels. In addition, Solar Plus offers a 10 year warranty on labor. Unlike the stock market, these warranties help protect your solar investment.
Our goal is that your solar system will produce clean power for decades. Thus, we believe in using the most reliable technology available on the market with a proven track record. Years of solar installation experience has shown us which products stand up to the test of time. We take solar equipment selection seriously and only install the best solar panels and inverters available.
How can I take advantage of federal solar incentives?
There is a 26% federal tax credit available to home and business owners that install solar energy systems. This is a dollar-for-dollar reduction in taxes owed. For example, a $15,000 solar system qualifies for a $3,900 tax credit. This incentive boosts the return on investment of the solar system. Unfortunately, this tax credit will decrease in the future, so 2020 is a great year to go solar!
Does a solar system increase my property value?
Yes, studies show that homes with solar systems sell for a premium. This is because PV-powered homes have lower energy bills.
Does solar make me more self-sufficient?
Are Solar Panels a Smart Investment?
Using solar electricity boost energy independence by reducing your reliance on fossil fuels. Solar systems with batteries also help boost self-sufficiency. Although the cost of installing a solar system with batteries is higher, it is a smart choice when emergency power is essential. In some cases, battery storage prevents food from spoiling, offices from closing, or basements from flooding. Solar Plus installs PV systems with or without battery storage, depending on the application.
When is solar not a good investment?
Unfortunately, not all properties are well suited for solar panels. If your roof is largely shaded, we might not recommend installing solar panels. The most important window is mid-day sun, thus some shade in the early morning or late afternoon is not as concerning.
We can also install power optimizers on your solar panels that reduce the electricity production losses from shading. In some cases, we can locate the solar panels on a garage or a ground mount. The Solar Plus team is skilled in determining the solar potential of your property. We only recommend installing solar systems when there is an adequate solar resource.
What qualities should I look for in a solar installer?
For solar energy to be a wise investment, it is essential to pick a highly qualified solar installer. This helps ensure that it is installed up to code and as designed by the equipment manufacturers. Proper solar system sizing is also essential to boost the return on investment.
The Solar Plus team has years of experience designing and installing PV systems. Our crew contains licensed electricians and NABCEP-certified solar installers. We do not subcontract out our installations because we believe in ensuring top-quality work. Solar Plus stands behind its warranties and take pride in providing excellent customer service.
Want to find out how much you can save with solar energy? Contact the Solar Plus team today for a free consultation!