5 Facts About Residential Solar
By: Eric Huesca, SEO Content Writer
November 11, 2022
Solar energy has existed for some time, but it has only become more inexpensive and practical for homeowners. The cost of commercial and residential solar panels has decreased in recent years, making them a more affordable renewable energy investment option. Solar power is also becoming more efficient, with newer technology allowing solar panels to capture more solar energy. It offers a clean and renewable source of energy, which is becoming increasingly important as we reduce our reliance on fossil fuels.
Using solar panels to collect sunlight and convert it to electricity is a clean and sustainable technique to achieve energy independence.
Small solar panel installation on rooftop of 2 story home
Installing solar panels on one’s home gives residents more say over their energy bills, ensures that essential appliances continue to have electricity even during grid disruptions, and enables them to take part in and reap the benefits of the shift toward a cleaner energy future. Let’s uncover some of the essential facts you ought to know about residential power.
Solar Increases the Equity of a Home
The National Renewable Energy Laboratory says that solar panels will add $20 to the value of your home for every $1 you save on your electricity bill. Zillow also says that homes with solar panels sell for 4% more than homes without them and that can be a deal breaker for some.
Solar panels are in high demand because more and more homeowners are concerned about the environment and saving money. Therefore, homes with solar panels typically fetch a higher price than those without them. But where you live and how good your solar panels are will determine whether and by how much your home’s value goes up.
Solar energy is still a viable choice for those planning a move soon. In addition to lowering monthly electricity costs, solar panels can boost a home’s resale value.
Ways of Increasing Your Home's Value with Solar Energy
Although the cost savings from installing solar panels are immediate, there are other ways to increase the return on your investment. One way to lessen your impact on the grid is to implement renewable energy sources, such as solar batteries (sometimes entirely). If you plan on selling your home, adding a solar panel system with a storage battery will make it more appealing to buyers interested in cutting costs and being more self-sufficient.
People who want to save money and the environment are increasingly interested in purchasing electric vehicles. Smart EV charging stations that use solar energy to charge electric vehicles are helping homeowners maximize the benefits of solar panels and EVs. A solar-powered, intelligent charging station for electric vehicles is a huge draw for homebuyers in today’s market.
Solar is Limited at Night
Solar panels need sunlight to work, and this means that they need more energy to be stored for use during the night. This means that solar energy is only sometimes a reliable energy source, and we must find ways to store solar energy at night or during cloudy days. However, there are many ways to counter this issue. One way is to use solar panels designed to work at night, such as light-emitting diodes (LEDs). Because of net metering and the storage capacity of their solar batteries, their output can be put to use even when the sun has set.
Solar power as a renewable source of electricity is undergoing rapid development as a viable option. Even when your solar panels aren’t actively collecting sunlight, it is still possible for your solar energy system to generate power if it is connected to the electric grid and utilizes net metering. Solar batteries provide this capability.
The solar cells used at night function similarly to those used during the day, only in reverse. Infrared radiation from the Earth’s surface escapes into space every night to maintain a steady temperature on the globe. The nocturnal solar cells could be helpful in off-grid settings for some low-power applications with the help of a residential solar tracker. However, they will be able to replace the established power system sometime soon.
Solar Helps the Environment
Solar energy is a clean and renewable resource that helps to protect our environment. Solar power, as opposed to fossil fuels, can significantly cut emissions of greenhouse gases like carbon dioxide during the energy generation process. Burning fossil fuels releases greenhouse gases, which contribute to an increase in average world temperature and a general shift in the climate. Wildfires in the West and more frequent and severe significant storms in the East are just two examples of climate change already contributing to extreme environmental and public health challenges worldwide.
Using solar energy instead of fossil fuels is an excellent way to lessen society’s reliance on these polluting resources and lessen your environmental impact. Solar is very reliable even though sometimes snow on the roof may hinder their performance. Even if only one house goes solar, that will have a noticeable effect.
It is common knowledge that energy generated by solar panels is much better for the planet than electricity generated by burning fossil fuels. Solar panels’ rapid payback for the clean energy they create during production is more than enough to justify their high initial energy cost. Consumers may rest easy knowing that solar panels have a significant favourable influence on the environment when considered alongside other good environmental consequences, such as decreases in water usage.
The Federal Solar Tax Credit Covers 30% of the Cost of the Total Purchase
If you put solar panels on your home or business, the federal government guarantees you a 30% tax credit. This benefit is called the Investment Tax Credit (ITC) or the Federal Solar Tax Credit. The tax credit applies to the solar system and installation cost and is available for purchase and lease and helps reduce the cost for residential solar panels.
The solar energy tax credit If you’re planning to put in solar panels or replace your current energy storage system, you’ll be happy to hear that these projects will be fully permitted in 2022. The administration has finally proved that it wants to improve the future, despite the solar tax credit’s scheduled expiration in 2024. An individual can deduct a portion of the cost of an installed solar PV system from their federal income taxes thanks to the federal home solar energy credit. The incentive was part of a bill passed in 2008 and signed in the summer.
One of the most advantageous incentives included in the inflation reduction act residential solar is the continuance of the 30% Residential Clean Energy Credit. It was anticipated that the discount would be reduced progressively beginning in 2022, falling to 22% in 2023, and then being eliminated in 2024. A refund of 30% can be obtained for any average residential solar system size implemented between 2022 and 2032 inclusive, and this help many save money.
Solar energy is thus an excellent option for homeowners to upgrade their home’s energy efficiency, and with the 30% tax credit, one can save 1/3 of the cost. With these facts, many people are switching to cleaner energy methods to save on the associated costs with other methods.
Solar is Covered by Financing
With good credit, you can finance your solar panels with a low-interest loan. If you have poor credit, you may still be able to install residential solar panels, but you are prone to a higher interest rate. In either case, the monthly payments for your solar panels will be lower than your current utility bills so you will save money each month.
You can get a loan from a third-party financing firm if you need more money to pay for the system outright. Obtaining a low-interest loan to install residential solar panels is accessible in the United States. Several solar finance providers design flexible loan plans to accommodate consumers who want to make a more significant initial investment, pay off their loans quicker, have lower credit scores, or immediately increase their savings. Loans for average residential solar system size are popular since they often require no initial investment.
However, the cost for residential solar panels will be added to the principle of your loan, just like with a home mortgage or a vehicle loan. Your credit history and the loan length are two variables that will affect the total amount you pay.
It’s also important to watch out for the interest rate while getting a solar loan. Interest and other charges added to your monthly payments add up to the annual percentage rate (APR). Your loan’s fixed interest rate will increase your monthly payment, so shopping around for the most affordable rate possible before committing to a loan to fund your solar installation is essential. Only a light credit check is performed for all loans except PACE financing. To be approved for a solar loan, your credit score needs to be at least 640
Conclusion
Considering the facts above about residential solar power, you’re assured of energy independence. Solar power is the most reliable energy source, and its affordability has made it easily accessible the future looks brighter with solar energy. With technological advancement, solar installation is very simple, and every residential home will consider it.
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Solgen Power is a solar energy contractor that sells and installs solar for homeowners. Solgen Power has been recognized by INC. 5000 as one of the fastest growing companies in the nation. Solgen Power has grown nationwide and continues to provide excellent customer service to homeowners.
