Top reasons to go solar
One of the main incentives to go solar is the drastic reduction in energy expenses. An average monthly electric bill of $300 becomes an annual $3,600 expense. Over 20 years, the cumulative expense will be $72,000 assuming there is no escalation. You will no longer worry about the increase in electricity prices and consequently, substantial energy bills, as you start generating your electricity.
Factoring in 6.5% annual increase in the energy prices the cumulative electricity expense over 20 years will be $162,000. Installing solar enables you to escape that cycle and take control of your expenses. Similarly, for commercial projects market data suggests that the average commercial property owner in the U.S. can reduce overall energy costs by 75% by going solar. It takes from 3-7 years for paying the installation costs, after which businesses enjoy free electricity supply for 25 to 35 years.
During the time of surplus solar energy can be sold back to the electric utility allowing the customer to make money.
Solar tax credits are time-sensitive; In 2020 the federal government offers customers 26% tax credit by having a solar system installed. In 2021 the tax credit will reduce to 22%. From 2022 and thereafter federal tax credit will be 10% for commercial and zero for residential projects. In addition, solar property in commercial projects can be depreciated with an accelerated schedule. For commercial projects, the 2020 combined federal tax credit and depreciation benefits can reach over 44% of the total solar system cost.
Besides the energy savings delivered by the solar system, the solar installation increases the building’s value by its full amount and even more. Solar is a risk free investment with very attractive rate of return.
Solar systems provide an opportunity to have a green, clean, and renewable source of energy generation. By investing in solar energy, you reduce your carbon footprint and other environmental impacts.
Solar panels do not have moving parts, thus they are durable and cannot be easily damaged. Moreover, durability makes them reliable, as the chances of interruptions in service are minimized.
PROTECT YOUR HOUSE AGAINST BLACKOUTS! Batteries can be integrated with solar system to maintain service for lighting, Internet, and vital appliances during power outages. Furthermore, solar plus battery combination can save money for buildings with Time-of-Use electric rates and/or demand charges.