With growing concern over Climate Change and the role fossil fuels plays, many consumers are seriously considering installing Solar Power on their private residences. While most consumers will discover that Solar Power is both affordable and beneficial, a few will find that it is not appropriate for their present circumstances.
The Benefits of Solar Power
Solar Power has many financial and social benefits. Consider the following:
Renewable Energy Source
Solar Power is available whenever the sun shines and represents an inexhaustible resource. It is not consumed. It can help us minimize our use of fossil fuels and their negative impact on the environment.
Lower Electric Bills
When you power your home with Solar Energy, you no longer have to pay the utility to “Rent” their kWhs. And you protect your wallet from rising energy prices because your cost is fixed. Instead of renting kWhs from the utility, you own the production source.
Energy Independence
Since you are no longer dependent on the local utility for your kWhs, you are energy independent. With the addition of a solar battery storage system, your home can function entirely off-grid, and has a built-in emergency power backup while others are enduring power outages.
Long-Term Savings
Although the installation of a Solar Power System represents a significant up-front investment, most homes will reach the break-even point after roughly 10 years, whereas the benefits will last for 30 to 40 years.
Low Maintenance Costs
A Solar Power System requires little or no maintenance. Warranties typically cover these cost for the first 25 years.
Increased Home Value
According to the National Renewable Energy Laboratory, every dollar a solar panel saves you on your electric bill increases the value of your home by $20. Typically, a home with solar power sells for 4% more than a similar home without solar power
Community Benefits
Utilities that support net metering (all utilities in SoL Energy’s service support net metering), excess production at a residential site flows back into the utility system, reducing the communities overall reliance on fossil fuel.
Tax Incentives
Under the Inflation Reduction Act of 2022, a 30% Tax Credit is available through 2032. This means that if your Solar Power System costs $20,000, you receive a $6,000 tax credit to offset your federal tax liability. This tax credit has a carry-forward provision which means if you owe less taxes in the current tax year than your tax credit, the balance carries forward to subsequent tax years until the credit is exhausted.
Potential Obstacles to Going Solar
High Initial Investment
Installation of a Solar Power System represents a significant up-front investment, typically $20,000 or more. If you do not have the means to make or finance this investment, Solar Power is probably not the right solution for you.
Available Sunlight
Availability of sufficient sunlight is an absolute necessity for a functional Solar Power System. This is strictly a geographical constraint. A site survey can quickly answer the question as to whether your property receives sufficient sunlight to support a solar power system.
Space Constraints
A given Solar Power System must have sufficient space to install the number of solar panels required to support the required production for a given residence. If sufficient space is not available, then that property is not a good candidate for Solar Power.
Sufficient Structural Support
Installation of Solar Panels require sufficient structural support to permit the installation of the appropriate number of solar panels required for a given location. In addition, the pitch of the roof and the direction the roof faces can be important considerations. Generally, a thorough site survey is required to determine if a particular property is a good candidate for a Solar Power System.
Get Started with a Free Site Evaluation
Obviously, many considerations go into deciding if a Solar Power System is right for you. We recommend that you start by contacting SoL Energy, LLC for a FREE Consultation. We will work with you to determine if a Solar Power System is right for your specific situation.
First, we will determine what size system is required for your particular consumption based on past utility bills. Then we will factor in any planned changes to your power usage (new appliances, additions to the household, etc.). SoL Energy has software that quickly accounts for system efficiency and local available sunlight for your location. We believe in transparency and will, upon request, gain your confidence in our solar production figures by sharing the methods used by both us and the utility company. You’ll have the option of doing this independently should you choose to. It’s quite simple.
Once all these factors are properly considered, we will offer you a proposal for a Solar Power System that meets your specific needs and location-specific requirements. Typically, we will propose a system that provides between 110% and 120% of your current Annual Power Consumption. Our Proposal will also address national and local incentives, tax credits, and financing options. Our goal is to make sure that you are armed with enough information to make a confident decision whether the solar investment is a good fit for you given your unique circumstances.
