The use of solar energy has surged by 20% in the past 15 years, according to National Geographic. Most of the interest in the use of solar power came from consumers seeking energy-efficient solutions. If you are one of them, it is important to know what sort of benefits are waiting in store for you if you invest in solar panels. So what sort of savings and potential profits are you looking at?
Lower Installation Costs
Solar photovoltaic systems are now one of the cheapest sources of energy. The cost of residential-systems will go down roughly 17% in the next five years, according to Wood Mackenzie.
They go on to state that the cost of commercial-systems will go down 16%. So if you want to take advantage of this, you should look for the cost of solar panels in your area. If the average cost has gone down, this is a great time for you to reap the benefits of solar power at less cost than the previous market price.
Minimal Maintenance Costs
Beyond the cost of installation, it’s also important to look at what it will cost you to keep your solar panel system in working condition. The good news is that solar panel systems are designed to last a minimum of 20 years, with very minimal need for maintenance, according to Garret Nilsen of the US Department of Energy’s Solar technologies office. So you can rest assured that when you install solar panels in your home or business, you won’t have to worry about regular maintenance costs.
Profits Down The Line
One of the best benefits of installing a solar power system in any of your properties is that you can also generate a profit. If you’re in the US, most state governments have a tax subsidy and tax credit for residents that want to invest in solar systems.
So not only does the government give you funds to help shoulder the cost of installation, but it may also reduce your annual tax bill. If your system generates more than what you consume, you can also sell your excess power to the energy provider in your area — ensuring more avenues of profit for you in the future.
With solar technology still improving, there is a great chance that the savings and profits that your solar panels generate now can grow exponentially. So it would be in your best interest to review solar power offerings in your area so you can weigh the pros and cons. That way, when you decide to make the solar power leap, you can be fully at ease with your decision.