The cost of solar energy has been steadily increasing in recent years. This is due to external factors such as inflation, as well as supply chain challenges faced by the industry. These issues have put an added strain on consumers who are considering making the switch to solar. Yet, while the cost of going solar has gone up, the reality is that economic and environmental benefits present in the market today make 2022 a great year for homeowners to invest in solar energy.
Benefits of Solar Investment in 2022
When making the decision to invest in solar energy, financial and environmental benefits must be taken into consideration. These will be discussed in detail below.
The first factor homeowners must evaluate before investing in solar energy is the financial implications of doing so. There are several financial benefits that can be realized from investing in solar energy in 2022.
1. Potential Decrease in Electricity Costs
The most obvious financial benefit to generating electricity from solar panels is the potential to save money on electricity bills. By utilizing the power of the sun, rather than relying on electricity generated by electric utilities, a homeowner’s electricity costs could drop significantly. This is especially beneficial in states where the cost of conventional electricity is high. Solar energy can give a homeowner the ability to generate their own electricity and thus save on costly energy bills.
2. Tax Incentives
The good news for homeowners considering investing in solar energy is that there are a number of tax incentives available to make doing so more affordable. The federal government and a number of states offer a variety of different tax credits and rebate programs that can help to reduce the cost of installing solar panels. For example, in California, if a homeowner invests in solar, they can receive a state tax credit of up to $1000.
3. Increase in Property Value
Finally, investing in solar energy can have a positive impact on a home’s value. Studies have shown that homes with solar energy systems installed have a higher resale value than their non-solar counterparts. This is due to the lower electricity bills associated with solar energy systems, as well as the environmental benefits of solar energy.
The environmental implications of switching to solar energy are tremendous. Investing in solar has a number of positive impacts on the environment which can help to slow the effects of climate change, as well as improve air quality.
1. Reduction in Greenhouse Gas Emissions
One of the most significant environmental benefits of solar energy is the reduction in greenhouse gas emissions. Electricity generated from solar does not produce any carbon emissions, thus helping to reduce the amount of emissions released into the air. This reduction in emissions will have a positive impact on air pollution, helping to make the air we breathe healthier and more breathable.
2. Independent Energy Source
Even more important is that utilizing solar energy is an independent energy source. By utilizing solar energy, homeowners will not be reliant on conventional electrical sources, thus allowing them to generate their own electricity that is clean and renewable. This is especially important in areas where the electricity grid is unreliable or if a homeowner wants to be independent of the grid entirely.
Considerations Before Investing in Solar
Before investing in solar energy, there are several considerations to keep in mind, such as assessing property qualifications and understanding incentive programs.
Assessing Property Qualifications
The first step in assessing whether solar is a good investment for a particular property is to assess the property’s qualifications. There are several factors to take into account, such as roof type and slope, shading, and climate, as these have a major impact on the efficiency of a solar system.
1. Roof Type and Slope
When investing in solar, it is important to consider the type and slope of the roof, as this will affect the efficiency of the solar energy system. Ideally, the roof should be south-facing and have minimal obstructions from trees and other buildings. Additionally, the roof should be at an angle of between 15 and 45 degrees in order to maximize the efficiency of the system.
It is also important to assess how much shade the roof receives, as this will also have an impact on the efficiency of the solar energy system. If the property receives too much shade, the system will not be able to generate as much electricity as a property with no shade.
The climate of the area should also be taken into consideration when investing in a solar system. The amount of solar radiation in the area will determine the amount of energy that can be generated by the system. Areas that receive more solar radiation will obviously have more efficient solar systems than areas that do not receive as much sun.
Understanding Incentive Programs
In addition to assessing property qualifications, a homeowner should take the time to understand the various incentive programs available to them when making the switch to solar. These may include federal and state tax credits, as well as local and utility incentives. Knowing all of the incentives available is essential in maximizing the financial benefits of investing in solar energy.
Other Investment Options Related to Solar
In addition to investing in solar panels, there are a number of other investments related to solar that homeowners can consider. These include solar hardware, battery storage, and indoor LED lighting.
1. Solar Hardware
In investing in solar energy, a homeowner must also invest in the necessary equipment such as solar panels and inverters. While it is possible to build a solar energy system entirely from scratch, most homeowners will opt to purchase preassembled solar kits. This can be done through an online retailer or a local solar installer.
2. Battery Storage
Homeowners can also invest in battery storage to further improve the efficiency of their solar systems. Batteries can be used to store excess energy generated during the day in order to be used during times when the system is not producing as much energy.
3. Indoor LED Lighting
Finally, homeowners looking to maximize their solar investments can also consider investing in indoor LED lighting. LED lighting consumes far less energy than conventional lighting, which can have a positive impact on electricity bills. Additionally, LED lights have a longer lifespan than traditional lights, making them an ideal solution for homeowners looking to save on electricity costs and reduce waste.
In conclusion, 2022 is one of the best years to invest in solar energy due to the potential financial, environmental, and convenience benefits that can be realized. Inflation and supply chain challenges have caused the price of solar to increase recently, but the reality is that these issues will not prevent homeowners from capitalizing on the benefits of solar energy. Homeowners must conduct their due diligence before investing in solar to ensure that their property qualifies for solar and to understand the available incentive programs. Additionally, homeowners can consider investing in related solar energy products such as solar hardware, battery storage, and LED lighting to maximize their solar investments. Thus, 2022 may just be the perfect year for homeowners to invest in solar energy.