Are solar panels a good investment? Energy experts on solar panels in Cheshire attest that solar photovoltaic panels are sound investments. Solar panel installation is capital intensive and indeed an excellent purchase in the long run. Moreover, shifting to a clean 100% solar energy for your home leads to attractive financial gains and benefits. The cost-savings can be funnelled to other investments, personal savings, money market and bond funds.
Below is a rundown of all the benefits of shifting to solar energy utilization from traditional.
High rewards-fast return of investment
It is at no cost to derive energy from the sun. Solar energy is for free. Moreover, annual traditional energy costs are significantly high at thousands, both residential and transportation energy. Solar power utilization can reduce or positively eliminate these costs upon installation.
Home value improvement
Solar panels can also improve the value of your home. Property owners can reap the benefits of £3,600 per kilowatt. For example, an average home with a 3.1-kilowatt installation can improve by close to £11,000 in its resale value. With this, solar power utilization presents an attractive return of investment and a short payback period.
Utility costs reduction
Utility rates fluctuate; going solar can lock in those rates in the next 10 to 20 years. Aside from cost reduction, solar energy can earn rebates and payback through selling excess power back to the grid. Residential solar panels and batteries can provide control over your electricity. It helps avoid surges and highs in electricity rates. Solar panels also offer reliable power in the event of an outage. A trend that is likely to continue is the rising electricity costs year on year. Going solar can protect you from the annual costs increase, optimizing your energy savings.
Earn tax credits and rebates
Tax credits and rebates are the most attractive benefits of solar panels. At the onset, 30% of the capital investment is given back to the taxpayer as a federal income tax credit. With this tax rebate, Solar renewable energy credits are awarded yearly. The local government unit also incentivized the continued growth of the solar industry. Wherever you are, attractive tax credits for solar are available.
Supports sustainable living
Traditional electricity is derived from fossil fuels. Fossil fuels are finite resources; when burned, they emit harmful gasses that aggravate air pollution and climate change. Electricity from solar power, on the other hand, is renewable. Solar energy reduces dependence on nonrenewable energy sources. It does not strain the natural resources supply such as fossil fuels and water. Solar panels can eliminate burning over 5,000 pounds of coal, reducing over £108 billion in environmental and health-related expenses. Another point is that solar energy can impact sustainability by reducing air pollution and its adverse effects.
Solar energy utilization is both socially responsible and economically profitable. If one is seeking to go green energy, derivation from solar energy is the best option. In recent years, the cost of home solar installation systems has drastically dropped. Similarly, home solar batteries have reduced substantially too. Now more than ever, it is wise to make that conversion.