5 Reasons Why Solar Installation is Worth the Investment

As environmental concerns are growing and electricity costs are going up, the use of solar panel installation is rising day by day. Solar panels are an alternative source of electricity and a renewable source of energy that provides financial and environmental benefits. So, if you are a homeowner or running a business, investing in solar panels can be a smart choice, as it will cut down energy bills. According to a study, by 2024, over 37 million homes will have taken advantage of solar panels. But, still, many people are considering whether investing in a solar system is worth it or not, due to its hefty upfront cost. If you haven’t switched to a solar system yet, now is the time to explore what it can offer. In this blog, we will outline the top reasons why people should invest in solar energy. Read on for details!

What is a Solar Panel System?

A solar panel is a device that converts power from the sun to produce electricity. Generally, it is utilised in homes, offices, and industries in the replacement of electricity to meet daily energy needs. It contains a photovoltaic (PV) panel, which absorbs sunlight and converts it into electricity and heat. This procedure is called the photovoltaic effect. It captures sunlight and produces a flow of electrons by utilizing semiconductor materials, such as silicon, to transmit an electrical current. The other components of the solar panel control and operate electricity, delivering it to power residential and commercial buildings. Solar panels can reduce electric bills, lower carbon footprints, and boost the property market worth.

How Does a Solar Panel Work?

Mostly, solar panels are made up of various solar cells, which consist of semiconductor materials like silicon. These cells are grouped into panels. When photons strike the solar cell, they release electrons from their valence. They form an electrical circuit since the oppositely charged sides of the cell are connected, t. When electrons flow through this circuit, they make electricity. Solar systems are usually placed utilizing the building’s structure for solar system installation. They are placed on rooftops, in south south-facing direction in residential buildings to maximize sun exposure. In large commercial properties, these are installed in ground-mounted systems, offering durability in orientation and placement.

Explore The 5 Top Reasons Why the Solar Panel Investment is Worth It

While investing in solar panels starts with the significant upfront cost of purchasing and installing the system, it’s important to acknowledge the long-term benefits. It lowers energy bills and helps create a cleaner environment. Here’s a breakdown of the top 5 reasons why people should switch to solar systems:

Solar Panel Saves Energy

In expensive states like US, managing the high costs of daily expenses is difficult many households and businesses. One of the significant part of their monthly income consumed by high electricity bills on monthly basis . Thus, by installing renewable energy systems like solar panels, which draw power from natural sources, individulas can fufill their energy needs and save potential amounts.
However, investing in solar panels is a prudent decision and can benefit individuals by reducing electricity costs and carbon footprints. The Department of Energy anticipates that well-installed solar arrays can pay back their investment by saving energy costs within 8 to 10 years. Homeowners and businesses should understand that investing in solar panel installation yields maximum savings when installed on a south-facing roof at a slope of 15-40 degrees, optimizing light coverage as well.

Increase in Solar Panel Price

A research shows that over the last few decades, the cost of solar panels has lessened by 90%. This significant reduction in the cost of cleaner energy is one of the most important technological advancements in recent years. However, panels represent only a fraction of the total cost of installing a complete solar array. Inflation and anticipated tariffs are expected to further increase the total cost of solar panels in the future. This suggests that now is the ideal time for individuals to invest in solar before prices rise. Once disconnected from conventional power grids, individuals with solar panel installations will not face the increasing utility costs that fluctuate based on market performance. In contrast, the price of solar power remains fixed per month, providing financial security for homeowners and businesses during economic instability.

Solar Energy Prevents Outages.

Power outages can be expensive and cause inconvenience. Despite the weather and current time, individuals with solar installations who are equipped with a battery for energy storage can continue powering their offices and homes even during temporary outages.
This facilitates homeowners during difficult times, likewise storm-related power outages. However, it can also lead to savings. Due to outage-related food spoilage, every year, 14% of homes suffering from power outages (or around 5 million houses) reported draining money, and 705,000 individuals losing medication.
Power outages can cause certain losses, including damaged electronics, lost digital work, and emergency supply costs. Moreover, people who experiencing power outages have to pay for temporary accommodation until power is restored. Homeowners and businesses with solar installations can avoid these hassles and unnecessary costs even when the rest of their area is struggling with an outage.

Solar Installations Offer Tax Benefits

By installing renewable solar panels, homeowners and businesses can qualify for an Investment Tax Credit (ITC) or federal tax credit. The available tax credit amount for homeowners fluctuates depending on the completion of the solar installation process. Therefore, if you installed solar panels, you can be eligible for a tax break by filing your return. The US government offers a solar tax credit that can go up to 30% of the solar panel system installation cost.
By properly filing their solar installation on their taxes as an investment deduction, individuals can meet their break-even point even more quickly to get this incentive.

Solar Panels Enhance Home Value

Investing in solar panel installation can increase your property market value, same as a renovated kitchen. A property with an eco-friendly and upgraded energy and heating system in attracts more buyers. Solar panels give potential savings, especially when the installation cost is added in the property’s market value.
Many buyers look for more sustainable property as both an ethical and financial decision, so many individuals install solar energy to enhance their property’s value before refinancing or selling.

What Factors Does an Individual Need to Consider When Deciding If Solar Panels Are Worth It?

Many factors that homeowners and businesses should take into consideration while deciding whether solar panels are a wise investment or not. The key areas include home energy usage, electricity costs, available incentives, roof suitability, and local net metering policies. Moreover, there are some additional factors that encompass the upfront cost, potential impact on home value, and payback period. After a few years, many individuals will see that the savings from the solar panel installation outweigh the costs. While solar panels can be expensive to install, they also need a bit of maintenance over a 20 to30 years lifespan. Homeowners and businesses should evaluate their budgets and feasibility for solar investments. They also look into the available financing options, the incentives they can receive in tax credits or subsidies, and how prolong they plan to live in their offices and homes. Also, they should assess how appropriate their home is for solar panels.

The Verdict

Hence, investing in a solar panel system is the right choice for people. It comes with many benefits, including savings on your electricity cost and government incentives and rebates if you qualify. Installing a solar energy system is a long-term investment that can also increase your home/property selling value. It also promotes a cleaner environment by reducing the carbon footprint. However, it requires extensive research to determine the best system for your office and home. Hence, start your solar journey today and enjoy a positive impact on your finances and the environment!
As solar panel installation has become budget-friendly, more businesses and homeowners than ever before are seeing the value of solar panel investment. If you are looking for a top installer or consultant in your state, at Nedes, our team provides professional consultations and installation of a solar panel array. From residential, commercial, to on-grid, off-grid, and hybrid solar panels to maintenance service, this is a one-stop shop for all solar arrays. Get in touch with us today to learn how you can become part of millions of homeowners/businesses enjoying the benefits of high-quality installed solar energy systems.