Is Solar Worth The Investment?
If you cannot decide if solar power is worth the investment, the answer is likely yes. At ReNu Solar, we can make it affordable for anyone to have solar panels on their home. Learn more about the numerous benefits of installing solar panels you can enjoy.
1. It's Environmentally Friendly
As a clean energy source, solar power does not use polluting fossil fuels. Additionally, fossil fuels have a limited supply, whereas the sun provides power for everyone who uses it without limits. Sunny days or cloudy days continue to produce electricity from solar panels. While sunny days generate the most power, overcast days will still yield 10% to 20% of the energy a cloudless day can. Installing solar panels on your home has a significant impact on the environment by reducing carbon emissions and pollution that other forms of electricity produce.
Switching to solar energy can have a significant positive impact on the environment. For a home that uses 8,280 kWh of energy annually, generating electricity with solar panels reduces emissions by as much as planting 150 trees. Even a house that only uses 6,864 kWh each year can eliminate carbon emissions equal to burning 5,000 pounds of coal by installing solar panels.
2. You'll Save Money
Today, solar power has become even cheaper than ever to install. Early in the 2000s, installing solar cost $10 per watt, but by 2013, the price had dropped to below $4 per watt. Today, prices for solar installation continue to fall.Here's how solar energy works with your energy bills. The power generated by your solar panels is automatically sold back to the power company. The utility sends you a credit for the amount you sell to them. Though you will still have a power bill and a loan for the solar panel installation, the amount you get back from the power company may cover both bills. Even if it does not fully cover both costs, you will still spend less on your electricity each month.
3. The No-Cost Program Makes It Affordable
When you choose ReNu, we work with you to find a solar panel loan that costs less than your current electric bill. In doing so, you do not pay anything extra to have us install solar panels on your home. While we don't finance, we can help you find the best loan for your solar installation.
4. You Can Take Advantage of Solar Tax Credits
According to the state's Public Utility Commission, Pennsylvania does not have a specific solar tax credit, but you can get one at the federal level. The Solar Investment Tax Credit (ITC) allows you to take a dollar-for-dollar discount on the federal income taxes that you owe based on a percentage of what you pay for solar panels. The amount of credit you can take will decrease over the coming years, so the sooner you install your solar panels, the higher a percent of your investment you can take off your taxes.For projects that start between 2021-2022, you can take off 26%. In 2023, the amount decreases to 22%. After that, the residential tax credit disappears. There is no better time than now to invest in solar to take advantage of the most significant tax credits and to spend the least on installation.
5. Your Home's Value Will Increase
Installing solar panels can increase your home's value. The average solar array can raise your home's selling price by $15,000 . Additionally, upgrading to solar panels may make your home more desirable on the market, so you will have an easier time when you need to sell your home.
6. You Can Break The Chains of Energy Companies
One of the solar benefits in Pennsylvania is the ability to break out of the cycle of rising rates. In July 2019, Pennsylvania residents paid an average of 13.79 cents per kilowat-hour for electricity. This rate is higher than in many other parts of the country.With solar energy, you can break free from these changing rates by getting the energy companies to pay you for the power you provide them with your solar panels. You will significantly reduce or even eliminate the net amount you spend on electricity every month.
7. The Solar Installation Process Is Easy
The solar installation process is easier than you think. We take care of all the paperwork, permits and design to ensure you get quality solar panels with the least amount of hassle. Since we also help to source the best loan for your solar, you don't have to worry about financing either.
8. Solar Systems Are Low Maintenance
Solar panels require little maintenance to continue to produce power. Even if you have snowfall, the snow generally melts quickly enough that it doesn't impede power production from the panels. If your solar panels have a 15-degree angle or steeper, they will be self-cleaning, so you won't have to worry about snow.
9. Net Metering Increases Your Capabilities
Through net metering, you sell the power your solar panels produce to the electric company. The amount you generate creates credits for your power bills. If your solar panels produce more electricity than you use in a month, the extra credits roll over to the following month. This rollover continues until the end of the year. If you still have credits at the end of the AEC billing year, you'll get a check.
In addition, in Pennsylvania, electric utilities must obtain a certain portion of their power from alternative energy, which includes solar. Instead of building solar facilities, utilities can purchase alternative energy credits, or AECs. If your solar system qualifies for the program, for every 1,000 kWh it produces, you earn an AEC. You can then sell this AEC, which can help you finance your solar system.