Today, it’s not uncommon to see homes with solar panels in almost any neighborhood.
As of 2019, the U.S. has not only surpassed 2 million solar installations but according to Solar Power World:
“Solar accounted for 40% of all new electric generating capacity in the United States in 2019, its highest share ever and more than any other source of electricity.”
So what’s behind all these homes with solar power? And how is it that homeowners are switching so easily?
While switching to solar offers many benefits, today the single biggest reason that homeowners switch to solar is that installing a solar PV system is a way for them to reduce their monthly and yearly energy costs.
Of course, solar panels help reduce carbon emissions and pollution fed into the planet’s atmosphere by energy plants that burn fossil-fuels; but if you are reading this blog because you are interested in solar power for your home, the cost is going to be one of the major determining factors.
That said, the low cost of solar power is what has sparked a major boom in the solar industry, with over 2 million solar installations in the U.S. alone.
One of the major differences between utility grid energy fed to your home and solar energy produced by your home’s solar PV system is that every year solar panel companies work to make solar panels more affordable and more effective, whereas electricity from the grid continues to get more and more expensive every year.
But even without that factored in, solar power is still more affordable than grid electricity in the long run.
Since mid-2020, the constantly reducing costs of solar power have been the subject of a lot of attention. In fact, earlier this year, most major business media outlets such as Bloomberg Business News and even Forbes, advised people to invest in renewable energy technologies because solar and wind power generation had become the cheapest methods of electricity generation in the U.S.
The cost of a solar PV system, meaning the monthly payments, is less than most people’s monthly energy bills, and once paid off, usually within the first seven to eight years, the savings kick in big time as you start producing your own energy without needing to pay for it.
So, here are some of the main reasons behind so many homes switching to solar:
- Switching to solar helps reduce overall energy costs
- Solar has a definite and positive effect on the environment
- Reducing the production of pollution and carbon emissions
- Energy independence
- Increases the value of property
- For those with solar battery packs, increased resilience, and no more black outs or power outages
Senior Editor, Ensolar