4 Big Reasons To Get Solar

By Legend Solar:

salazar, solar powerInterior Secretary Ken Salazar told The Associated Press, “The future for solar energy is bright.” Solar power is growing rapidly in the U.S., up from 2 gigawatts of cumulative capacity at the end of 2010 to an estimated 26 gigawatts at the end of 2015. More importantly, costs have fallen enough to say with some degree of certainty that solar will play a meaningful role in the future of electricity in the U.S. In the long run, the benefits of replacing coal-powered power plants and gas with solar energy are immeasurable. Here are four reasons you should consider going solar.

#1: Solar can drastically reduce your energy bill.

As the GTM Research 2015 Executive Briefing highlights, rising electricity prices will continue to make solar more competitive in comparison, while falling solar costs should continue for the foreseeable future, albeit at a more moderate pace than the past five years.

The Energy Information Administration estimates 2.6% annual growth in electricity prices through 2040 in nominal terms, and around 0.6% annual growth in real terms. Electricity prices will likely continue to outpace inflation, making solar ever more competitive in comparison.

What does this mean for the average consumer? The NC Clean Energy Technology Center conducted a recent study researching exactly how much America’s 50 biggest cities would save by investing in a 5 kW solar PV system. The results are staggering with savings on average of $44 to $187 per month during the first year.  In states with high utility costs, consumers have seen their monthly bill fall from $1000 to less than $200.

#2: It’s good for the environment.

Solar differs from our familiar utility because it doesn’t emit harmful greenhouse gas emissions into the atmosphere. Rather, it reduces our dependence on fossil fuels and provides a clean, pure way to get energy. It’s that simple.

The average solar power system will offset 178 tons of carbon dioxide over 30 years. That’s like planting ten football fields full of trees or saving enough gas to drive nearly 16 times around the equator.

#3: You can get a tax break!

As an incentive toward efforts for a better environment, as well as economy, Congress passed a bill at the end of 2015 extending the investment tax credit for solar and wind power projects for five more years.

The Energy Policy Act of 2005 provides a tax credit of 30 percent of the value of solar projects. This tax credit will extend through 2019 and then decline gradually to 10 percent in 2022. After 2022, the credit will be eliminated for residential solar installations and will continue at 10 percent for commercial ones.

Overall, the extension will add an estimated 20 gigawatts of solar power over the next five years—more than the total installed in history up to the end of 2015. In Utah, this means it is the time to take advantage of this opportunity and save on behalf of this subsidy.

#4: You will increase your property value.

Studies have shown that in the majority of communities, homes with solar panel systems consistently tend to be valued 3-4% higher than that of their traditional energy-fueled counterparts in the same area. Furthermore, they sell twice as fast as the competition.

With statistics like these, it is difficult to not want to change the way your home and future are being powered. You can drastically reduce your energy bill, contribute to a healthier environment, and get a tax break, all while increasing your property value. The future for solar energy is bright indeed.

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