Most people are already aware that using solar power to power their homes is an eco-friendly way to get energy. However, not nearly, as many are aware that solar helps you save money. You need to know about the benefits you gain from using solar to understand how it saves you money.
How Solar Energy Functions
Solar cells found with solar panels absorb the energy produced by the sun. Through a complex process, they are able to convert the sun’s energy into electricity. Consequently, this electricity is harvested through special circuitry for use within the home. There are different solar cells, which have different amounts of efficiency.
- The most efficient solar cells have an efficiency of 50%. They are used on satellites.
- Standard cells have an efficiency of 23%.
- Those used in homes typically have an efficiency of 18 or 15%.
Solar energy can only be utilized if the panels are exposed to sunlight. That means the roof should not be close to any shade when the solar panel is installed. The solar panels will store unused power in batteries for when there is not sunlight like at night or at dawn. The system can be connected to the grid for when there is shortage in solar energy.
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The federal and state governments both offer various incentives to solar power users. The state incentives vary from state to state. In some states, solar power devices pay 0% tax. In some states, people can get up to 25% tax credit with a limit of $1,000. The federal tax credit is 30% without any limits. However, rentals do not qualify for this program. The tax credit will expire at the end of 2016.
Incremental Electricity Costs
The cost of electricity varies by state. In some states, the cost is as high as 13.6 cents. Users should expect an average annual increase of 4.3%. Solar energy frees you from having to worry about the rise in costs.
More Value for Your Home
In California, you will sell your home twice as fast if it has solar power installed. In addition, countrywide studies reveal that people will pay more if the home has solar power. Most people are incentive by the long term savings of buying a solar powered home.
How Long Do Solar Panels Last?
Solar panels come with a warranty of 25 or 30 years. However, most calculations assume it will last for 25 years. With proper care, it can go for up to 40 years. The only maintenance needed is to clean it with a bucket of soap and water every now and then.
You need information such as:
- Cost of the solar power system
- Federal and state tax savings
- The previous year’s power bills
You should then divide the tax incentives for a period of 25 years. In addition, make a comparison of the annual cost of power before and after the installation. If used properly, the system can save you a lot of money. Do the calculations to see how large the savings you make are.