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Main Benefits of Using Solar Energy
Because photovoltaic power does not generate air pollution, water pollution or noise pollution, it is much more environmentally friendly than energy generated by fossil fuels. In addition to being "a green alternative," solar energy can also be highly practical. A solar panel on a roof provides a steady stream of cheap power, which can act as a buffer against fluctuating utility costs. When used in concert with a battery system, a photovoltaic system can provide power when the local energy grid is knocked out.
Installation Costs
In January 2014, Anya Schoolman, the executive director of D.C. Solar United Neighborhoods, told WJZ that it costs between $4,000 and $6,000 to install a full solar panel home system the Washington, D.C. area. Schoolman's organization has used neighborhood co-ops and collective buying power to drive down the cost of installing solar around the nation's capitol. According to a report from the Solar Energy Industries Association, the average price of a solar panel dropped around 60 percent from the beginning of 2011 to the third quarter of 2013.
Incentives and Savings
The biggest way to offset the cost of installing home solar panels is with a federal tax credit. The Residential Renewable Energy Tax Credit is in place through 2016 and covers 30 percent of the costs. Many states offer additional tax credits that can offset costs even further. Some particularly sunny states, such as such as Arizona, California and New Mexico, may even offer cash back, waived fees and expedited permits to homeowners installing solar panels.
Net Results
When all is said and done, homeowners essentially want to know when they will see a return on their investment. This time period depends on the incentives offered in a particular state as well as solar usage. Most solar electric systems are set up so that solar power is accessed before power from the grid is used. Therefore, the less a solar-powered household uses electricity, the more money is saved and the quicker the return on investment. According to a Pennsylvania case study reported by Bloomberg Business, an initial net investment of about $29,000 can be recouped in 7.3 years.