Solar Energy Impact on Your Wallet and The Earth
Solar Energy Impacts More Than Your Carbon Footprint
A growing number of scientists agree that climate change is being caused by increased greenhouse gas (GHG) emissions in the atmosphere. These emissions come from a variety of different economic sectors. The Solar Energy Industries Association sites the most prominent sectors as being the electric power (28%) and transportation (28%) sectors, followed by industry (22%), commercial and residential consumption (11%) and agriculture (9%).
While it may not be possible to reduce all U.S. GHG emissions to zero, solar technologies are a necessary component in helping to curb our emissions and strive for our climate goals. The solar energy impact reaches beyond just a solution that can help mitigate our impact on the climate, it also contributes to the resiliency and reliability of our electric grid, as well as having a positive impact on your wallet.
Most homeowners site the high installation costs associated with going solar as obstacles to the technology. The reality however, is that a significant portion of these costs can actually be offset by tax breaks. There is a federal tax credit of 30% that can be claimed for solar technology installation costs. In addition to help with installation and financing costs, your monthly payment on your home system is typically at or below your normal monthly utility bill. That definitely brings the solar energy impact close to home.
Up and above the positive financial solar energy impact of lower monthly utility bills, residential solar system makes your home more valuable when you go to sell it. The increase in your home’s value can average around $2 per watt installed. That may not sound like a worthwhile amount, but keep in mind that the average home system is five kilowatts, or five thousand watts., meaning that it could add up to $10,000 to your home’s value. Those with higher capacity solar systems stand to add even more to theirs.
A study published in the journal Nature Communications states that in 1975, there were fewer than 10,000 solar panels around the world, compared to about a billion today. Their research also points out that looking at the data since 1976, it’s calculated that on a global scale, solar energy’s “debt was likely already repaid in 2011” for both energy input and greenhouse gases. The study goes on to point out that even on the least optimistic data, break-even point will be reached at the latest next year for net energy, and in 2018 for greenhouse gases.
This definitely shows the growing solar energy impact on not only consumers carbon footprint, but also their wallet. Talk to the experts at CADsourcing about what Solar Energy Impact can mean for you.