A homeowner or small business can opt for a solar power installation on their property. They don’t need to connect to the larger electrical grid. In fact, there are 173,000 terawatts of solar energy shining on earth at any given moment. Installing a solar panel can save a significant amount of money in the long run. However, they must consider certain factors before making a decision. Some of these factors include the number of shaded areas on the property, the amount of shaded space on the roof, the presence of neighboring buildings, and the size of the lot.
Besides being environmentally friendly, solar power installation is also beneficial to the local economy. Many companies are locally owned and operated. SunPower by BlueSel, for example, is a local company that is aimed at providing environmentally friendly energy. The local economy benefits from the growth of the solar industry because the money is being channeled back into the community. It also provides plenty of employment opportunities in the area. In short, solar power installation is a smart choice for homeowners.
Moreover, many states offer financial incentives to encourage homeowners to switch to renewable energy. In fact, some states offer a two to three-year tax credit. These credits are equal to the federal ITC, so a $2000 solar panel installation would qualify for up to $5200 in tax credit. The federal solar tax credit is not subject to a cap, but it will decrease after 2022. The benefit amount will decrease to 20% in 2023 and ten percent by 2024.
A business can also benefit from solar power installation. A solar panel installation can cut energy costs by approximately 75%, depending on the type of business. Commercial buildings with solar power installations can become environmentally conscious and earn a higher income than other companies. Not only will the solar power installation help reduce the company’s electricity costs, but it can also increase its property value. It will stabilize its electricity expenses and provide predictable cash flows. With commercial solar power installation, you can save even more by storing the energy for later use.
Despite the lower start-up cost, solar energy does require a significant upfront investment. But thanks to the fact that solar energy prices are constantly decreasing, this investment is becoming more affordable every year. In 2018, the average solar panel installation cost will be $11,380 to $14,990, which is significantly less than last year’s figures. The average payback period for solar power installations will be four to five years. The investment will be back within this period.
A solar panel installation can provide reassurance and financial peace of mind. It is immune from billing spikes and inflation, which are common in the commercial power grid. A solar panel installation on the roof could be sufficient to completely unplug from the utility grid. Many tiny homes use off-grid power solutions to save money on energy costs. A solar panel installation on the roof will allow you to stay warm and comfortable even after the sun sets. For more details on solar power installation visit https://www.northdallasroofingcompany.com/plano-tx/.