Here are some advantages of solar panels: low maintenance costs, long-term commitment, decreased utility bills, and improved resale value. Consider these factors before making the decision to install solar panels on your home. You will be glad you made the choice. In addition to the advantages listed above, solar panels also offer a number of other benefits, as well. Continue reading to learn more about these advantages. You will be amazed at how much money you can save in just a short period of time.
Low maintenance costs
Professional solar service companies usually charge between $300 and $700 for cleaning and inspection of your panels. The actual cost of this work depends on the size and location of your solar panel system. For example, a ten-panel, 2 kW solar panel system could cost $150 to $300 to clean and maintain. A twenty-panel, 3 kW system can cost upwards of $1,000 to clean and maintain. Some companies offer bundle packages and charge a flat fee for cleaning and inspection.
The costs of routine maintenance and repairs will be covered by the solar company. While you may need to replace a solar panel, a service provider will take care of these costs. A solar installer may also offer a guarantee that covers both installation and repair. Among the various warranties offered by solar services companies, the Triple Ten Guarantee provides a higher level of protection. It helps to maintain your panels so you don’t have to spend hundreds of dollars on repairs every year.
Long-term commitment
If you are considering solar energy, you’re likely looking for long-term savings. Installing solar panels on your property can reduce your monthly electricity bills by as much as 20 percent. While it may not be cost-effective in the short-term, solar panels typically last 25 years. By that time, you will have more than offset the initial installation costs. Moreover, you’ll also be saving money on utilities every month.
Solar power systems are typically financed by an investor. The investor provides equity funding in return for receiving federal and state tax benefits. Depending on the terms of the agreement, the investor may be compensated by the solar service provider through the sale of the system’s output. As long as the investment remains within the agreed-upon time period, both parties benefit. The financial benefit to the investor is obvious: solar energy is good for the environment.
Lower utility bill
One great way to lower your utility bill is by installing a solar array. Solar power not only makes your home grid independent, but also reduces your bill. Electricity rates have been rising over time and now exceed wage growth and inflation. Consequently, normal Americans are spending more money on their electric bills than ever before. But there is good news! Solar panels can reduce your bill by as much as 30% if you choose the right solar system for your home.
Your utility bill will include the total amount of electricity that you use each month and the credit you receive for electricity that you produce and send back into the grid. This credit is called “net metering” and is carried forward to your next bill. Net metering credits are carried forward and appear as a line item on your electricity bill. These credits can be reclaimed on future bills to help you lower your utility bill.
Improved resale value
Having solar on your property can increase the resale value of your home, even if you don’t use them yet. The APB valuation advisory addresses this issue and notes that solar systems have an impact on home values. In determining a home’s value, appraisers must consider the solar system’s potential operating costs. Proper market research is necessary to support the use of comparable income-based valuation techniques, such as discounted cash flow analysis and gross rent multiplier.
The real estate market often lacks the knowledge necessary to appraise the value of a solar-powered home. The NBER study, published in 1999, concluded that a solar panel installed on a home adds anywhere from $10 to $25 to the home’s value. However, the value increase varies greatly depending on the location. In the United States, a solar-powered home will add anywhere from 4.4 to 5.6 percent to a home’s value.
Government restrictions
A patchwork of regulations is holding back the growth of the solar industry, including Government restrictions on solar services. Many policies and regulations, including those relating to plug-and-play systems, were put in place long before modern inverters were available. In many cases, the regulations are interpreted to prevent distributed generation and to benefit local utilities. While it is important to research local rules and regulations before starting a solar installation project, a lot of homeowners don’t know that their local governments may have restrictions on solar services.
There are a variety of different ways to meet the regulations that govern solar development, including as-of-right solar installations. A good starting point is the Three State Regional Analysis, which outlines the similarities and differences between the laws in three states. From there, the analysis includes best practices that are relevant to solar development, and can be tailored to each state. To ensure consistency across the three states, a toolkit containing state-specific best practices will be necessary.