With the recent reduction and closure of government-backed monetary initiatives, homeowners are beginning to question whether continuing to install solar systems makes sense.
There is no question that solar power is good for the environment. It’s a totally clean source of power. It has no reliance on other power sources such as electricity or gas that contribute to global warming and harm to the environment.
But putting the environmental issue aside, here are some reasons why installing a solar system still makes perfect sense.
Solar System Prices Have Dropped Dramatically
Between 2012 and 2018, the cost of installing a solar system has dropped about 40%. This cost saving alone makes investing in a solar power system a worthwhile expenditure.
But these savings are compounded by technological improvements in how these systems are constructed and the amount of power they are able to deliver over the same area of the solar panel as older systems.
Paying Back the Costs of Installation Take Less Time
The reduction in price also means that homeowners are able to pay back the installation costs in less time. The internal rate of return on solar systems average 18% and can be higher in some areas of the country. Homeowners are paying off their systems within 6 years, depending on their rate of usage.
The rate of usage is the key in paying for your solar system in the shortest amount of time. Homeowners who use their ‘in house’ power as much as possible will see a shorter pay-back time than those who still rely on the grid to furnish some of their power.
This is because the power grid still charges you above the rate they pay you for the power from your solar system. Therefore, the less reliance you have on the power grid, the better.
You Get More Power for Your Money
As mentioned earlier, the improvements in solar technology mean that you are getting higher power amounts for your money. Where in the past 1-2 kW systems were the norm, nowadays 3-5kW are common and even 10kW solar systems are growing in popularity.
These higher power systems offer better value for your investment and will help you offset the power costs charged to you if you are still using the power grid as part of your usage.
Solar Power Will Always be a Good Investment
Counting the benefits to the environment along with the financial benefits, it’s hard to see how installing a solar power system can be anything but a wise investment for the foreseeable future.
You really don’t need the state-backed financial initiatives to make it a worthwhile endeavour. All the encouragement you need is in the financial realities.