Approximately 67 solar power gigawatts have been installed in the first quarter of 2020 in the US. This is enough power to pump over 12.7 million homes.
Moreover, solar usage energy is expected to double by 2024. It is an excellent idea to go solar right now. The following are reasons why it is a good idea to switch to solar energy in 2020.
You will Reduce Your Electricity Bill
A key reason for installing solar panels is a substantial reduction in the electric bill. 2020 is a year that has experienced deflation in the world’s economy. It is difficult to predict when it will stabilize. Consequently, it is a wise option to adopt mechanisms that will lower bills.
You can save up to 50% monthly bills if you install solar panels. The panels only require the sun to power electricity. Energy from your local utility company will be used as back up at night or during rainy seasons. Since energy from the sun is free, you will only make payments for what is consumed on rainy days.
If you install solar energy today, you will not have to deal with the inevitably rising electricity cost. Utility companies use natural gas, coal, and oil to power energy. The cost of fossils fuels keeps on fluctuating in the market. For this, among other reasons, the charges of traditional electricity keep on increasing. But, if you install solar panels, monthly electricity bills will be the least of your worries.
Solar panels do not require maintenance and repair. You only have to pay a one–time fee during purchasing and installation and enjoy years of power. Most solar companies have warranties that will cover the required services at no cost in case of any complications and problems. Therefore, you can be sure of not incurring additional expenses as it is the case with regular utility companies.
Solar Energy is Cheaper in 2020
As utility electricity continues getting more expensive, the cost of using solar energy continues to fall. Solar energy is currently cheaper than ever because the installation cost has fallen with more than 70% in the past years.
Initially, there was a considerable upfront cost required for the installation of solar panels. This made many house owners feel like they had to take short cuts to afford solar panels. However, things have changed for the better, thanks to government initiatives, and affordable solar loans. You can easily get affordable financing for solar panels if needed.
More importantly, you should install your solar panel this year before 31st December to enjoy 26% federal tax credit. The solar investment tax credit is one incentive you cannot afford to miss. You are eligible as long as you pay for solar panel installation at your business premises or home.
Solar Installation Investment is Beneficial
In case you are looking for opportunities to invest in 2020, the installation of a solar panel is one venture that you will enjoy good returns. Apart from the apparent savings from electric bills, you will also earn extra income. Research has proved that solar energy has more than a 10% ROI. The returns may vary depending on the size of the solar system you install. Moreover, you will also enjoy performance-based incentives such as SRECs.
Solar is Environmentally Friendly
Over the years, various aspects have led to global warming. Some of them are emissions from the production of utility energy. There is an outcry worldwide to combat global warming and save our precious planet. Join other responsible citizens and be environmentally conscious this year by installing solar panels.
Solar energy is a renewable one; hence it can be used without being depleted. Additionally, solar panels do not emit harmful greenhouse gases. It is in the category of clean energy sources because it doesn’t emit anything in the atmosphere.
In case you are looking for ways to reduce expenses in 2020, install solar panels on your business premises or home. The cost of solar installation this year is more affordable compared to charges in the last decade. In case you go solar, you will be investing in an opportunity that will earn you incredible returns. More importantly, if you install solar panels, you will not only benefit financially but also help keep the planet safe by conserving the environment.