Did you know that the global solar power market is projected to grow to $373.84 billion by 2029?
People want to take advantage of solar energy as much as they can, whether that means adding solar panels to their homes or switching to solar electric energy plans.
This is for good reason. As most people know, traditional energy sources can cause a lot of problems when it comes to pollution. By switching over to solar, though, you can have a continuous source of clean energy.
Read on to learn the top advantages of solar energy.
Environmental Benefits
Solar power offers a number of significant benefits to the environment. Firstly, solar energy does not release greenhouse gasses or any other type of air pollution into the atmosphere. This means that solar energy has a lower effect on air quality than other sources of energy.
Secondly, it reduces the demand for the burning of fossil fuels. This helps to reduce the amount of greenhouse gases released into the atmosphere that are harmful to the planet. It also lessens our impact on climate change, as it produces zero carbon dioxide emissions.
Thirdly, it can reduce the need for landfills, as it requires very little waste when compared to other forms of energy production. Additionally, it does not produce noise pollution, like other forms of energy, such as coal-fired or natural gas-fired power plants.
Finally, solar energy reduces the reliance on finite sources of energy, such as oil and gas. This helps to protect the planet in the long run. Check this helpful link about solar to learn more.
Financial Advantages
Solar energy is free and renewable, meaning once you make the initial investment, you don’t have to pay for your electricity ever again. This in turn helps to reduce or even eliminate the need for paying electricity bills.
Furthermore, solar panels increase the value of the property they are installed on. This can lead to higher returns in case you sell the property.
It can also make buildings eligible to receive various types of tax credits. This enables taxpayers to reduce the cost of installing solar energy systems with federal and state government subsidies. Here are some tax credits and incentives that you’ll enjoy when you install solar panels:
Investment Tax Credit (ITC)
The ITC is a federal tax credit for solar energy systems. It can be up to 30 percent of the solar system cost. The biggest benefit of this tax credit is that it can be carried from one year to another.
With this tax credit, you get a credit for the tax year that the system is completed and installed and it may extend up to 8 years. This credit also applies to existing homes, as long as they are able to meet certain requirements.
Bonus Depreciation
One type of tax credit available for solar energy is bonus depreciation. This type of credit is available to any solar power-eligible entity that placed an asset in service in 2020 or later.
The deduction is based on the cost of the system and can reduce the basis of the asset or create an income tax benefit. This is a great way to get a financial boost from your solar energy system. It can reduce the cost of installing solar and increase the difference you make by going solar.
Property Tax Exemptions
This type of credit exempts the homeowner from paying property taxes on the value of the solar equipment for a specified period. In some cases, the exemption is applicable for up to 20 years.
The amount of the exemption is usually based on the size, location, and type of solar system installed. They are available to individuals and businesses alike, offering an attractive financial incentive to those considering solar power.
Residential Renewable Energy Tax Credit
This type of tax credit is specific to solar power, available to most homeowners in the United States. This tax credit can offset installation costs of solar power systems up to 30 percent of the total expense. Some states also have additional tax credits which can bring the total up to 50 percent of the cost.
This tax credit is not limited to the purchase and installation of the solar system. It also to any labor costs associated with the installation of the solar energy system. Homeowners should check with their state and local governments for additional tax credits that could be available to them when installing a solar energy system.
Net Metering Programs
Net metering programs can help to offset the up-front cost of the solar energy system. Under the program, solar customers are compensated for the electricity that their systems generate and can then sell back excess energy to the utility.
These tax credits are based on the amount of power generated by the solar installation. It can come in the form of a cash reimbursement or a credit on the customer’s utility bill. Compensated energy is subject to a tax credit depending on the state.
Economic Benefits
Advances in solar energy technologies have opened up new career opportunities for individuals in fields such as installation, maintenance, and engineering. This has created jobs in the industry and generated economic prosperity in many parts of the world.
Additionally, businesses can use solar power to reduce operating costs. Lower electricity costs increase businesses’ competitiveness and free up resources for investments that can further spur economic growth. This is especially beneficial for businesses that are in energy-consuming industries, as their operating costs can be drastically reduced with solar power.
Lastly, solar energy provides energy security, a necessary component of economic stability. It can also reduce energy demand from utilities, which can result in lower energy prices for customers.
Ultimately, the economic benefits of transitioning to solar energy are numerous. They are increasingly more attractive to businesses and property owners alike.
Solar Systems are Versatile and Easy to Install
Solar systems are becoming increasingly popular for residential and commercial buildings due to their versatility and ease of installation. Solar systems are able to capture and convert sunlight into electricity, regardless of its location or climate. This allows buildings to generate clean energy to reduce their carbon footprint and reliance on traditional energy sources.
Solar systems are modular and easily adjustable based on energy needs, as well as the size and resources of the install site. They can be adapted to make use of whatever space is available, with panels on rooftops or in backyards no matter the size.
Installation is user-friendly and straightforward, ranging from plug-and-play systems to those that require professional setup. They are also becoming more efficient with the introduction of alternative energy sources and smart energy technology. This makes them even more desirable.
Health Benefits
Solar power offers health benefits that extend far beyond just the convenience of having clean, renewable energy. Solar energy does not generate significant environmental pollution. This means that air quality near solar plants is not affected, and so air pollution-related respiratory diseases like asthma and COPD are not a concern.
With solar power, there is no production of hazardous pollutants. This can include mercury and other toxins that are created through the burning of fossil fuels. This means that those contaminants are not entering our waterways and contaminating our drinking water.
It also cuts down on noise pollution, which reduces stress and its related health problems. Additionally, solar energy helps to reduce our reliance on fossil fuels, which are a major contributor to global climate change. This can reduce the effects of extreme weather events, such as heat waves and floods, which can have a great impact on public health.
Minimal Maintenance
Solar panels require minimal maintenance to remain in good working order. Typical maintenance includes inspections of the wiring, and checking the mounting hardware. It also involves cleaning the solar panel surface to remove dirt, dust, and other debris.
Larger installations may require periodic maintenance. This includes panel alignment and system optimization. This is to ensure they are working as efficiently as possible.
In most cases, minimal maintenance will keep solar panels in good condition. As long as they’re installed correctly and the wiring remains sound.
Since solar panel life expectancy is about 25-30 years. There really isn’t much else to do in terms of regular maintenance. Any issue that may arise can be addressed by a professional as most panels have a warranty and are easily replaced.
Unlocking the Advantages of Solar Energy
The advantages of solar energy are numerous. From cost-saving to being green and sustainable. With people’s increasing need for energy and the need to protect our environment, switching to solar energy as an alternative to traditional sources of energy can have a lasting positive impact.
Make the switch to solar today and join the movement to create a brighter tomorrow. Contact a solar energy specialist today to learn more about solar energy.
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