Already rising energy prices are projected to inflate even more drastically over the next 25 years (the minimum warrantied lifetime of solar panels). Nationwide, utility bills have been increasing at an annual rate between 4 and 7 percent. Thanks to Warren Buffett, homeowners in Utah could soon see significant rate increases to its already inflated 3-tier pricing system. If you’ve been looking into home solar savings for a while, now is the best time to make the transition.
While solar technology has become more affordable in recent decades, the average initial cost of going solar is still about $18,000 after federal and state tax incentives. That may sound like a hefty investment, but it’s a significant savings compared to the cost of energy for the next 25 years. The logic works – thousands of households in Utah are already creating clean, free energy instead of continuing to buy from coal-based private companies.
How Much Do Solar Panels Save?
We all know that solar power saves money, but are solar savings really worth the high installation cost? Paying for solar now guarantees a consistent energy price for the next two decades, which means that you won’t get caught up in the soaring energy cost of coal. If you use Go Solar panels, it’s projected that you can see $75,000-105,000 in savings during the lifespan of your system. That’s at least a 400 percent return on your investment! It’s simple math: Solar panels pay for themselves within just a few years by lowering your annual electricity cost.
How Solar Beat Coal
From a global perspective, renewable resources like solar energy are the way of the future. Investments in clean energy doubled spending on fossil fuels in 2015. As the oil, gas, and coal industries continue to decline and natural resources become more scarce, prices will continue to skyrocket.
Meanwhile, harnessing the natural power of the sun is getting even easier and cheaper. This trend is partially thanks to government subsidies that encourage renewable resource investment. Once prohibitively expensive for most homeowners, the cost of going solar has dropped to less than 1 percent of what it was during the 1970s. Consequently, the number of solar installations has increased by a factor of 100,000 since that time.
Solar Savings: Better for the Environment, Better for Your Wallet
Since the cost of solar power is dependent on technology rather than finite resources, prices will decrease as efficiency increases. The cost of batteries that store solar energy is also projected to decline. However, the biggest benefit to going solar isn’t just financial; solar power could literally save the world. We’re running low on fossil fuels, which is definitely for the best since burning them has done irreparable damage to our ecosystem. The typical coal power plant emits more than 3.5 million tons of carbon dioxide, sulfur dioxide, nitrogen oxide and mercury each year. In contrast, solar energy generation consumes no resources and produces no pollutants. Although some chemicals are used in the manufacturing process, panels create zero environmentally harmful emissions once installed.
See Huge Home Solar Savings Thanks to Go Solar Group
Because we believe solar energy should be affordable to everyone, Go Solar Group finances our products internally at 2.99 percent APR for 12 years. Our 280w panels come with a 25 year warranty that promises at least 85 percent energy production. In addition to helping save the environment, a small investment in solar now will save you thousands of dollars in the long run. Interested in a no obligation, solar assessment for your home? Opt-in here!