The Amazing ROI of Solar Panels
There are more benefits to going solar than just getting rid of your power bill. Along with that, you can help the world go green, prepare your home for natural disasters, and bring the power of the sun to families in Africa. These are just some of the ways that solar can help the world. Read on to learn more! If you can't find what you're looking for on this page, check out our "Solar ROI" blog posts.
Eight Ways Going Solar Pays You Back
Adding solar panels to your home delivers the biggest return on investment (ROI) of any home improvement project.
Solar allows you to:
1. Get rid of your electric bill for zero down
2. Immediately add over $9,000 of value to your home
Plus, There is so Much More to Solar
3. No More Gasoline
As a non-renewable resource, the price of gas fluctuates. Historically the price of gas has continued to rise because of the increase in demand from commuters and decreased supply. However, with an electric or hybrid car and solar panels, this isn't an issue.
Homeowners with solar can eliminate their electric bill. When they switch to an electric car, expensive visits to the gas station also decrease or disappear altogether. EIA's 2019 Motor Gasoline Price and Expenditure Estimates report for 2017 states that the average person spends about $1,072 a year on gas for their vehicles.
Depending on the type of electric vehicle, they can have a range from 100 to 300 miles, using anywhere from 25 to 36 kWh per 100 mi of charge. In 2018, US News did the math for the cost to run an electric vehicle at the average price of 12.89 cents per kWh. They found that the base models of that year cost between $500 and $700 a year to drive, saving between $375-$572 a year.
Although less than gasoline, paying for traditional electricity still costs a chunk of change. However, with a solar array calibrated to cover the homeowner's yearly usage, the electricity used to power the car would come from the sun, which decreases the price over time instead of increasing it. (Save $1,072/year)
4. No More Gas Bill
Everyone hears about how solar saves money on electricity, but it can also save homeowners money on their gas bills. If a home's gas appliances need replacing, swapping them out for electric versions eliminates the gas bill.
As of 2020, the cost of natural gas reached an average of $72.10 a month. Per year this would cost a family $865.20. (Save $865.20/year)
Switching to an electric stove, washer, dryer and water heater makes gas bills minuscule. When deciding to switch to all-electric appliances, we suggest adding solar panels or accounting for the future upgrades in the original solar array. Having the right amount of solar panels will help offset the electric bills.
5. A Greener Planet
Those who go solar decrease pollution generated by fossil fuels. According to IRENA's Avoided Emissions Calculator, the United States avoided 34.56 million tons of CO2 with its solar installations in 2016. Air pollution is a real concern. If we do nothing, nature will turn on us.
Global warming is not a joke. Each year natural greenhouse gases emit into the atmosphere. However, cars and refinery facilities add extra greenhouse gasses at an exponential rate.
The EPA's sources of greenhouse gas emission report found that as of 2018, 26.9 percent of greenhouse gases in America results from electricity generation. Of this generation, 63 percent cames from coal and natural gas. Solar panels, on the other hand, don't produce harmful emissions when in use, which means that, for 25-plus years, solar arrays produce non-toxic electricity.
Although solar is a clean energy source, controversy around recycling solar panels and the treatment of toxic waste from solar panel manufacturing exists. While still a concern that industry professionals continue to address, these problems pale in comparison to continuing to use non-renewable energy.
6. Be Prepared
Preparedness resulting from solar installations with battery backup makes residential solar extremely desirable. Sometimes dealing with a couple of hours without power can cause issues and frustration. If an outage spans over a couple of days, then refrigerated and frozen food will start to thaw out, which complicates matters even further.
While solar panels produce power from the sun, because of net metering, they often stay connected to the grid. Photovoltaic systems without a backup source, will not work when the electric grid goes down because solar arrays turn off during power outages as a safety precaution.
Homeowners that want battery backup in the future need to make sure their solar array and company they are working with can add battery backup. Go Solar Group, provides battery backup options so we can meet a variety of backup needs.
7. Help the Poorest
Those who choose to go solar through Go Solar Group can help change lives by giving the gift of electricity. For every solar energy system which Go Solar installs, we provide solar power to a family in Africa.
Go Solar Group first started as a humanitarian effort. Today we continue to reach out. We feel that solar has the power to empower both those in third and first world countries.
Since 2009, we have made an impact on the lives of African citizens. Of the households we have helped, 72 percent have stopped using kerosene lamps. These lamps are expensive for them to run and produce black carbon, so replacing them helps in multiple ways. So far, we helped improve 17,472 lives through our counterpart nonprofit, 1heart1mind.org.
8. Own Your Electricity
The question comes down to the concept of owning versus renting. Most rent power from the utility, which gives customers little control over this expense. However, with solar panels, people can produce their power, which decreases their electricity expenses.
Purchased, rather than leased solar, allows the homeowner to own both the system and the valuable electricity it produces. Go Solar Group has found that the best investment comes from owning solar panels, not leasing them. When homeowners buy solar, they can pay in cash or get a loan. Monthly loan payments match what the electricity bill was, minimizing financial strain.
The difference, however, is that after 12 to 15 years, most solar arrays get paid off, which means no more payments. Solar panels have a warranty for 25 years and have lasted even longer. As a result, customers get 10-plus years of payment-free energy.
Calculate Your Solar Savings
A lot of factors go into determining the exact savings solar can provide each home. A custom quote is the best way to find these savings and costs. However, if you aren't quite sure if solar is worth looking into, you can start with a solar savings calculator estimate for your area.
Average Solar Pay Back Period
The average payback period for residential solar comes to about eight years — meaning after eight years, the utility savings covered the cost of the solar array. To configure the payback period of solar, customers need to divide the combined costs of solar by the annual benefits.
Going solar is simple and saves customers thousands of dollars. To find out exactly how much an investment in solar will return to you, enter your information, and we will send you your custom report.
