What is Residential Solar Power?
There are many terms for a residential solar energy system, such as grid-tie (tied into the energy grid), residential solar, and home solar. They all mean the same thing: a solar electric system that provides clean and renewable power from the sun. Using the sun’s energy to power your home is a very effective way to save money and decrease your carbon footprint. In fact, in some Jurisdictions, the utility company will purchase what you don’t use. It’s called net metering.
INCREASE THE VALUE OF YOUR HOME
The Appraisal Journal published a study concluding that reducing your house’s annual energy expenses raises the value of your property by a ratio of 20 to 1. In other words, for every dollar you save on your electric bill over the course of a year, the value of your home goes up by $20. The Department of Public Utilities estimates that in 2012 the average electric bill for residential customers in America is around $112, and most evidence suggests that by going solar the average American household will save anywhere from 50-90% on their monthly energy bills. So even if you save only 50% that’s $56 per month, which amounts to a total savings of $672 over the course of a year. Using the 20 to 1 ratio, going solar increased the value of your home by $13,440, and that’s a low end estimate! In most cases, the increase in value of your home is higher than the net cost of installing the system! In addition to significantly raising your home’s value, should the day come when you want to sell your house, the U.S. Department of Energy reports that homes powered by solar energy sell twice as fast as those that are not.
PROTECT YOURSELF AGAINST RISING ELECTRICAL RATES
Energy rates are steadily on the rise. Utility rates have risen at an average of 7.45% a year for over a decade. Because fossil fuels are finite resources, they are also subject to market volatility, and prices could skyrocket at any given time if the market conditions take a turn for the worse.
REDUCE YOUR CARBON FOOTPRINT
A solar energy system will drastically reduce your carbon footprint over the course of its lifetime. To match the reduction in your carbon footprint created by using a typical 5 kw residential system, you would have to remove 180 tons of toxic CO2 from the atmosphere, plant more than 600 trees, and not drive your fleet approximately 240,000 miles.