The nation’s demand for electricity is forecasted to rise drastically as our fleet of vehicles transitions to electric from gasoline. The increased demand for power in conjunction with aging infrastructure is causing electric rates to rise. That’s because utility companies need to pay more for the coal and natural gas they use to generate power. Moreover, the utilities have to cover the investment costs for new generating plants, environmental controls, power transmission, and much more. All those factors together result into rising electric bills!
Consumers are choosing to cut the cord from the utilility to take control of rising electric costs by making the switch to solar. Solar energy has experienced a compound annual growth rate of 60% over the last decade. In 2014 alone, U.S. solar power grew by 6.2 gigawatts, a 30% increase over the previous year. And in yet another record-breaking year, 2015, the United States installed 7,286 megawatts of solar PV. During this period of energy reform, solar panels have taken off at a remarkable rate.
If you wish to learn more about the booming residential solar industry, consider these FAQs:
IS THERE A DIFFERENCE BETWEEN SOLAR FOR BUSINESS AND HOME?
This can vary dramatically in scale and cost. For example, a residential solar system could be about 7 kW, while a commercial solar project could be several thousand kW.
HOW LONG DOES IT TAKE TO INSTALL A RESIDENTIAL SOLAR SYSTEM?
If you have already met the installers and completed all necessary site visits and planning, it is not a long process. Actually, installation of your solar panel system can take as little as one to three days. But there are a number of factors which might affect the total time involved, including.
- Setting up net metering
- Receiving the required inspections from the city
However, in most cases residential installation is quick and simple.
DOES IT BENEFIT THOSE WHO DON’T PLAN TO REMAIN IN THE SAME HOUSE?
Some homeowners wonder if it makes sense to install solar on their home if they know they will move in the future. The answer is yes. A typical solar-panel system lasts for 25 to 30 years. Hence, even if you plan to sell the home soon, solar panels increase the value of your property. In today’s housing market, many buyers are excited about buying a solar home as it lowers the cost of living in the home. The National Renewable Energy Laboratory published a study that showed that homes with solar sold faster and for more money than homes without solar.
WHAT IS THE COST OF A RESIDENTIAL SOLAR-PANEL SYSTEM?
The cost of a residential solar system depends on the type of equipment, where you are located, and the size of the system. Most areas have local incentives that will help to cover the cost of your system. Talk to your installer about what options are available to have your system installed with $0 upfront.
HOW MUCH HAVE RESIDENTIAL SOLAR PRICES DROPPED RECENTLY?
The good news for the homemakers is that the cost of solar power has dropped by 70 percent over the past decade, including a five-percent decrease in the last year alone. At this moment, installing solar panels for your home is a smart financial decision.
Solar energy is the future of electricity. The sun’s power is a free resource, and homeowners can now benefit from cheaper, cleaner electricity!