Can Solar Power Work Financial Wonders For Your Home Or Business?

There is no greater energy source in the solar system than the sun, which makes it the perfect energy savings force for homes and businesses.

Millions of American home and business owners have turned to the natural power of solar energy, but just how much savings can solar energy bring your home or business? PV Solar panels offer clean, green energy with none of the harmful emissions produced by traditional energy sources like gas and electricity.

Did we also mention that the sun charges no energy provider fees?

An in-depth study by the U.S. Department of Energy shows long-term savings for homes and companies that go solar in 45 of the 50 states (including Iowa, Illinois and Wisconsin). In Hawaii alone, studies have found homes and companies save up to 24 percent annually over 25 years.

A study by North Carolina State University’s NC Clean Energy Technology Center found that customers in America’s 50 largest cities who invested in a 5 kw solar PV system saved an average of $44 to $187 per month in the first year they owned the system. Many Iowa-based businesses such as Dubuque’s Express Employment Professionals, have noticed striking savings since switching to solar energy.

“It’s been really good,” said Dubuque EEP President Mike Schaul, whose company turned to solar panels to power its new Dubuque edition. “With the (solar) panels on our new addition, we should have no (energy) bill (from utility companies).”

Why is this especially good news for home and business owners looking to slice energy costs? According to a study by the Edison Electric Institute, electricity prices have increased 2.5 percent annually since 2000. Those annual increases have been driven in part by the rising cost of fuels like coal and natural gas.

The solar truth: Every house, business and location is different. The most accurate and best way to find out exactly how much a solar energy system can save your home or business is to get a solar quote from an installer. Some home solar energy installation systems can cost $5 per watt, meaning an average $15,000 installation bill for the average 3kW residential system, although the long-term financial and environmental benefits are great.

Another positive financial note for any home or business that wants to go solar on a tight budget: Most PV solar system can be financed and all states in the United States have solar incentives, which include tax credits and other incentives.

And the long-term savings can be wowing.

“Right now my bill from National Grid is minus $30,” said Donna Fickett of Quincy, MA, told the Boston Globe.

Many home and business owners may worry that solar energy systems only store power during the day, but homes and businesses do not have to be in direct sunlight all day in order to benefit from solar power.

With most home and commercial business solar plans, companies lease roof space so they can install the panels. Companies then sell homeowners and business owners the power panels and a locked-in fixed rate that is cheaper than regular electricity.

And unlike the greater-than-inflation annual rate increase level of electricity, solar energy’s cost is locked in for all time.

“The cost of electricity from a solar system should not increase over time and with some programs like ‘net metering’ excess generation can be sold back to the utility company or used as a credit on your next month’s electric bill,”  Kenneth Allen, COO of Principal Solar, told the Globe.

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