Even though it’s experienced a major boom in recent years, the concept of solar energy is still a mystery to some. How exactly does it work? How long does it work for? What if you live somewhere cold? Is it worth the investment?
We’re answering all your questions–read on for our list of the top 5 things you need to know about solar energy!
Solar power is the most abundant energy source on Earth.
No surprise here… solar energy comes from the sun! Right now, there’s enough solar power hitting the Earth’s surface every hour to power all of humanity’s needs for an entire year. That’s the beauty of renewable natural resources; they allow us to cleanly and humanely power our everyday lives without contributing to harmful pollution.
Solar panel costs have fallen 99% since 1977.
That’s right–it’s never been more affordable to invest in solar energy! In 1977, it cost $77 per watt for a simple solar cell. Due to recent innovations in solar technology, monocrystalline solar panels (the most energy-efficient solar panel option) have dropped in cost significantly, according to Forbes. Check out their article for the most up-to-date information on solar panel pricing!
Solar power plants can last 40 years or more.
When a solar energy plant is built, it’s usually backed by a power purchase agreement with the consumer that lasts around 20 to 25 years. However, solar plants have the power to generate energy for much longer than that! Not only could solar panels last for 40+ years, but each panel is also able to be replaced at a very low cost in the long run.
Installing a solar energy system on your home will save you thousands of dollars.
Most solar consumers can save between $10,000 and $30,000 on electricity over the lifetime of a solar panel system. This of course also depends on factors like your location, climate, and average energy usage, but the savings are still massive. On average, a home that’s gone solar will see its return on investment within a decade.
Installing solar power on your home can qualify you for huge tax savings.
Before the passing of the recent Inflation Reduction Act, solar energy systems made homeowners eligible for a tax credit of up to 26% through the end of this year. Now, this tax credit has been extended for the next 10 years, and increased to 30% for eligible solar expenses! If you own your home, going solar can greatly benefit your energy savings now and increase your property value in the future.
Blown away by the power of solar energy? We don’t blame you! Michigan Solar Solutions is your top destination for making the switch to clean, green, and sustainable energy.