Did you know the cost of residential electricity prices has been rising for the past 10 years?* In fact, national electricity rates have increased on average about 20% in the past decade according to the EIA (Energy Information Administration) . As history indicates, homeowners who remain completely grid-dependent will likely pay more in utilities in the coming years then they do now.
In contrast, if you go solar with Dividend Finance, you could start saving reducing your energy bill immediately. Solar panels generate electricity you can use to power your home, resulting in a reduction of the amount of energy you need to buy from your utility company (lowering your utility cost!). If your system generates more power than you can use, don't worry, in many states this surplus energy can be sold back to the utility company for more people to use – providing you with further savings on your utility bill. In some cases, Homeowners' utility bills can even drop to $0. You should check with your utility company to see if this is available to you.
*Source: EnergySage & Energy Information Administration
Increases the Value of Your Home
Solar energy systems are an attractive investment for homeowners who are thinking about or are interested in selling their home. Rooftop solar panels have been shown to increase the value of the home, as well as reduce its time on market.
A study by the Lawrence Berkeley National Laboratory indicates that medium-sized homes with solar panels typically sell for $15,000 greater than those without solar photovoltaic panels installed on them.*
The addition of a solar energy system has proven to draw increased interest from home buyers, leading to shorter periods of time on the market. According to the U.S. Department of Energy, homes with solar sell up to twice the rate of their conventional counterparts.
*Source: New York Times, nytimes.com
There is a plethora of environmental benefits of solar energy, each that create a significant positive impact on our planet. One of the most significant benefits being, solar energy helps reduce air pollution and green-house gases by limiting the burning of hydrocarbons for power generation. According to the EPA Greenhouse Gas Equivalencies Calculator, a typical 6kW residential solar system performing for 25 years can reduce your carbon footprint by over 157 tons of carbon dioxide, equivalent to*:
- Not burning 17,800 gallons of gasoline
- Planting 4,100 trees
- Switching 5,300 incandescent lamps to LEDs
- 55 tons of waste recycled instead of landfilled
Renewable energy sources provide an attractive substitute and as a result by going solar, you can contribute to keeping the environment healthy and clean for generations to come.
* Source: United State Environmental Protection Agency
(Assuming home is south facing, minimal shade, production of 8,500 kilowatt-hours of electricity per year, in Missouri)
Jobs and Energy Independence
Although the U.S. solar market remains relatively small when compared to the overall U.S. electricity market, it still generates enough energy to power 3 million American homes. With the widespread adoption of solar and more demand for jobs in the solar industry, the U.S. can move closer to energy independence and limit spending on foreign oils.
Historically, imports accounted for a large majority of oil consumption, costing the U.S. a vast amount of money to import. Solar, in contrast, is a practically limitless clean energy resource that can be generated locally.
As of last year, the solar industry had about 260,000 solar workers in the U.S. and growing.* By going solar, you can reduce our country's reliance on foreign oil imports while supporting job growth in the U.S.
*Source: The Solar Foundation
Over the past decade, there has been a surge in residential solar installations in the U.S., and the benefits of going solar have become increasingly clear. As a tiny market in the early 2000s, the residential solar market has grown significantly due to declines in manufacturing costs and increased economies of scale.
The rapid growth of solar has been driven by Homeowners looking to save money on utility costs, increase the value of their homes, help the environment and achieve energy independence. While solar adoption was once inspired primarily by a desire to support the environment, the compelling economic benefits of solar are now a key reason why many homeowners are making the decision to go solar.