SOLAR PROS AND CONS
Investing in solar is a big decision. The system itself is costly, the purchasing plans can go on for years, and it might look like all you save is your monthly electric bill.
What is the advantage then?
At Sun Run, we don’t want you to make such a blind investment, but we can ensure that solar energy is upside down.
When you buy into a purchasing plan with a solar company, you’re in it for the long haul—sometimes 15 or 20 years’ worth of commitment. So if you partner with us, we want you to be satisfied from installation to the end of your financing plan.
Let’s talk about both the pros and cons of solar power.
Pros of Solar Energy
Solar energy represents a new wave of autonomy where you can take control of your power generation and do your small but necessary part to reduce carbon emissions.
But what are the actual benefits of investing in a solar system?
Monthly Equity Building
When you invest in solar, you essentially swap out your electric bill for a solar system loan. Switching that monthly expense might not sound glamorous, but it provides a great benefit when you look at the details.
Every month, you take in a certain amount of power and the utility company charges you for it.
Yearly Savings and Earnings
Trends show that the price of electricity has been on the rise over the last 21 years. On average, U.S. households now pay electric bills 65% higher than in 2000. And with how technology is always getting cheaper and more prevalent, it’s not likely you’ll be needing less electricity.
When you buy versus lease for your solar system, your monthly payment stays the same for the entire length of your loan.
Assuming the 21-year upward trend in electricity prices continues, even if the loan payment was the same as your average electric bill when you started, you will find yourself paying 15-35% very soon less than your neighbors during the first decade of repayment of your system.
Immediate and Long-term Reduction of Your Carbon Footprint
The average household produces nearly $20,344 of carbon dioxide each year. With solar panels, you can reduce those average carbon emissions by nearly $4069 annually.
But over the long run of a solar system’s life, you can help the initiative against climate change even more. The average residential solar system can:
- Offset the energy produced by burning over 80 tons of coal
- Offset the energy produced by 175 tons of carbon dioxide
- Be the equivalent of planting 4,000 trees
Cons of Solar Energy
With all of the benefits of solar energy, it’s crucial to consider the drawbacks before making a decision.
Diving into a big commitment like a solar system, only to find out some of the hitches in the investment after the fact, can lead to a real buyer’s remorse. So what are the downsides of solar energy?
Big Price Tag
When comparing the benefits and drawbacks of solar energy, it’s difficult not to get caught up in the price increases of some of these systems.
Of course, it depends on the layout of your roof and how much power you want to produce, but even a small system at $10,000 is a big chunk of money.
Luckily there are plenty of ways to offset the initial costs with options like government tax credits based on the cost of your solar system.
Power that Relies on the Sun
Let’s not beat around the bush, solar energy only works when the sun’s out. And though that means you never have to worry about your power generation on a sunny day, it does not ensure you’ll have power on cloudy days or, obviously, during the night.
To make sure you’ve got the power you need in those dim and dark moments, you may need to invest in a battery (to store excess power from the day) or net metering.
A Solar System Locked to Your Property
A solar system, even though it’s the price of a car, can’t easily travel with you like one. When you invest in solar energy, you’re committing to raising the value of your property because it’s not going anywhere once you pay for it.
Let’s be fair, you could take it with you. But transporting a whole solar array is expensive and who knows if your system would fit your new place. A solar system suited to one rooftop does not necessarily mean it’s suited for ALL rooftops.
If you buy rather than lease, there is a silver lining to a solar system that is permanently attached to your home.
Once you’ve paid the loan off, it boosts the value of your home, which makes it more attractive on the market.
Contact Sun Run today to get a free estimate to see if your home situation has more pros than cons with solar energy.
From our team to yours, we keep you in our thoughts, prayers, and hearts and we are thankful for each of you. May blessings be yours this Thanksgiving.