Beat Inflation by Going Solar
A lot has changed in our economic landscape due to the global pandemic. More and more businesses are foregoing the standard corporate structures in favor of a remote workforce and, much to our dismay, inflation is once again on the rise. Currently holding steady at 6.2%, this is the highest it’s been (in the U.S.) since 1990.
So, in a global economy currently attempting to manage the effects of financial strain, there has never been a better time to take advantage of the savings that come from going solar.
In fact, solar savings are among the top reasons why residential and commercial property owners opt for solar panel installation. Not only are they a good long-term investment to the resale value of your property, the International Energy Agency has also declared that solar power is the “cheapest electricity in history.”
And given the givens of the current economic climate, cheap is an invaluable metric.
Why So Cheap?
Did you know that the energy available from sunlight is 10,000 times more than what is needed to supply the world’s energy demands? It’s true!
Here’s how it works…
Sunlight has two main properties that are useful in the design of renewable energy systems. The first is the amount of power falling on a fixed area (let’s say… your solar panels). And this quantity varies naturally based on the time of day and the current season.
The second property is the colors or spectrum of the sunlight. And, as you may have expected, certain colors provide more desirable results.
One way to capture solar energy is to use solar cells that directly turn sunlight into electricity. In a standard residential or commercial solar energy system, many of these cells are assembled on a rigid panel, connected to one another, sealed, and covered with protective glass. You remember what we just said about the energy produced by sunlight, right? And all of this is used exclusively to power your commercial or residential property! So, as long as your panels stay optimized to their peak performance standards, there are few things more energy efficient than directly harnessing the power of the sun. And, as is true in most areas of life, the more efficient you are, the more money you save.
The Rewards of Renewable
Okay, we’ve touched on the potential cost savings of going solar. Now, let’s talk about some of the economic benefits that renewable energy offers…
- According to the most recent research, the payback period for most solar energy systems is often four years or less – meaning that solar panel installation provides 100% ROI. And additional research estimates a 20% ROI in the first year alone. So, from an economic standpoint, solar energy systems really do pay for themselves quickly and consistently.
- Not only can going solar help sustain our planet and your pocketbook, it can also increase the value of your property. According to the most recent Zillow research on the resale value of residential properties, homes with solar panel installation sold for an average of 4.1% more, when compared to similar homes without solar energy systems.
- Another great economic benefit of going solar is consistency. We already talked a bit about inflation, right? Well, your energy company will likely follow suit with the rising costs of absolutely everything – including energy. Keeping your energy source local and privately consumed will help keep your energy costs more consistent.
- According to the National Solar Job Census, the solar industry creates more jobs than any other sector in the U.S. And given the amount of people who lost their jobs due to the pandemic, this is a great time to support such a strong economic contributor.
- And finally, there’s a common misconception that solar power can only be used when the sun is up. This is not the case at all. With a backup battery/generator system, you can store your energy consistently and save it for a rainy day, so to speak. Backup generation enables you to protect your home and/or business by putting renewable (and reliable) energy systems on-site that are readily available in the event of a weather emergency. With this feature, you can use excess energy generated during the day to power your essential appliances during an outage.
One final point worth touching on again is the current economic landscape. Inflation and supply-chain constraints will only continue to have a negative impact until something changes. Meaning, now is the time to purchase your panels – before prices rise and supply lowers.
The Solar Summation
It helps you beat the cost of inflation, benefits the economy, and ensures consistent coverage with backup generation in the event of a grid failure (or our increasingly unpredictable weather patterns). Not to mention, it helps you reduce your carbon footprint by up to 40%.
In fact, it’s really hard to find a reason not to go solar. Perhaps, that’s because there aren’t any? C’mon… we know you’re interested!