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In these times of climate change, it isn’t surprising to learn that solar energy is growing fast in the US. In fact, studies show that there was a massive 25% increase in solar energy in 2021. So what is it that’s convincing people to make the change to solar panel installations? Read on to find out.

What are the Benefits of Solar Panel Installations?

First of all, what is solar energy? It’s the heat and light that comes from the sun’s rays and it’s actually a large part of what makes life on Earth possible. Initially invented in 1954, the solar panel has allowed us to harness this energy from the sun and use it to power our homes, factories, and much more.

By far the greatest benefit of installing solar panels is the positive impact it has on the Earth. Solar energy is green energy. That means it does not use planet-damaging, finite sources such as fossil fuels, but instead is clean with no emissions or waste products that can harm the Earth or its people.

Furthermore, it is – in essence – an unlimited power source! It is expected that the sun will continue shining for another five billion years. Unlike oil or natural gas which we know is running out fast, we can rely on the sun’s energy almost indefinitely.

And that’s not all. According to the International Energy Agency, solar energy is now the “cheapest… electricity in history”! With that as well as the versatility of solar panels and an ever-increasing worldwide temperature, solar panel installations are – rightly – taking center stage as the main players in energy today.

Battery Storage for Solar Panels

With the efficient technology today’s solar panels are equipped with, it’s possible to power your home, business, or organization entirely on the green energy harnessed from the sun. But what do you do at night when the sun isn’t shining? Or if your solar panels have harnessed more energy than you need at any given time?

That’s where battery storage comes in. Using a battery alongside your solar panels means any unused energy can be stored and not wasted. It can then be used as and when it’s needed. For example, at night. The other benefit to having a battery is the backup available if and when there is a power cut.

There are many battery storage options available with their advantages and disadvantages such as maintenance level and lifespan. With that in mind, the best thing to do is speak with professionals committed to renewable and sustainable energy. This will ensure you get the best option for your needs.

Make the Change to Green Energy Today

Follow in the tried and tested footsteps of millions of Americans before you and make the change to green energy with solar panel installations. Save the planet, save money, and save energy with Renewable Energy Partners, Inc. Get in touch now for a free quote!

Did you know that 59% of people that choose to switch to solar panels did so with the motivation to save money? For some people, spending too much money on electricity seems like a waste. However, solar panels present a cost-saving option, although what really is included in solar ROI? 

Don’t worry; with this guide, you can find out! From understanding the factors that affect the final calculation to how you can do it yourself, you’ll save money in no time with these easy tips. 

Now, are you ready to dive in? Here’s an in-depth look at solar panel ROI: 

The Factors that Affect Solar ROI 

Think of your solar panels not just as a purchase but as a financial investment. Although, those annual returns come after you pay off your solar panel purchase. Most people pay it off in about seven to eight years for their residence where a solar system on your business ROI is 3-5 years  and enjoy the remainder of their solar panel lifespan, receiving free electricity for decades to come.  

To calculate your yearly returns, simply divide each financial benefit you receive by your initial purchase price. However, numerous factors affect your solar ROI, including: 

Electricity  

Calculate your recent electricity bills to see how much you’re paying. This can overtime determine the savings of your solar panels. The higher your bills are, the more you can save with solar energy. 

Cost 

Before purchasing a solar panel, did you compare prices? If so, were you able to use tax credits or rebates to lower the price? A solar panel that costs less will have a shorter payback period. 

Financial Incentives

Determine if they’re any local or state rebates or federal tax programs that encourage solar usage. In fact, if you’re a business organization, you can take advantage of the benefits that are offered to you. After all, higher incentives produce lower upfront costs and even include a shorter payback period. 

Technology  

Did you purchase the most efficient solar panels? For example, does it produce electricity at an ideal level? An effective system will cancel out a larger percentage of your monthly bill. 

Property Value 

Calculate how much your property has increased since installing solar panels. By owning a solar panel system, resale value usually increases; however, if you’re leasing, sometimes property value won’t be increased. 

Business Value 

Calculate how much more profits you’re able to save due to your lower-cost solar panels. In addition, determine what the exact value of your solar panel is. These factors will help you gauge your final ROI. 

Final Solar Panel Payback 

If you consider the above factors, you can get a good estimate on when your solar panel payback period will be. Your solar payback period is one of the best ways to put an exact number on your solar ROI. 

After all, the solar payback period is the time it will take you to earn the money you spent on the solar panels. For instance, if your payback period is around eight years, after that time, you can start calculating your actual solar panel ROI just by looking at electricity rates and your electricity usage. 

Calculate Your Solar Panel ROI Today

Finding your solar panel ROI can seem challenging. However, if you keep in mind all the factors that contribute to the payback period, you’ll be able to calculate your solar panel ROI easily and efficiently. 

If you’re interested in calculating your solar ROI, contact us today. We look forward to helping you!