For those that see the benefits of solar the question is when to make the investment; not if to make it. Although not the right timing for everyone it might be the right time for you. Taking a look at what goes into this investment will help you better decide if now is the perfect time.
Should I Wait for Better Technology?
The advancement of technology in the past couple of decades has made some hesitant. People that once paid a hundred dollars for a basic calculator can now use one for free on their phone or computer.
For those on board with renewable energy, the wave of commercial solar is exciting. Businesses can now get solar that once only well-funded government projects had.
Innovation in The Realm of Solar
So what are the newest innovations in the solar industry? How close are we to reaching another large price drop in photovoltaic technology?
Energy Storage Efficiency at a Price We Can Afford
There are three main energy storage efforts. These include batteries, heat-based storage, and hydrogen fuel cells.
Lithium-ion batteries allow businesses to store their excess energy. These batteries can charge and discharge more with less energy loss. They also have more energy packed into a smaller space.
If you are willing to put in the maintenance required, a Flooded lead-acid battery would give you the most juice for its price, but this takes a lot of work. Lithium-ion batteries are your best bet for maintenance free battery backup.
In June of 2018, the EAC brought thermal and chemical storage options to the Department of Energy. These options, however, are for large backup solutions.
Ingenious Ways to Harness the Sun
Using the power of the sun is not a new concept. Using the sun to start fires and keep areas warm has been common practice for centuries.
Today uses for solar continue to blossom. Thin film solar panels continue to become more efficient. Solar windows may soon be the new mainstream energy source for skyscrapers. Near infrared solar cells could increase solar harnessing potential but are still developing. Although problems have risen with solar roads, people are working out the kinks. Some ideas that will take years to become a reality are solar balloons and lunar power stations.
The Impact of New Solar Technology
New advancements in solar technology are predicted to hit the market in the next several years. Although progress is being made the application of it is still in the works.
For those that want to benefit from solar, it is in their best interest to get the best-tested products now. You will then save more by upgrading after the new tech gets tested and made available to the public. By waiting you may save some money on the price of solar, but in the meantime, you are losing money to your utility.
Is Solar Worth It for Me?
Whether solar is really worth it comes down to whether you are a good fit. As much as we would like everyone to have solar not everyone fits the bill.
What Solar Installers Look For
When you talk to a solar representative on the phone, they don’t just set you up with an appointment. Well, the ones that know what they are doing don’t.
Before setting an appointment you will get asked questions to determine if solar is a good fit. They ask you questions about the age and type of roof, shading, available space, and whether you own your building.
Qualifying for the 2018 Federal Solar Tax Credit
One of the reasons why people are getting solar now is the federal tax credit. This credit currently covers up to 30 percent of the cost of solar. In order to get this tax credit, you need to owe taxes.
Solar Supporting Policies
Another determining factor for solar are the solar policies in your area. Not all utility providers have solar friendly metering policies. Nor do all states have renewable energy goals that promote utility cooperation.
Determining if solar is a good option has a lot to do with your utility metering and solar incentives. If you live in an area that doesn’t support solar, getting a system may be hard to do and more expensive.
Are Solar Panels Worth the Investment?
Whether purchasing solar is worth the investment depends on the person. Here are the reasons why most have found solar to be worth it for them.
Your Electric Bill with Solar Panels
Although going green is good for many, saving money is the main motivator. We spend hundreds of dollars on electricity every year. We have become reliant on electricity and the luxuries that it provides.
When you purchase a solar array through a company such as Go Solar Group you replace your electric bill with a solar bill. Your solar bill will last between 10 and 12 years. After this loan gets paid off you only have a small grid connection fee for the life of the panels.
A typical solar panel warranty lasts 25 years, but most panels last much longer. This means that you will end up saving thousands of dollars during those remaining 10 plus years.
Investing in Your Future
Many have found that getting solar has helped them to look forward to the future. Not having an electric bill gives you one less thing to worry about. This makes life less stressful and allows you to put your money into other areas that will enhance your life or business.
Increase the Value of Your Property
One of the benefits of owning a solar array is that it increases the value of your property. Where you live, and the age of your system will determine how much your property’s value will increase. A quality photovoltaic system will increase your property’s worth.
You need to make sure that you purchase your solar array though. If you lease your system, it will not affect the value of your property. Having a leased system will also make selling your property more difficult. The new buyer would need to be willing to take on the lease or you would have to pay to cancel your lease early.
About the Author
Scott Cramer is CEO of Go Solar Group.