Solar Power Is Now Cheaper Than Ever

For years, the cost of solar energy has risen faster than the cost of conventional power sources. But thanks to a government-backed loan program and strong demand for clean energy, the price of rooftop solar is now at its lowest point in history. It’s an incredible bargain—one that you might want to consider as a potential hedge against future energy costs.

If you’re looking for a clean energy option that offers incredible value and is a good financial bet, you should consider investing in a solar power system. Here’s how.

Why Are People Embracing Solar Power?

The cost of solar has fallen dramatically in recent years, making it more affordable than ever before. In fact, according to the Solar Energy Industry Association, the cost of a residential solar power system has dropped by about 70% in the last five years.

For years, the conventional wisdom was that solar energy was only for people with a lot of space and not many financial restraints. But the popularity of solar power and loans such as Solar Mortgage and Solar Pool are helping homeowners across the country benefit from clean energy.

These loans provide financial backing for solar projects, allowing individuals and businesses to make large-scale investments in clean-energy technology without fear of financial ruin. And what’s more, the government guarantees make investments in solar energy a safe bet for lenders.

The Solar Loan Decade

It’s been a spectacular decade for solar energy, with cost reductions helping to drive down the price of solar power to a level that’s acceptable to more people. In fact, recent figures from the Solar Energy Industry Association show that between 2006 and 2015, the cost of a standard rooftop solar system decreased by about 70%. During that time, average monthly savings from solar have reached $100.

That’s incredible considering the average cost of a residential energy contract before solar was $25 a month, according to the same group. In 2018 alone, the price of rooftop solar decreased by about 7%, largely due to increased production and falling prices for solar panels.

How Does Solar Work?

Solar energy comes from the sun and is therefore available wherever you might live. This means that you can use it to light your home, charge your electronics, or generate electricity for contractual use. In the event of a power outage, solar energy provides a quick and reliable alternative to grid-based power sources.

To generate electricity, you’ll need to install a solar panel on your roof. These panels work in conjunction with clean energy software to convert sunlight into electricity through a process known as photovoltaics. This process is completely free, meaning that there are no costs attached to generating electricity with solar power aside from the cost of the solar panels themselves.

The panels may be mono or polycrystalline, depending on the amount of electricity you need. Typically, polycrystalline panels are more efficient at turning sunlight into electricity, but they’re also about 10% more expensive than their mono-crystalline counterparts. You also need to make sure that the area where you will install the panels receives at least 660 hours of sunshine each year to generate enough electricity for your needs. Otherwise, you’ll end up paying more in the long run for energy.

The Benefits Of Solar Power

There are plenty of reasons why you might want to go the solar route. Here are just a few of the benefits.

Freedom From Electricity Bills

For years, people with solar power didn’t have to worry about their electricity bills because the cost of generating electricity was usually less than what they were paying the utility company. In some jurisdictions, the cost of electricity is now lower than the utility company’s average wholesale price for electricity, meaning that you’re actually making money through solar power.

More Space For Other Necessities

With solar power, you no longer have to sacrifice space for your luxury items. Thanks to the strong demand for clean energy, there are now various options available for generating electricity on the roof or balcony of your home. What’s more, you’re free to use the extra space for other things, such as storage or a gym.

More Opportunity For Residual Income

As a consumer of electricity, you already have a vested interest in promoting renewable energy sources. But now that you’re no longer tied to the grid, you have an opportunity to generate additional income through solar power. Depending on your skill set and time available, you can set up a side business or explore various opportunities for making money from home.

The Downsides

While solar power is a clean and reliable source of energy, it’s not without its drawbacks. Here are just a few of them.

In some areas, it might not be possible to install a solar panel because of weather conditions. In other areas, there may be restrictions on the number of solar panels that can be installed per property. Finally, because solar power is dependent on weather and location, you may find it difficult to predict your energy consumption more accurately.

The only way to overcome these drawbacks is through proper planning and research. Before you commit to a solar power system, it’s wise to know its limitations and be prepared for the potential downturn in energy prices. In the long run, though, the benefits of solar power usually outweigh the drawbacks.

When it comes to saving money through sustainable energy, solar power is the clear choice for people looking for an incredible value proposition. With the cost of solar continuing its downward trend and its many benefits, it’s clear that the future of energy is in the sun.

Scroll to Top