Advantages of Solar Energy over Fossil Fuel and What They Mean for Homeowners
Solar energy has long graduated from the realm of possibilities to that of affordable energy options. The last few years have seen a significant decrease in the cost of solar panels and a consequent increase in commercial and residential installations. In the energy competition, solar power is becoming an actor in its own right.
So it is appropriate to reevaluate the solar energy benefits against those of fossils fuel. While the production of clean energy, with no dangerous byproducts, is a well-known advantage, here are a few other benefits that have a more direct and immediate impact on the potential solar panel owner.
Solar panels pay for themselves
Installing residential solar energy panels is not only a way to feel good about minimizing your carbon footprint, but a sound long-term financial decision. While the upfront investment may be a deterrent, the low utility costs down the road will constantly work towards offsetting this initial expense. Sooner or later, these savings will catch up with the installation costs, a point from which you will simply continue to save.
Solar power is getting cheaper
During the last decades, the cost of solar panel systems has dropped dramatically, with an even sharper fall in the last few years. With aggressive actors and continued innovation in the solar industry, this downward movement is expected to continue in the future on the same steep path.
Meanwhile, electricity rates are expected to rise, according to EIA’s Short-Term Energy Outlook. Making the simple math between the rapidly growing and innovating solar power industry that drive solar costs down and the tendency of fossil fuel electricity costs to climb, putting your money on solar power looks like a sound choice.
Solar protects you from volatile energy prices
The finite quantity of available fossil fuels means that their costs are susceptible to respond to social and political changes. Since solar energy is an endless and universally available resource, cost fluctuations are unlikely. In fact, in a time of great uncertainty concerning fuel prices, the solar industry has played a role in stabilizing electricity costs. Once installed, the solar panels protect you from the volatility of energy prices and offer you stability and predictability.
Solar panels open opportunities
The typical home does not necessarily consume all the power produced by solar panels. The energy generated in excess can be sold back to the grid through a process called net metering, with the compensation usually coming in the form of a bill credit. This is an attractive opportunity for owners of residential solar power panels and a scenario that is unique to the solar industry when compared with fossil fuel-generated energy.
Solar industry is unlikely to cause social instability
Natural resources like fossil fuels are coveted all around the world and have caused human conflicts all along history. By contrast, solar power is a free-for-all resource with long-term availability, unlikely to create a social environment where instability flourishes.