With the demand for renewable energy on the rise and projected to continue to increase in the future, solar energy is something you should consider when remodeling your home. Solar energy is a great way for you to participate in the production of renewable energy that benefits both yourself and your surrounding community.
While it is true that the upfront investment of solar panels is quite steep, around ($19,000 – $24,000 for a 10KW system) the benefits that follow with solar panels should definitely be taken into account. The major factors in which solar panels are beneficial are:
-Your home value goes up
-Solar panels will pay for themselves after about 7 years
-Last up to 30 years
-With a home battery you can store solar energy for emergencies
-You will be saving a lot of money each year
In the Bay Area solar panels on a 10KW system will allow you to save on average $2,700 annually from your electric bill. With all of your savings from drawing solar power, the average time for solar panels to break even is 7 years. Basically, you would have spent the same amount of money after 7 years of relying on energy from the grid. Here is a link to calculate your savings and payback period for your own home: https://www.solar.com/.
Most solar panels will stay efficient for about 30 years, so after you have gotten your return on investment, you will continue to save money for years to come. Homes that have solar panels will increase in value by approximately $15,000. Not only will you recoup the money you spent on the solar panels, but you will also find it easier to sell your house in the future.
In addition to installing solar panels, adding a home battery will help you save even more money and prepare your home for power outages and other natural disasters. With a home battery you will not rely on the grid as much. Because you have energy saved at your home that you collected with your solar panels, you will still have power for some time if there is a power outage. Home batteries will allow you save money because you can draw from the battery during peak hours to avoid the high energy rates from the grid. Most home battery systems currently cost between $8,000-$10,000 per battery and will last up to 15 years. The payback time for a battery is around 11 years, so you will still see a return on your investment.
With solar panels and a home battery, you are able to maximize both investments. From power outages to high electricity costs, you are doing yourself a favor by switching to solar and a home battery. If you have a family member at home who is attached to a medical device, it is very important to always have energy for that person. Solar energy is something you won’t have to think about once installed and it will passively save you money.
By Robert Rochel, The Kastrop Group, Inc. Architects
Sources: