April 24, 2013

Financial Benefits of Residential Solar

Save Your Family Money

Residential solar is one of the best investments you can make for your family. The benefits of residential solar are numerous, with the most obvious being the money saved. By installing a residential solar system, you can either completely eliminate your electricity bill or greatly decrease it. In fact, most people cut their electricity bills by more than 70% with residential solar.

The financing options available for residential solar have never been better. When you install a residential solar system, you have the ability to immediately start saving money from the first day. These immediate savings are possible because of the options to lease a system rather than purchase it up front. Banks and other financial lenders know that solar is a low-risk, high-reward investment, so they are willing to offer regular people the ability to own solar on their homes for $0 up front.

Homeowners can now pay a small monthly bill to lease their residential solar systems, which is always less than their previous electricity bill. In fact, if your average electric bill is $150/month, you can save you over $1,250 each year with a residential solar system. Even if your bill is not this high, every watt of electricity you use from a residential solar system will be cheaper than if you had purchased it from a utility like Southern California Edison or Los Angeles Department of Water & Power.

Additionally, homeowners have the ability to purchase residential solar up front and save even more money in the long-term. By investing in residential solar, homeowners can save around $50,000 over the next 25 years. The math is simple—the average residential solar system costs between $15,000-$25,000 when accounting for rebates and other incentives. Many people will spend over $72,000 in electric bills over the next 25 years if they continue to buy energy from grid utilities. Solar simply makes sense.

Buying a large solar system up front pays for itself in 5-10 years. After this time period, homeowners can essentially enjoy free, clean energy for the next 15-20 years and beyond, a tremendous ROI.

Protect Yourself and Your Family Against Rising Energy Costs

Another benefit of residential solar is protecting yourself and your family from skyrocketing electricity prices. Since 1990, Californian’s electricity prices have increased by 50%. Reliable projections for future electricity prices show that these rates will continue to rise 3-4% each year, and likely even more in Southern California. By investing in residential solar, you will never see your rates increase because you will enjoy steady energy production that is not reliant on these increasing grid energy prices.

Earn Credit or Make Money

Your residential solar system will also benefit you by connecting with a grid utility that reimburses you for excess energy produced. This means that when you are not at home during the daytime or not using much electricity, your solar panels will continue to produce electricity and you will be credited for all of it by your local utility.

The operating utility in your area will either give you credit or pay you directly for the energy produced by your solar system that you don’t use. At nighttime when your solar system is not generating electricity, you can simply use the credits you earned during the day, so that you don’t have to pay more for energy at night.

This reimbursement is increasingly valuable because many utilities are beginning to bill their customers by time-of-usage metering. Time-of-usage metering charges residents more money for energy used during peak hours in the middle of the day and less at night when fewer people require electricity. This means that with a residential solar system, you will produce even more valuable energy when prices are high during peak hours and amass more credit to use during off-peak hours.

Increase Your Home’s Value

In addition to the vast financial savings and credits you enjoy on your current and future electricity bills, residential solar installations may increase the value of your home by a significant degree. If you choose to put up your home for sale, it is reasonable for you to expect an additional $5,500 for each kilowatt to the resale value. Let’s put this in perspective: a home system that produces 7.4 kW may add as much as $40,700 to the original value of your home! Solar homes also sell about 20% faster than non-solar homes. You can reap the benefits of residential solar while you live in your house and after you move!

Support Your Local Community

Green Convergence is a local company that employs local residents to install residential solar systems. This means that investing in residential solar helps to sustain and create jobs in your community while also helping your community’s overall economy. Solar investments in general create more jobs than investments in fossil fuels as well. A recent study determined that solar investments create jobs at a rate of 14 jobs per $1 million invested whereas dirty fossil fuel investments only create 5-7 jobs for the same investment.

Along with job creation and preservation, installing residential solar with Green Convergence helps support direct involvement in the Santa Clarita community. As a local solar company, Green Convergence support their community by donating time and money to local kid’s programs as well as teaching kids about the environment and the benefits of solar.

Hassle-Free Process That Helps the Earth

Another benefit to installing residential solar is that it helps the environment without costing you time, money, or sanity. You can enjoy a pain-free process with your local solar company taking care of all the important details. You simply enjoy the benefits of producing your own clean energy with no emissions. You can truly help yourself, your community, and the environment simply by installing a residential solar system.


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