Top 6 Benefits of Solar Power
1. Your Environmental Contribution
Solar panels are a tangible way to reduce your environmental footprint. By taking advantage of the solar potential of your roof, you are taking action on climate change, avoiding large scale generation projects that have a much greater environmental footprint, and you will also use less power as you become more engaged in your energy use and production. By transitioning to solar energy you could offset 100% of your home's energy needs and with electric cars also becoming more accessible it is possible to fully de-carbon your life! Solar is an investment with a positive impact that you can be proud of.
4. Increase the Value of Your Home
If you're fortunate enough to have a house that is ideal for solar why wouldn't you? Solar panels are an attractive feature to many homebuyers and houses with solar panels sell for more. Studies show that money spent on a system is retained when you sell your home. It also differentiates your home from others on the market providing you with a further advantage This is in addition to continually saving you money for over 25 years, making it possibly the most economically sound home improvement you could make.
2. Save Your Energy Dollars
To help you get started several banks and credit unions offer attractive financing options for solar and there are a variety of government/municipal grants that you would take advantage of like the Federal Government new Canadian Greener Homes Grant. But it doesn't end there, once your system is installed, being able to generate your own electricity through net metering helps reduce your electricity bills by offsetting the power you use from the grid. The benefits increase over time as electricity rates increase. There is an added financial benefit because these savings are your after tax dollars and because you are engaged in the production of your own energy, you will use less energy saving you even more money.
5. Long Term Economic Benefits
There aren’t many things that you will spend your money on that inturn will save you money and will last longer than five years. Solar panels on the other hand provide long term economic benefits. Panels have 25 year performance warranties and can last 30-40 years. Typical system payback can be between 8-12 years, which is relatively short considering the long term value a system will provide you. Over 25 years, an Internal Rate of Return between 4% - 10% is possible and even greater over a longer period. When compared with historical returns on investment over 20 years of Canadian Government Bonds, 4.5% and S&P/TSX Composite 7.6%, solar panels are attractive as a reliable, tax free, low risk investment.
3. Marketing Your Business
Solar panels are better marketing than a billboard or large decaled vehicle. Solar panels demonstrate your company's values and environmental leadership. Serving multiple needs, solar panels are noticeable and can differentiate you from your competitors by showing that you care about multiple bottom lines attracting a growing number of customers who shop with their conscience. Harnessing your solar potential is a great way to inspire others to do the same and show the type of world you'd like to see for now and future generations. Similarly, it doesn't hurt in attracting and retaining young talent who also care.
6. The Cool Factor
Being able to produce your own power is liberating and something to be proud of. It also demonstrates to your community that you care where your energy comes from and how you use it. For business’, it shows your values. Another element to the cool factor is your ability to see, in real time, how your solar panels are doing through a mobile app,allowing you to enjoy sunny days by seeing your system produce at its fullest potential. Solar PV systems have also come a long way in the past decade and can now be designed to work with the aesthetic and architecture of your home. All and all being said, solar panels are outright cool.