September 29, 2022\Toronto, Ontario, Canada
Now is the perfect time to go solar. Climate change and rising electricity costs mean that more and more Americans are prioritizing consuming energy in a sustainable way. Many of them are working from home or experiencing the difficulties brought by climate events, factors that have pushed them to seek greater energy resiliency. In fact, research shows that many in the US see solar and other renewables as the future of energy and wish to prioritize them over fossil fuel sources. Our government seems to agree: recent legislation has brought a proliferation of generous incentives and driven down the cost of solar system components.
Americans are capitalizing on this. Homes with solar have increased in number by 32% a year in the US, and at the end of 2020 about 2.7 million households had solar systems. This year residential solar reached its largest numbers in history at 1.2 gigawatts. If you have not yet considered solar, now just might be the time to do so!
The Myriad Benefits of Going Solar
There are a host of reasons why solar is a terrific choice. The most obvious are the financial savings and the ways it helps the environment.
Placing a solar array on your rooftop or land can drastically reduce or even eliminate your utility bill for the 25+ year lifetime of the system. It also helps you lock in the price you’ll pay for electricity, protecting you from rising electricity prices. Additionally, a solar system raises the value of your property. Homes with solar sell for more than ones without, up to 4.1% more. Finally, solar nets you a terrific return on your investment (ROI). The average ROI is 20% or more, with typical systems paying for themselves many times over during their lifetime.
The average home can certainly impact the environment. The electric sector accounts for 27% of American carbon emissions while households generate 5.43 gigatons of carbon dioxide equivalent emissions annually. When you install solar you take a bite out of your home’s environmental footprint. Plus, when you aren’t directly using the solar electricity produced by your system, you’re reducing the need for carbon-emitting generation by putting that solar energy onto the electric grid. Solar also benefits your community by contributing to local jobs. The solar industry employs over 250,000 people, most of whom are employed by solar companies in your area.
Finally, significant improvements over the years to the quality of solar system components have made tapping solar ever more beneficial. For example, inverters, which convert the current generated by a solar panel to the kind of current used by the grid, have become smarter and more able to synchronize with high yield solar panels, allowing you to experience higher ROI. Solar panels have also become much more efficient, reliable and durable meaning that many function at close to peak performance over the entire lifetime of a system and are able to withstand extreme weather conditions such as hail, flooding, and debris.
And the panels you choose make a difference. Silfab Solar’s panels are designed specifically for the North American market and incorporate the latest innovations in solar technology to ensure high quality materials, superior efficiency and a sleek and sophisticated aesthetic. Learn more about Silfab Solar panels here.
A Supportive Legislative Climate
In the past few years there has been legislation that furthers the reality that solar is not only a smart investment for homeowners, but is also perceived as a vital future investment by our government.
The Bipartisan Infrastructure Law has resulted in multiple initiatives that boost solar employment, increase access to low and middle income communities, nurture new solar technology development, and modernize the grid to forward renewables transmission. It also stepped up pressure on states to meet their own clean energy targets using federal funding.
This summer’s passage of the Inflation Reduction Act (IRA) brings a ten year extension of the investment tax credit (ITC) for rooftop solar and the creation of an ITC for energy storage. It also offers tax credits for domestic solar cell and energy storage manufacturing. The active support of renewables from the Biden administration and Congress through the passage of the IRA heralds more opportunity for American clean energy jobs and is a further step toward meeting state and national climate goals.
At this time, the complete impact of the IRA is still unclear. Silfab and other manufacturers are working to better understand how system owners/funders can utilize domestically produced modules to ensure this benefit.
As a company committed to solar manufacturing excellence in America, Silfab applauds the Biden administration and U.S Congress for enacting the IRA, along with passage of the Solar Energy Manufacturing in America Act (SEMA) as they help us continue to accelerate our plans to expand our existing footprint in the US market.
Another very encouraging factor for solar is the continued growth of state-level policies that make solar more affordable. Many states have created ambitious Renewable Portfolio Standards that drive their policy choices around clean energy proliferation. Twenty states, including Illinois, Massachusetts, Vermont and Pennsylvania, offer rebates and incentives that drive down installation costs. Solar renewable energy credits (SRECs) allow you to earn money for electricity generated by your solar panels and net metering (NEM) credits you for sending excess energy back to the grid.
Currently some of the best states for going solar include California, with 25% of their electricity coming from solar plus tax incentives and property tax exemptions for residential solar, Texas, which leads the nation in residential solar panel installation, and North Carolina that has strong income tax credit policies and over 800,000 homes powered by solar energy.
A Future of Clean Energy
Many high profile Americans are extolling the virtues of solar, including Leonardo DiCaprio, Warren Buffett, Julia Roberts, and football star Tim Dwight. A number of pro sports facilities boast impressive solar assets while a host of large corporations have gone solar such as Target, Amazon, Apple and Ikea. And many of our federal, state and local government buildings are switching to solar power. In fact, several sports stadiums in America have chosen to use Silfab panels, as have some Walmart locations and even the Truman Building in Washington DC.
All these people who have tapped solar, like millions of American homeowners and businesses, fully understand the power of consuming energy in a financially and environmentally sustainable way. It’s why our nation continues to be a leader in the global movement to protect our planet for generations to come. Will you join them?
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