Why Switch to Solar Energy: The Financial Benefits
Last week, we wrote about the environmental benefits of solar energy– a topic which we are very passionate about. This week, we’re talking about another huge reason for switching to solar energy: the financial benefits.
When solar energy first hit the market, it was not nearly as affordable as it is today, and it got the reputation as being a sort of eco-luxury for wealthy environmentalists. Costs have changed dramatically since then, but unfortunately the now false reputation has stuck around.
Today, due to a number of factors including global demand and amazing local rebate and incentive programs, solar energy is not only affordable but actually saves you money both in the short term and the long run.
Let’s take a closer look.
SolarHomes and Solar City Rebates
We’ve written before about Efficiency Nova Scotia’s SolarHomes rebate program, which is available to Nova Scotians, and we have an upcoming post on the SolarCity program, which is available to HRM residents. Both combined and individually, these rebate programs are a huge win for solar in Nova Scotia and have made making the switch to solar energy a financial no-brainer.
The (short-term AND longterm) financial benefits of solar energy:
1. Your power bill drops right away. With solar energy, you’re making your own energy, rather than having to pay for it. The result? A lower power bill from Day 1! The average home can save $1628 annually on their power bill.
2. Support from rebates and incentive programs. The SolarHomes program (open to all residents of Nova Scotia) and the SolarCity program (open to residents of HRM) have made solar installation financially available to everyone.
3. Protection from rising power rates. When you’re “buying” your power, you have no control over price hikes, but with solar energy, you gain autonomy over your energy costs.
4. Long lifespan. An average solar energy system lasts 30 years but is paid off in 10 years. That means a good 20 years of nothing but lower power bills!
5. Increases the value of your home. Installing a solar energy system increases your home value by at least the cost of the system, so you’ll reap the benefits if you decide to sell your home in the future.