Did you know that the cost of Solar power has dropped by over 70% in the last decade? In the past, green energy was seen as a luxury that only environmentalists invest in.
Hover, in the last ten years it has become a far more economical option. So where do you stand in the solar vs electric debate? Does solar actually save you money in the long term? Why not read on to find out.
Free Source of Energy
Let's start with the most obvious advantage of solar power. The power that is derived from fossil fuels requires a continuous supply of material that may seriously pollute the atmosphere. Hydroelectric or wind power requires the construction of large devices to capture it.
Solar power comes directly from the sun, which is not going anywhere for the foreseeable future. Sunlight is free, untaxable, and does not belong to any government that could restrict its use.
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How Does the Math Work Out?
So does solar power actually save you money over time? While it is true that the cost of mains electricity does differ by state, solar power generally comes out on tops as cheaper. Let's check out the maths.
Let's consider a state where the cost of electricity is 12 per kilowatt-hour. In one recent year, the average US household used 911 kWh each month. This led to an average electricity bill of $114 + additional taxes and expenses.
Now check out the price of electricity created using solar panels. Some sources say that the price of solar power could be as little as $.72 per watt. The actual cost per watt does change according to your location, level of sunlight, and weather pattern. Bu the savings can be genuinely impressive.
What About Short Term Costs?
It is true that there are some short-term expenses involved in installing solar panels. However, the cost of installing solar panels has dropped considerably in the last decade. This is because of the drop in the cost of the technology, but also because more and more institutions are willing to provide financing for solar installations.
You can even apply for tax redemption based on your solar installation. This is generally in the form of a 25% rebate on your solar panel installation.
Solar vs Electric: All You Need to Know and Much More
If you are a home or business owner, there rising cost of electricity is likely a major concern for you. When it comes to the solar vs electric debate, the choice is clear. By applying the principles that we have discussed today, you can benefit from lower energy prices and a clean conscience.
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