Timing and Benefits

Are you noticing a difference in our blogs the last couple of weeks?  If so, it’s because I’m a new blogger.  Not only am I new at writing blogs, I’m totally new to the world of solar energy.  So, please bear with me during my journey learning about solar power.  Believe me – the is ALOT to learn and the industry is not slowing down for me to catch up.
That being said, I hope you will take the time to look at the new page, Latest in Solar News, on this website.

When is the right time to install a solar power system and what are the benefits of solar energy to me?

It is always a difficult call when making a huge purchase.  Whether it is a new home, new car or even a new washer / dryer – we have to weigh the pros and cons.  The same is true for solar power – the same steps should be taken when we consider installing a solar power system.  Thinking about it, is this the right time – timing may not be everything.
Sure, solar equipment prices may increase, but history shows that solar panel prices are decreasing yearly by 5% – 10%.  But what are some other considerations?
. an average increase of 5% per year for electricity – this can easily total up to $30,000 over 25 years for a home using $100 worth of electricity per month.  Solar panel installation may save you up to $1,200 per year after the initial costs of the system.  Remember the 55 increase of electricity each year?  Your yearly savings will increase the longer your solar system is installed.
. rebates, tax credits and other incentives are in place to encourage us to buy solar.  Right now the federal government is offering a 30% tax credit for 2015 and 2016.  Does your state or local government have incentives we can take advantage of in Illinois?  Look what the Illinois Department of Commerce says about renewable energy.
. SREC (Solar Renewable Energy Credit) programs are available in Illinois in June and October of 2015, with another round of SREC purchases set for Spring, 2016.  Are you scratching your head right now – what in the world is SREC?  I’m not even going to try to explain them and how they work, but quite simply SRECs allow us to sell our Green Energy credits.  We’ll then receive payments from the Illinois Power Agency (IPA).  This is a very basic explanation of SRECs but more information is available on the internet and I will provide SREC tips as I become more familiar with them.
All this information is great, love the statistics but will I benefit from going with solar energy?  Let’s take a quick look at a few benefits of solar.
– FREE electricity, reduced maintenance costs, NO electric utility rate hikes so increased monthly savings each year, solar panel life expectancy is 35 – 40 years
– Increased value of your home has been evident in studies where it shows solar systems greatly improve the selling rate and escalates sell prices.  For the seller, this is great news because typically the initial cost of solar installation is paid back
Do you live in the northern states of the US?  Is solar a good option for you and your family?  Actually yes.  Solar is a good option.  Even though the sun’s intensity is not like the south or southwest, it is still sufficient to provide large amounts of electricity.  Absolutely enough to power an entire home.
Hopefully, I’ve given you food for thought.  If you have questions, would like a solar consultation, etc., please contact the Professor at Independence Renewable Energy.

Thank you to our friends at Energy Sage, GreenTech Media and the Illinois Department of Commerce for their contributions to the world of renewable energy information.

By | 2016-04-13T16:20:39+00:00 November 10th, 2015|IRE Blog|0 Comments
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