Ohio is one of the best states for homeowners considering getting solar power in their homes.
The solar power plant in Ohio is ranked 28th in terms of the number of megawatts produced.
According to a Solar Energy Industries Association report, Ohio’s solar plants will add over 1,904 megawatts within the next five years. This increase is estimated to place Ohio’s solar energy industry at number 14 in the country, influencing many homeowner’s decisions to go solar in Ohio.
However, there are numerous other reasons why most people in Ohio are leaning towards solar. Below are ten key reasons why you should consider going solar.
1. It Saves You Money
Going solar in Ohio will significantly reduce your electric bills. The money you pay for solar compared to what you pay for your utility is considerably lower.
After paying for the solar power system, your savings will significantly rise due to the reduced power bills.
Example: If you pay an electric bill of $120 every month, you end up paying $1,440 per year. Installing a solar system could save you up to half this amount.
Sometimes solar energy can eliminate your electric bills. That means you’ll remove electric bills from your list of monthly expenses. However, your savings with solar also depends on factors such as:
- The amount of energy your system is producing
- How much power your household consumes
- The money you would otherwise pay for electric bills
You will save even more money if your electricity rates are exorbitant.
2. You May Qualify for Tax Credits if You Go Solar in Ohio
Did you install your solar power system in 2019? You could be eligible for a 30% federal tax credit.
Different states have different ways of implementing these tax credits. However, in the end, every tax credit will significantly reduce the overall cost of your solar-powered system.
Below are requirements to qualify for a solar tax credit:
- You must be a homeowner
- You must have your solar panels at home
- You must have a federal tax liability that is sufficient to qualify for a 26% federal tax credit
Ensure you contact your tax expert to help you determine if you are eligible for a tax credit. Unfortunately, most people lease their solar panels from third-party solar companies and expect to get a solar tax credit. In such a situation, the company is the one eligible for the tax credits and not you.
3. The Solar Panel Gives You Peace of Mind Thanks to Their Extended Warranties
Installed solar panels come with warranties of up to 25 years. The inverters also have lengthy warranties of up to 12 years.
The inverter is a device that will convert the D.C. electricity your solar panel produces into A.C. electricity used in homes.
An item with an extended warranty period means it’s built to last. You’ll, therefore, have the peace of mind to enjoy the power produced by the system for years.
4. You Save the Environment
According to a US Energy Information Administration report, solar energy accounts for around 2% of the total electricity in the whole of America today. As this number increases, it means fewer people will depend on non-renewable sources of energy.
Solar energy is abundant and clean. It does not affect the environment negatively the way non-renewable energy sources do. Installing solar panels in your home will also reduce your household’s general carbon footprint.
Unfortunately, most energy produced in the U.S. comes from fossil fuels such as natural gas and coal, which are harmful to the environment. The harmful emissions are produced in the process of burning fossil fuels to get electric energy.
5. Using Solar Energy Reduces Cardio and Respiratory Health Problems
The most significant advantage of using solar energy is that it leads to little to no air pollution.
Adopting solar as a source of energy reduces sulfur dioxide, nitrous oxide, and particulate matter. These emissions can cause health problems such as bronchitis and cardiovascular and respiratory issues.
6. It Increases the Value of Your Home
Installing a solar power system in your home will increase its value by 3-4%.
Studies show that homes with solar panels sell at a higher price than those without in the same area. Remember, this increase in value comes on top of the savings you generate from going solar.
These benefits make it easy for homeowners to recoup the initial solar installation cost and get a higher ROI on home investment.
Seeing that solar systems increase the value of a property, the real estate sector is trying to develop accurate methods of determining the financial value of homes powered by solar.
7. Installing Solar Panels Help You Create Jobs Locally
With the significant growth of the renewable energy industry, more and more people are getting employment. According to a study by Clean Jobs America, over 3.3 million Americans work in this industry. Out of the number, 335,000 work in the solar energy sector.
People working in renewable energy outnumber those working in the fossil fuel sector by 3-to-1. By adapting to solar power, you will also be directly contributing to more employment opportunities.
Below are five ways that solar energy impacts the economy and creates jobs for the locals:
- It offers stable pricing of electricity
- It is a reliable energy backup and less prone to large-scale failure like fossil fuel energy
- Solar energy has multiple uses, including powering homes, street lights, and CCTV cameras
- It is fool-proof against natural disasters such as drought, heatwaves, or intense storms
- It is a stable source of employment in manufacturing, installation, and sales of the solar panels
In the past, most people could not afford to install solar panels for residential use. However, thanks to scientists and engineers, harnessing and using solar energy at home has become cheaper and more affordable.
8. It Offers You a Great Return on Investment
In more ways than one, your solar power system is a financial investment. One reason is that it has the capability of generating between 10% and 30% annual returns.
The average homeowner takes up to eight years to pay off their solar system. With a lifespan of 25+ years, the ROI on your investment is higher.
To calculate your ROI rate, you can divide your annual financial benefits by the initial investment you made in your solar power system.
However, many factors impact the ROI rate of your system. Some of these factors include:
Your Current Electricity Rates
Are your electric rates high? The higher your electricity rates are, the more money you can save by installing a solar power system. Your current electricity bills determine your savings for the years your system will serve you.
Financial Incentives Received
Tax credits and other federal and state programs motivate homeowners to buy solar energy systems. These incentives also play an essential role in determining your annual ROI—the higher the financial incentives, the lower the upfront payment, translating to a reduced payback period.
The Cost of the System
Have you compared as many systems in the market as possible to find one with a lowered cost? Did you use any tax incentives, rebates, or discounts offered to offset the installation’s overall cost? The lower the price of the system, the shorter the payback time.
9. It Gives You Energy Independence
The sun is considered an infinite source of energy. By taking advantage of the energy produced by the sun, you will be investing in the sun’s resources.
Taking advantage of the sun brings you a step closer to energy independence. The global energy market is considered highly unstable with constant price fluctuations. These changes often lead to devastating effects on the global economy.
By investing in solar power energy, you will be protecting yourself against fluctuations and depending on a more reliable energy source.
10. Solar Panels Are Very Affordable
If you can pay your electric bill, chances are, you can purchase solar panels. There are numerous innovative programs in the market to help homeowners go solar in Ohio without paying hefty upfront costs. Ensure you hire the best solar installation company to help you take a step towards solar energy.
Are You Ready To Go for Solar in Ohio?
Solar energy is clean power. It’s what every environmentally conscious homeowner in Ohio should adopt. And the good news is that while at it, you cut the cost of electricity by a considerable margin.
After reading these advantages of going solar in Ohio, it’s time to take action. Join other solar enthusiasts in saving the world.
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