Is Solar Energy a Good Investment?
People who can afford the initial installation of a solar energy system will find that the system pays for itself after several years, reducing electric bills while adding value to a home.
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Description
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Solar energy installations may use one of both of two technologies to help homeowners pay lower bills. Solar thermal systems use the Sun's rays to heat stored water, according to the website "Solar, Wind & Rain." Solar PV, or photovoltaic systems, convert sunlight to electricity through light-sensitive panels.
Savings
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Solar energy systems return their installation investment within ten years, according to "Solar, Wind & Rain." A solar thermal system can save homeowners up to 30 percent on their electric bills by eliminating the need to heat water electrically while a solar PV system can feed electricity to a battery for storage or directly into an electrical system, thereby reducing dependence on outside electricity.
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Other Returns
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A solar energy system adds resale value to a home while making it more attractive to savings-oriented or environmentally-aware buyers. Some states such as Illinois even reduce the initial investment by offering partial rebates of the installation costs as a further incentive for investing in renewable energy, according to the "Chicago Tribune."
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