By Eric Van Orden of
Standard Renewable EnergyAs a Colorado resident, you may have noticed that solar panels are dotting the roofs of thousands of homes across Colorado as more and more homeowners are realizing the benefits of generating their own electricity with a solar electric system. So, what's the big deal with solar power?
The big deal is that renewable energy, especially solar electricity, is more affordable than ever.
Solar is More Affordable Than EverOn February 17, 2009, President Obama signed the "Stimulus Bill" (The American Recovery and Reinvestment Act of 2009) into law. This act included many provisions – one in particular that included substantial federal tax credits for renewable energy installations to your home. The federal tax credits for a solar electric and solar hot water installation for a home are currently 30 percent of the total cost of your system.
Additionally, Xcel Energy rebates for solar electric installations are some of the best in the country. And while it is not certain that they will disappear, it is a safe assumption that they will start to decrease sooner than later. At a current rate of $3.50 per installed watt, Xcel Energy rebates can offset up to 45 percent of your solar electricity installation.
Lower or Eliminate Your Monthly Utility Bills By installing a solar electric system in your home, you'll immediately see lower electricity bills each month. The system remains connected with your electric provider and only draws enough power to cover what is not generated by the solar panels (for instance, at night or in cloudy weather), lowering the amount of electricity purchased per month. What's more, if you generate more power than you are using, the utility company will provide you a credit for the excess power you send back to the grid. With more than 300 days of sunshine in Colorado each year, a typical system can significantly reduce or even eliminate your monthly electricity bills.
Provide a Hedge Against Rising Electric RatesNot only will you start seeing immediate savings on your electricity bills by installing a solar electric system in your home, but the value of your savings will continue to increase every year. According to the U.S. Department of Energy, electricity prices have risen, on average, 4.6 percent per year over the last 30 years. Recent reports predict increases of more than 10 percent in the near future. By producing your own energy with a solar electric system, you avoid paying these higher electric rates in the future. When you take this into account, a solar electric system can potentially pay for itself in less than five years!
Grow Your Home's ValueInstalling a solar electric system on your home drastically increases its value. Homes with solar electric systems see an increase in value up to $10,000 for every $500 in annual utility savings. This property value increase is exempted from taxation, so you can reap the rewards without any penalty.
The "green" factorSolar energy is clean energy. Solar energy does not generate carbon dioxide emissions like fossil fuels, which are a main cause of CO2 emissions and global warming. By integrating solar into your home, you are not only lowering your contribution to pollution by using less fossil fuels, but you're also preserving natural resources, which are at a premium.
The benefits of solar are far-reaching: health, cost and environmental. By taking the steps necessary to become energy independent, you can join the thousands of Colorado residents who have already begun to reap the financial and environmental benefits of switching to solar power.
