The Future Of Energy: Why Home Solar Will Dominate The Market

As the cost of living continues to bite, energy concerns keep finding their way into the media. Electricity and natural gas costs saw large hikes in 2022, and this saw an extra focus on renewable energy.

 

Millions of homeowners reap the benefits of renewable energy. Yet, solar power only provides a small percentage of electricity across the country compared to fossil fuels.

 

However, a deeper look into the gains of solar power shows a promising future. With growing awareness of the need for renewables, solar power will enjoy greater market penetration. And it may not be too long before solar is dominating the home energy market.

Why will home solar dominate the energy market?

More time is needed before solar dominates the overall energy market. But, the signs are showing. Homeowners are increasingly seeing the benefits of installing solar power. Some states such as California are generating over a quarter of their electricity through solar power according to the NREL.

 

A search for Smart Solar Energy Salem Oregon Solar Panels brings up several options for homeowners seeking renewables. Solar panels are readily available, and installations are easy to order. However, there are plenty more reasons why home solar will dominate the energy market in times to come.

Solar power can be shared within communities

Solar power is actually some way behind hydro and wind for energy production in the states. But, for residential communities, solar is the most popular choice.

 

There are around 1,600 community solar projects currently. These solar gardens provide communities with a shared renewable energy source that is clean and safe.

Fossil fuels are disappearing

Estimates for when fossil fuels will dry up keep changing. Some experts indicate coal will last over 100 years more, while others conclude reserves will be empty in 60 years. What is undisputed is that fossil fuel reserves will one day be depleted.

 

As fossil fuels decline, the demand helps to push the price up. Inflation and world events such as the invasion of Ukraine, have pushed fuel prices up. One of the reasons why energy-efficient homes are popular is due to utility costs.

 

To slow the rate that fossil fuels are used, renewable power usage needs to increase. Solar is the easiest option for many homeowners.

Increasing concern about the environment

Many countries, and states, are planning to ban the sale of new petrol-powered cars. This will clearly lead to a rise in EV sales. Electric vehicles need to be charged. But, the EIA reports that 60% of electricity is generated from fossil fuels.

 

It makes little sense to drive an EV powered by electricity from coal. A number of manufacturers of charging stations agree and are rolling out solar-powered stations now.

 

As homeowners switch to EVs and take more interest in the environment, home solar will grow further as a natural extension of this.

Solar power is clean and safe

No one wants their children to grow up in a polluted world. Solar power is both clean and safe. There are no emissions from solar panels, and no fumes or toxic gasses either. And, solar energy is safer than wind power.

 

Currently, wind farms produce more energy than solar in the US. Yet, solar is safer for wildlife. Many communities are unhappy with wind farms blighting the landscape, but they may be unaware of the dangers to wildlife they bring.

 

Loss of habitat and noise pollution cause serious environmental issues. And thousands of bats die because of wind turbines every year. Home solar installations cause no harm to wildlife or ecosystems.

Solar power gives homeowners independence

There are some myths surrounding solar power. The usual negative points are directed at solar power not working on cloudy days. Or solar power being ineffective in less sunny regions. Things aren’t that simple with solar power.

 

Solar panels are highly efficient, and energy can be stored for later use. With careful use, a solar panel system could power a house for 24 hours. And there is another benefit to storing solar energy; power cuts don’t have any effect.

 

Installing an off-grid system means power cuts have no impact. Power cuts have become more common in the last 20 years. Weather-related blackouts are up by 78%. And general power outages have risen by 64%.

 

As remote working grows more popular, the need for constant electricity will grow. Off-grid and stored solar energy will be the answer.

Home solar is cost-effective

If you remain with a utility company for your energy needs, you will be paying for electricity forever. If you switch to solar, you will recoup your investment at some point.

 

How long will solar take to pay for itself is a common question. It could take 9 to 12 years to see a return on a home solar investment. Whether it takes 5 years or 10 years, solar power will pay for itself.

And there are incentives for home solar

Another reason why solar power is cost-effective for homeowners is due to incentives.

 

There are several incentives for homeowners to install solar panels:

• Subsidies
• Sales tax refunds
• Federal tax credits
• Low-interest loans
• Help for low-income households

 

Local governments and authorities also run schemes to help homeowners install solar power. As energy prices increase, these incentives will see more people opting for solar energy.

 

And solar panels are more affordable today

 

In the late eighties, the drive to push solar energy suffered due to the high costs involved. Solar panels are over 90% lower in cost than in 1989. An average solar system now could come in at $20,000. But, just ten years ago this would have been closer to $50,000.

PV panels are lasting longer than ever

Ten years may seem a long time to see a return on a solar system investment. But, solar panels last three times that.

 

As solar panel design improves, so does their life expectancy. A solar system will typically last up to 30 years. And it is common for manufacturers to give a 25-year guarantee. Even after this period has passed, many solar systems will continue to work - just perhaps less efficiently.

Solar panels add value to a home beyond financial gain

Energy efficiency is a priority for buyers now. Adding solar panels to a home may not increase the actual value of the property, but it will make it more attractive to home buyers looking for energy-efficient houses.

 

Any potential buyer will understand immediately that buying a home with solar panels means lower utility bills. With the current inflation hikes, this selling point cannot be overestimated.

PV panels are less obtrusive now

A large reason that solar panel take-up was slow at the beginning was due to the cost. Another was because of the appearance of solar panels. Now, solar panel systems are a fraction of what they cost when they first appeared.

 

The design has changed too. Solar panels are less obtrusive, and because they are more efficient, fewer panels need to be installed. Any homeowner previously put off by the appearance of solar panels will be able to rethink now.

Summary

Solar power is the most convenient type of renewable for homeowners. Solar systems can power communities and provide a shared source of sustainable energy. Off-grid systems mean that homeowners needn’t suffer from power outages. And solar power is clean and avoids fossil fuel usage.

 

With the many incentives in place, improved efficiency, and environmental concerns, solar looks set to dominate the energy market. At least for homeowners.