Should You Invest in Solar Power System in 2018?
Posted on May 04 2018
Huge Potential Market of Solar Power
Solar power system could be the future of household power supply as the prices are dropping faster than anyone expected, due to the cut-throat competition among manufacturers from Asia, Europe, and the United States. Solar energy provided about 1% of total U.S. electricity in 2017 and it’s still growing rapidly with a huge potential market. Investing in solar batteries is becoming a more enticing idea for many people who are overwhelmed with electric bills. However, the solar panels and battery storage don’t come free even though solar energy does. You need to choose carefully before you invest your solar energy system.
Earn Passive Income
Surely, when you install a solar energy system, you save money on power bills. But there is more than just that. In some sense, your solar energy system can also be your cash-flowing assets.
Image source: https://ujaashome.com/solar-net-metering/
The power consumption peak of an average household normally happens in the morning and in the evening. However, most of the solar power is generated during the day. If you have energy storage, you can deliver the excess electricity back into the grid after the battery is full. What happens to electricity disappearing in the grid? Some states like Florida, Nevada, Ohio, Massachusetts (You can check the full list on Wikipedia) have a “net metering” policy. Think of it as a billing practice that allows customers to “turn their meter backward” if they produce electricity and export to the grid. You might receive monthly credits on your electric bill, or even a cash refund for the excess solar energy you produce, depending on which state you live in and the policies of your utility company. Either way, it’s financially beneficial.
With desperate news about global warming, endangered animals flooding us, many people have started thinking about “saving the earth”. Needless to say, using solar panels with battery storage will make economic sense. The fast development of solar energy industry also raises citizens’ confidence that the nation will make a transition to a prosperous, low carbon economy. For a large portion of homeowners, solar electric systems have proven to be a good investment. And you will also be in a great social movement - making the planet a better place. Do you agree the solar power system is a good investment? Share your thoughts in the comments below!