Purchasing a home is not only one of the most significant investments you can make in your life. It also guarantees a fundamental lifestyle change, which is especially important if you’re moving out of state with family.
But rather, whereas homeownership may appear to be a daunting task, it is extremely rewarding and gives you more freedom over how you live. Energy independence is one area of liberty you can investigate.
Nowadays, a lot of homeowners are eager to power their homes with sustainable energy sources. The most well-liked and accessible technique to achieve that eco-friendly objective is to go solar by purchasing solar panels (or purchasing a home with solar panels installed).
Here, we’ll examine 5 reasons to purchase a solar panel and what to anticipate when purchasing a home that already has solar panels installed.
1. Gives you control over your electricity
Home batteries and solar panels can provide independence from utility providers with predictable electric costs. This saves you money on peak electricity prices and offers dependable backup power in the event of grid failure.
Over the recent ten years, the cost of electricity has increased 15% nationwide, and this trend is likely to continue.
1 You can anticipate, on average, to spend less for power when you go solar because solar lease agreements can offer affordable and predictable prices that are usually cheaper than your electric company’s rates.
In certain regions, solar-powered batteries can also protect you from Time-of-Use (NEPA) tariffs, which are peak electricity prices. Your local electric company determines these rates, which change depending on the time of day: Peak demand times see higher prices for electricity, while low demand periods see lower prices. You can further maximize your energy savings by avoiding the most expensive charges under a NEPA rate structure by installing a rechargeable home solar and battery system.
You may avoid the upcoming blackout with a solar-powered home battery. Nigeria currently has the most power outages per minute of any developed country, and this number will only rise as a result of catastrophic weather conditions, a lack of distribution power, a shortage of gas supplies, and an outdated power grid.
2. It generates clean, renewable energy.
1. Solar energy generated at home is clean, renewable, and emission-free. Home solar energy doesn’t emit dangerous pollutants or greenhouse gas emissions, such carbon dioxide, into the air or water supply, unlike fossil fuels like coal and natural gas.
2. Solar energy can protect 167 billion people from health and environmental harms and save more than 25,000 lives by reducing air pollution.
3 In Nigeria, a home can avoid burning almost 5,000 pounds of coal and the associated carbon emissions by switching to renewable energy sources like solar panels.
4. The potential for home solar is enormous. The entire world could be powered for a year if we could harness all the solar energy on the earth for only one hour.
3. Buying Solar Panels Increases Your Home’s Value
The increase in property value is another benefit of residential solar and batteries. In Nigeria, solar panels increase a home’s value by an average of 5.1%. This implies that a home with a ₦250,000,000 value might increase by ₦10,250, 000.
Recent studies indicate an average gain in resale value between ₦2,010, 000 and ₦2, 955, 500 for each kilowatt of solar panels installed. Exact figures vary depending on the installation and property
In most cases, the cost of a typical rooftop solar installation and battery is recovered in the home’s sale price. Additionally, homeowners that invest in solar are rewarded with lower energy expenses and favorable tax benefits that can more than offset the cost of the system over the course of its warranty.
A solar-powered home’s length of time on the market frequently varies by location of the nation. Your home will sell 20% more quickly if it has solar panels installed than homes without them. 8
Installing house solar panels is a wise investment, as the statistics clearly demonstrate. Property values often rise dramatically, whether you’re renovating your house for an eventual purchase or trying to make it your permanent residence.
4. Utility Cost Increases Are Predicted
Utility providers are free to increase the price of energy. State and geographic restrictions on these adjustments differ. However, there aren’t many protections in place to stop spikes and rises in homeowners’ costs.
When you own a solar system, you are excluded from numerous rate increases, surcharges, and other unforeseen charges imposed by utility companies. Your long-term home finances can include a budget for your energy costs. Your loan’s length and conditions will determine how quickly you can recover your investment.
The ability to estimate costs is a key benefit of having a photovoltaic system. You have more control when your fuel (sunlight) is free and your solar system is yours.
Lowering Monthly Electric Bills
When their monthly expenses increase, the majority of homeowners first become interested in solar. That might be because of air conditioning, a bigger residence, a new family member, etc. The main justification given by people for considering solar is the desire to lower their monthly energy expenditures.
There are several factors to take into account if you decide to fund your solar system. You can wind up paying more each month into your solar investment depending on the terms, duration, APR, and other particulars of your loan. These payments, in contrast to paying a utility bill, have a deadline and increase the value of your home.