One of the biggest misconceptions surrounding solar energy is the belief that solar PV panels are only for the rich and wealthy. This was true ten years ago when early solar power systems were quite expensive due to the high cost to manufacture and install. As a result, early solar homeowners who installed solar panels were green-minded and had higher incomes to afford the costly solar systems.
A decade ago only 30,000 residential solar systems populated the United States, but times have changed. Thanks to better solar technology and a 30% federal solar tax credit, the cost of solar has dropped 70%, making it more accessible and more affordable. In fact, earlier this year the United States reached its millionth rooftop solar installation.
Solar Homeowners and Solar Savings
This incredible accomplishment demonstrates that you do not have to be part of the wealthy elite to install rooftop solar panels. Today, many solar owners are middle-income wage earners who see the economic benefits of going solar. These homeowners take advantage of the increasingly friendly solar policies and the federal solar tax credit to reduce their monthly energy bill and save money.
The new reality is that the majority of homeowners that switch to solar are middle-income wage-earners living in communities where the median income does not exceed six figures. Solar energy has become more and more appealing since homeowners can install home solar panels with little to no money down and lock in low long term utility rates. This has led to a swift change in the portrait of the typical homeowner that chooses solar panel installation.
Solar Technology and Home Solar
The continued improvement in photovoltaic cell technology has been a major factor in why home solar has grown so rapidly over the past decade. The lowering cost of solar PV panels, manufacturing prices and installation have all contributed to reduced solar costs. This has also increased the number of middle-class homeowners who switch to solar power to reap the benefits of diminished power bills and clean energy generation.
As solar costs continue to decrease and become even more available to a larger demographic, the future of solar energy and home solar specifically, looks bright!
If you have more questions concerning solar PV panel installation, solar costs or the process of going solar, please give us a call (855) 339-1831. Follow Palmetto Solar on our Facebook and Twitter pages. Stay up to date on the latest solar news and clean energy updates. We explore a huge selection of solar energy topics from sources including top news organizations and indie publications. We compile the latest info that you want and make it easy to share with others.