Families and individuals everywhere have reached an impasse on the way to find a promised land of lower utility bills. However, this adversity has created an atmosphere for people to call upon nontraditional approaches to problem solving. For those seeking a reduction of monthly energy bills, the nontraditional approach of purchasing solar panels has emerged. It is both a logical solution and an environmentally-conscious choice.
For decades, solar panels have been labeled as impractical for home or small business use. Technological advancements have helped discredit previous criticisms of these systems as being quite expensive. Now, one can buy a solar panel system capable of energizing a home or small business is compatible with any budget. The developments in technology coupled with the desire of those aiming to lower utility bills have led an ever-increasing number of families and businesses to purchase their own renewable energy source.
This burgeoning and enthusiastic market of consumers going green has also, unfortunately, triggered a wave of companies that lure motivated customers to enter convoluted and unbalanced lease contracts. The complexities of these rental agreements can be far-reaching. This problem can be narrowed down to the most detrimental complexity which is variable interest rates. Nearly all contracts for leasing solar panels are accompanied by rates that increase annually by three percent on average. Although renters do get the satisfaction of becoming environmentally conscious, the increasing interest rate simply offsets any financial savings that were accrued by using the panels.
There are a multitude of benefits that originate with solar panel ownership. First, the investment requires almost no maintenance for the lifetime of the product. Once purchased, the renewable energy system can potentially pay for itself via lower utility bills in as little as four years. Another great benefit of ownership, aside from limiting monthly expenses, is that several states offer attractive tax incentives to buyers of solar systems. In addition, some states offer cash payments to anyone who helps reduce the strain on the environment by owning a renewable energy system. These varying tax and payment incentives can be used however the owner sees fit.
Apart from various financial incentives, some states additionally participate in the program that utilizes Renewable Energy Credits (RECs). RECs are essentially points that are accrued throughout a given time period (usually a month). If there is a surplus of energy generated from the panels, a utility bill could literally decrease down to zero dollars. In other words, if a solar panel system on a home or small business produces more energy than the structure uses, the extra energy will be transferred out for a credit which will lead to lower utility bills.
The benefits of owning a renewable energy source far outweigh every alternative. They are durable, reliable, affordable, and save the owner money. Solar panel systems have been tested, and they have also these capabilities time and time again. With new technology, any geographical region in the continental United States can support the operation of these systems. The time to start saving money is now. These systems should be viewed as investments, because if acquired through ownership, one can not only have lower utility bills, but also result in a new, low maintenance revenue stream for the owner.