1. Rising Energy Costs
Recent Government regulators have shut down many coal generated electrical plants that reduces the supply and will ultimately escalate your energy costs.
Electric Costs are a large portion of your ongoing expenses and will continue to rise due to laws of supply and demand and the return on investment will continue to increase over time.
A home owner with an average Electrical bill of $200 per month will spend approximately $30,000 within the next 10 years and over $69,000 within 20 years with the projected rate increases.
2. New technology
The recent technological advancements has drastically reduced the cost of Solar Energy PV systems by more than 60%!
This new technology has also increased some Solar panel’s energy production.
The earth recieves an incredible supply of solar energy. The sun, an average star, is a fusion reactor that has been burning over 4 billion years. It provides enough energy in one minute to supply the world;s energy needs for one year. In one day, it provides more energy than our current population would consume in 27 years. In fact, "The amount of solar radiation striking the earch over a three-day period is equivalent to the energy stored in all fossil energy sources."
Advances in Solar Cell Technology
Researchers have longed looked for ways to improve the efficiency and cost-effectiveness of solar cells- the life blood of solar PV systems. A solar PV array is comprised of hundreds, sometimes thousands of solar cels, that individually convert radiant sun light into electrical currents. The average solar cell is approximately 15% efficient, which means nearly 85% of the sunlight that hits them does not get converted into electricity. As such, scientists have constantly been experimenting with new technologies to boost this light capture and conversion.
Light-Sensitive Nanoparticles. Recently, a group of scientists at the University of Toronto unveiled a new type of light-sensitive nanoparticle called collooidal quantum dots, that many believe will offer a less expensive and more flexible material for solar cells. Specifically, the new materials use n-type and p-type semiconductors - but ones that can actually function outdoors. This is a unique discovery since previous designs weren't capable of functioning outdoors and therefore not practical applications for the solar market. University of Toronto researchers discovered that n-type materials bind to oxygen - the new colloidal quantum dots don't bind to air and therefore can maintain their stability outside. This helps increase radiant light absorption. Panels using this new technology were found to be up to eight percent more efficient at converting sunlight.
UNSW Researchers Reach 40% solar energy efficiency milestone
University of New South Wales (UNSW) researchers reached a solar efficiency milestone this year when they successfully demonstrated a system capable of converting 40% of the sunlight reaching its photovoltaic cells into electricity in the outdoors with commercial cells. Higher conversion efficiencies have been reported before; however this marks the first time such efficiencies have been demonstrated in the field. The solar prototype made headlines across science news and media outlets after its revelation at the Australian PV Institute's Asia-Pacific Solar Research Conference at UNSW Campus on Monday, December 8, 2014.
Funded by the Australian Renewable Energy Agency (ARENA), the UNSW researchers worked with RayGen Resources to create a concentrated solar photovoltaic prototype that uses optical bandpass filters to split sunlight into four difference cells. The results were first achieved during outdoor trials in Sydney, before being corroborated by the National Renewable Energy Laboratory (NREL) at an independent testing facility in the United States. This revolutionary development in solar energy comes nearly 25 years since UNSW created the first photovoltaic system capable of reaching 20% solar efficiency in 1989.
3. Increase your property resale value
Several studies have found that buildings and homes with solar systems have higher property values, sometimes selling twice as fast and at a premium over similar homes in the same neighborhood.
Appraisers are increasingly factoring solar systems into the value they place on the home. As appraisers and consumers are more educated, homes and commercial properties with solar systems will receive higher evaluations.
4. Emergency Energy, critical for protection against potential Grid Power losses
5. Federal and State Tax credits that reduces the cost of your Solar system by more than 60% in some states.
U.S. Federal Government and many state Governments offer a direct pre $ tax credits for Americans that invest in Solar Energy as well as other certified Green Energy and renewable products. These tax credits along with special local utility company rebates can cover more than 60% of the cost for the products and reap a huge savings in future energy costs!
Click to see the incentives in your area.
6. Special 100% financing for property owners and with Government backed loans for commercial, Government and Nonprofit Organizations that can reduce your Solar Systems payment to less than your current electric costs for an increasing net monthly savings.”
Virtually every conventional building owner has a monthly electrical expense. A $250 per month electrical bill will equate to over $65,000 over the next 20 years. We can typically provide a loan option that the monthly payment is less than the utility savings with the increased property value as an extra financial benefit.
Our customers can pay for their Green Energy systems through the combination of the tax credits, savings from their utility bills through a variety of consumer financing options.
12 Months Same as Cash*
No Interest, No Payments for 12 months!
The 12 months Same As Cash* option allows homeowners to delay payment until they receive their tax credits and incentives, while immediately receiving benefits from clean, reliable solar energy and utility savings.
18 and 24 Month, Same as Cash*
This loan is designed to give you 2 tax cycles to collect, so you can then apply the Tax Return to your principle.
Long Term, Low Payment Financing
With a modest down payment, this loan is designed to get you in the black on your monthly cost from the beginning.
Home Equity Lines of Credit (HELOC)
Many customers choose to finance their solar investments with home equity loans. With interest rates as low as they are and all the savings you’ll realize on utility costs, this is a great option for any homeowner. We have many customers that use the 12 months same as cash option, then apply their tax credits to that loan, followed by paying the remaining of the costs via their home equity line of credit and leveraging the savings from their utility bill to pay off that line of credit.
We work with banks that specialize in solar financing and look to create new customers that through energy savings that help offset the monthly payments while improving their property value.
* Loans provided by EnerBank USA, Member FDIC, (1245 Brickyard Rd., Suite 600, Salt Lake City, UT 84106) on approved credit, for a limited time. Repayment terms vary from 24 to 144 months. Interest waived if repaid in 365 days. 16.97% fixed APR, effective as of July 2017, subject to change. Interest starts accruing when the loan closes.