The main outcry of utility companies over the rise in solar panel sales has been that solar costs far too much. They claim that the benefits do not outweigh the initial investments for a PV system. However, recent studies have shown that this is not the case. The Huffington Post found that the median value of solar in all studies was almost 17 cents per unit, while the country's average retail electricity rate is around 12 cents. This figure shows that solar owners are actually giving back to the economy, not taking from it. Across the board, figures show that solar customers are providing net benefits to the electric companies, even in studies done by the utility companies themselves.
Many points have been highlighted as to why going solar is a viable option for many people, some of which include lowered energy costs, less financial risk and avoiding transmission losses, according to pv-magazine. Through the reduction of the high demand placed on utility companies, solar energy users aid these companies in avoiding the creation of new power plants and being strained to provide enough power during hot summer months.
"In study after study, solar is shown to save money for consumers and provide important benefits to the electrical grid," said Rhone Resch, Solar Energy Industries Association president and CEO. "Without question, effective net energy metering (NEM) policies are helping to drive the growth of residential and commercial solar, pumping billions of dollars a year into our economy. These studies are a 'must read' for anyone interested in the benefits of solar."
To learn more about how you can benefit from having your own residential solar panels, contact SolarMax Technology today.