Switching to photovoltaic power was once the purview of the wealthy — out of reach for most Americans. Fortunately, that is no longer the case.
The price of adopting solar has plummeted over the last few decades, and getting financing has become much simpler. A range of federal, state and local solar tax credits, rebates and grants sweeten the pot, bringing down photovoltaic investment costs. Combined, these factors have driven explosive growth in the residential solar sector.
Photovoltaic Power Adoption and Income Levels
A study comparing household income to photovoltaic adoption found that the average income of solar adopters has dropped by over $21,000 since the early 2000s.
Another recent study revealed that most photovoltaic system installations are in middle-class neighborhoods, on homes whose owners have annual incomes of between $40,000 and $90,000.
Why More Homeowners Are Investing in Photovoltaic Power
Environmental reasons were once the driving cause for most early adopters. When people with financial means wanted to “go green,” they installed home solar energy systems.
Today, many solar adopters are eco-conscious, but that’s not why most choose to invest in photovoltaic energy. The real reason is that adopting solar has become an economic decision, driven by the potential of huge cost savings.
Maximum Cost Savings with Photovoltaic Power Systems
Simply put, people began to realize the savings that are achievable with photovoltaic power. Creating free electricity from sunlight means paying much less — or even nothing — to the utility company. Over the course of a year, this adds up to hundreds or even thousands of dollars in savings for most homeowners.
And the savings don’t stop there. Utility rates have been on the rise for decades, a trend that will surely continue. Installing a photovoltaic system offers freedom from the ever-increasing costs of grid electricity. For many finance-minded Americans, this energy independence is priceless, and well worth the modest expense of going solar.
Homeowners also see that installing a solar energy system boosts home value. Regardless of whether they plan to sell their home in the near future, investing in upgrades that increase your home’s value make sense, especially if you’re saving money at the same time.
Would you like to learn how affordable it can be to install solar energy at your home? Schedule a free consultation with the professionals at Intermountain Wind & Solar, serving Utah, Idaho, Nevada, Colorado and Wyoming. Contact us today for answers to all of your questions about switching to photovoltaic power.