Solar’s average annual growth rate over the course of the last decade was 33% and the upward trend shows no signs of stopping or slowing down. More homeowners than ever before are prioritizing clean energy and investing in solar energy. But what accounts for that change? There are a few reasons why solar power is so popular.
The price of solar panels and their accompanying systems has been steadily declining for the past several years, making solar panels more affordable than ever before. As the systems have become more accessibly priced, a great number of homeowners have been willing and able to make the investment in clean energy. This affordability is further subsidized by tax credit programs that help homeowners pay for the upfront costs of installing solar panels.
Beyond tax credits, installing solar panels has a lot of financial benefits for homeowners. For one thing, it will improve the home’s resale value down the line. Homeowners who rely on solar energy save on their monthly utility bills and have the opportunity to receive credits and payouts for any excess energy they generate that’s rerouted into the local grid. In these ways, the solar panels function like an investment.
Shifting Sentiments and Demographics
The number of Americans that are concerned about climate change is steadily increasing over time. As of 2020, approximately ⅔ of Americans feel that climate change is a major threat and that the government should be doing more to address it. Younger generations are also more likely to care about climate change than their parents and grandparents are.
71% of Millennials say that addressing climate change to ensure the planet is habitable for future generations should be a top priority; in contrast, only 57% of Boomers agreed with the same statement. The oldest Millenials, born in 1981, are turning 41 this year, which means many of them now have the ability to put their money where their mouth is. Millennial homeowners are more likely than any prior generation to make efforts to live sustainably by undertaking home improvement projects such as installing solar panels.
Solar panels are easy and low-effort. They have a long lifespan, averaging about 25 years, and are easy to install and maintain. Electrical systems in homes must be inspected for routine maintenance every one to three years. The same isn’t true of solar panels. While they may occasionally need to be cleaned, once they’re installed they require no servicing and virtually no effort from the homeowner. Owning and caring for a home is a major responsibility that can come with a lot of work, so homeowners often appreciate the lack of maintenance that solar energy systems require.
There are more solar panel providers and solar energy system install companies now than ever before, contributing further to the increased accessibility of solar energy. Bright Eye Solar is a Pennsylvania-based solar energy company committed to providing our clients with high-quality solar and high-quality service. If you’re interested in switching to solar energy, get in touch with us today for your free quote.