A huge portion of the public is worried about how our lifestyles are contributing to climate change. In fact, a recent poll showed 46 percent of American homeowners are giving serious consideration to installing solar panels.
If you’re on the fence about going green, we’ve got 5 facts about the solar industry that might just sway you to take the plunge.
1. Average American Home Solar Savings
Based on the energy usage of the average American home, going solar for a year cuts your carbon dioxide emissions by 12,500 pounds. This would be equivalent to the same as driving 18,000 miles less a year, not charging a smartphone 937,683 times, or growing 122 trees for 10 years!
2. The Solar Industry Is Still Growing
Though the Trump administration tariffs have certainly put a dampener on solar industry efforts, the industry continues to grow. Way back in 2016, the USA hit its 1 millionth solar panel installation. Three years later, in 2019, the industry hit its 2 millionth installation.
The solar industry is currently projected to hit 4 million installations in America by 2023. This growth is also reflected in the workforce.
More than a quarter of a million Americans currently work in the solar industry, which is double that of 2012. This number is expected to increase by 100,000 by 2021.
3. It Costs Less Than You Think
Many homeowners are put off by the installation costs of solar panels. It’s true the start-up costs can be high with the average cost of installing a solar panel system is $8 to $9 per watt. This works out to an average of between $15,000 and $20,000 for full installation in the average home.
This said the average cost of solar panels has dropped by more than 60 percent since 2010. Meanwhile, prices for traditional electricity have risen around 2.2 percent annually since 2008. Therefore it’s best to look at solar panel installation as an investment.
In fact, homes with solar panels sell for approximately 4 percent more than homes without. It’s also estimated homeowners can make around $3000 a year through net-metering and government clean energy incentives.
4. The Sky’s the Limit
Solar energy isn’t about to run out like traditional fossil fuels. The total amount of solar energy available across the Earth’s land and oceans is approximately 3,850,000 exajoules annually. This is so much that, if properly harnessed, the amount of solar energy that hits the earth each hour would be enough to provide the energy needs of the entire globe for a year.
5. America Is a Solar Leader
While China leads the way within the solar industry, the US comes in second. America has held this spot since 2018, just ahead of India. The top states for the solar industry are California, Nevada, and Georgia.
Currently, the US has a total of 42.4 gigawatts of total installed solar capacity. This translates to the ability to power 8.3 million homes. If you’d like your home to join up to the green energy revolution, find a top solar provider in your area to get the best prices and deals.
The Future Is Bright
Overall, the future of the solar industry is bright and well worth investing in for your home. For more home improvement and sustainable living ideas, make sure to check out the rest of our blog.