By now it’s well known that going solar can save you a lot of money, but is that the only reason people go solar? There are actually lots of reasons, and here are the top five.
5. Battery Backup
The implementation of batteries has allowed homeowners to be much more independent from the grid. You produce the power, you store it at home in your battery, and you consume it however you like. It’s your power and you’re gonna do whatever you want with it, without worrying about rates. Talk about independence! Additionally, unlike older PV systems that would go offline during a power outage, batteries provide the backup power you need in an emergency. It’s like having a backup generator at your house that recharges on its own and is always connected!
Hawaii has a delicate ecosystem, so we feel it is our kuleana (responsibility) to mālama 'āina (care for the land). Right now the majority of our power comes from crude oil imported from outside the US. In fact, we are the most fossil fuel dependent state. Each panel installed helps to decrease our dependence on these foreign oils and can help us to be independent. Our goal is 100% renewable energy by 2045.
3. Protection from Rate Increases
The Public Utilities Commission thinks electricity rates could rise by 44% over the next 9 years, due mainly to the state’s goal of 100% renewable energy by 2045. That’s almost 5% a year! In Hawaii, our cost of electricity is already the highest in the nation, more than double the national average, and now we could be seeing these high rates go up even more! If you install a complete solar PV system, you don’t need to worry about rate increases anymore, because all your power is self-generated!
2. Tax Incentives
The federal government offers a 30% tax credit on solar PV systems, and in Hawaii we are given an additional 35% credit! That amounts to some considerable savings and incentives, and helps these solar systems to really pay for themselves. But don't wait too long; the federal incentive is set to be reduced January 1, 2020.
1. Save Money!
If the previous 4 reasons aren't enough to make you want to go solar, then maybe saving enough money to send your kid to college will! An average family in Hawaii that spends $200 a month for electricity will pay over $60,000 for power over the next 20 years! That’s a lot of money! Compared to paying Hawaiian Electric for your power, producing your own power through solar is a much more affordable option. The average solar system literally pays for itself through money saved in 6-8 years! This is why you see solar panels popping up everywhere.
What will you do with all the money you're saving?
At Mālama Solar, our job is to help educate and assist you in your solar decision making. If you want to see how much you could be saving by going solar, reach out to us and we'd be happy to help!