Many people think solar is a scam, and we can't blame them. With all the flashy signs saying "FREE SOLAR" and other misguided ads you might see, it's easy to believe at first glance that it's too good to be true. The logical conclusion, without looking into it, must be that solar is a scam because there's no way that such a big purchase can save you money as they claim. However, this could not be further from the truth! Solar is a fantastic way for homeowners to save money and save the environment. In this article, we will discuss the benefits of solar power and dispel any myths about it being a scam.
Will solar actually save me money?
Myth: Solar salesmen are trying to scam me into making a big purchase that won't save me money.
Fact: If your home is a great fit for solar power, then solar will certainly help you save money on your electricity bill. Sometimes the savings come in the short run, but they will always come in the long run. As a co-founder of Genesis Power Solutions, I have a conviction about the truth of this because of two reasons. Reason number one is that I have solar installed on my roof, as does my brother, and both of us have seen savings with our solar panels. The second reason is that the math makes it painfully obvious that solar will save you money. As time goes on, prices go up, but the cost of solar is fixed, and it does not rise with inflation as electricity prices do. This means that once you go solar, your electricity costs will be lower and lower relative to the utility company prices.
The myth about solar being a scam originates with solar power companies that compromise integrity to install more panels than necessary just to make more money. It leaves mistreated homeowners unhappy and makes the industry look bad. On the other hand, professional solar power companies will set up homeowners with a solar power system that utilizes the right amount of panels in order to maximize their savings. The number of panels you will need depends on the utility company you're connected to and the types of usage plans they offer. At Genesis Power Solutions, our core values are contribution, sustainability, and extreme ownership. These three values are at the core of everything we do so that our customers are left happy about their experience and with more cash in their pockets.
No money down?
Myth: Solar can't actually be no money down without incurring a large monthly expense.
Fact: Solar can be no money down because of the federal solar tax credit which allows homeowners to receive a 30% credit on the cost of their solar panels. In addition to this, many states offer additional incentives for going solar, such as cash rebates and property tax exemptions. These incentives make going solar an even more attractive option for homeowners who are looking to save money.
Isn't solar putting me into a ton of debt?
Myth: You are incurring a lot of debt by going solar.
Fact: Whether or not it's on your balance sheet or in your budget, you have debt with the utility company. The debt with your utility company is something called revolving debt. This is debt that doesn't show up on a balance sheet, but it is revolving every single month like clockwork. When you go solar, you're turning a revolving debt into a capital debt. That means now there's a product that you can actually pay down to zero, and once you get that to zero, you no longer have that payment. So is there a debt? Sure, but it's the same debt that you had with the utility company. You're just transferring where you're sending that money to every month and instead of sending it to the utility forever, you now get to invest that money into your home and into your solar system with a payment that eventually goes away.
Is solar environmentally friendly?
Myth: The production of solar panels negates the positive environmental impact solar has on the environment after it is made.
Fact: It only takes about 3 years of operation for solar panels to offset the carbon emissions that were required to produce them. So starting at year 4 and beyond, solar panels are producing energy at no cost to the environment. Our solar panels are under warranty for 25 years and are expected to last much longer, so that means solar panels are typically producing energy for 22 years after offsetting their initial carbon debt. So while solar panels aren't perfect, they're certainly the lesser of two evils when compared with traditional energy sources such as coal and gas.