There are many reasons why homeowners & Businesses go solar, but improving the environment and cutting electricity costs are the most common.
However, whether your motivations for going solar are economic, environmental, or personal, this sizable list of solar power benfits have something for everyone.
Here are the top ten reasons why solar energy is good for your home and businesse.
1. Drastically reduce or even eliminate your electric bills
Whether you’re a homeowner, business, nonprofit or government agency, electricity costs can make up a larger percentage of your monthly expenses. With a solar panel system, you’ll generate free power for your system’s entire 25+ year lifecycle. Even if you don’t produce 100 percent of the energy you consume, solar will reduce your utility bills and you’ll still save a lot of money.
2. Earn a great return on your investment
Solar panels aren’t liabilities, – they’re one of the best ways to invest in life and property today, with returns rivaling those of more traditional investments like stocks and bonds. Thanks to substantial electricity bill savings, the average Nigerian homeowner or business owner pays off their solar panel system in three to five years and sees a great ROI.
3. Protect against rising electricity costs
One of the most clear cut benefits of solar panel systems is the ability to hedge utility prices and lock electricity rate for years especially in the case of Power Purchase Agreement (PPA). In the past ten years, residential, commercial and industrial electricity prices have gone up by over four hundred percent while that of fuel have gone up by an average of twenty percent annually. By investing in a solar energy system now, you can fix your electricity rate and protect against unpredictable rises in electricity costs. If you’re a business or homeowner with fluctuating cash flow, going solar also helps you better forecast and manage your expenses.
4. Boost energy independence
The sun is a near-infinite source of energy and a key component of achieving energy independence in the Nigeria. By increasing our capacity to generate electricity from the sun, we can help Nigeria achieve its goal of getting thirty percent of her energy from renewable by 2030, we can also insulate our country from price fluctuations in global energy markets.
5. Create jobs and help local economy to grow
The solar energy industry adds jobs many times faster than other sectors of Nigeria economy. Solar Workforce increases day by day and this growth is expected to continue. Because solar-related jobs tend to be higher paying and cannot be outsourced, they are a significant contributor to the Nigerian economy.
6. Increase your property value
Many studies have found that homes equipped with solar energy systems have higher property values and sell more quickly than non-solar homes. Appraisers are increasingly taking solar installations into consideration as they value homes at the time of a sale, and as homebuyers become more educated about solar, demand for properties equipped with solar panel systems will continue to grow.
7. Protect the environment
Solar is a great way to reduce your carbon footprint. Residential buildings are responsible for over 30 percent of all carbon emissions in Nigeria, and going solar can significantly decrease that number. A typical residential solar panel system will eliminate three to four tons of carbon emissions each year—the equivalent of planting over 100 trees annually.
8. Demonstrate your commitment to sustainability
Sustainability and corporate social responsibility are important components of an organization’s culture and values. They also produce bottom line results. Increasingly, consumers and communities are recognizing and rewarding businesses that choose to operate responsibly. Businesses are finding that “green” credentials are a powerful driver of consumer purchasing decisions, creating goodwill and improving business results.
9. Increase employee morale
Just like consumers, employees have a demonstrated appreciation for their employers’ commitment to operating responsibility. Employees share in the success and contributions of their organizations. Companies that care about their community and environment tend to have lower turnover rates, more engaged employees, and higher levels of morale.
10. Stay competitive
Companies quickly are realizing the social and economic benefits of adopting solar power. As early adopters pull ahead of the competition, many companies are exploring solar power as a way to keep up.