Solar energy is well-known for being a reliable and sustainable alternative to non-renewable energy sources. It’s cleaner, safer and doesn’t pump harmful gases into the air, meaning a healthier climate for you and your loved ones. One of the lesser known qualities of solar energy is that it’s not just good for the environment, but for your wallet as well.
Here is an overview of some key economic benefits of solar energy and why your pockets stand to gain from this promising renewable energy resource.
1. Solar energy WILL save you money!
A common misconception about solar energy is that it’s too expensive and therefore inaccessible to individuals who are interested in it but can’t afford it. Realistically, a major reason to go solar (besides how it can help the planet of course) is that it saves you A LOT of money.
Currently, energy bills are skyrocketing due to the rise in fossil fuel prices and inflation. Climate change is only exacerbating the costs, with rising temperatures leading to higher cooling costs. The combination of these factors has created a new problem for Americans, called “energy poverty”. The term is used to describe those who cannot afford their energy bills.
In response to this growing concern, the federal government has recently taken steps to ensure solar energy as a cost-effective energy option for all. The government has partnered with nationwide laboratories to come up with innovative ways to bring down the cost of solar energy without sacrificing its effectiveness.
Federal and state funding has been allocated for the creation of initiatives like community solar, making solar energy available to anyone interested. Individuals subscribed to a community solar project can save thousands of dollars in electric bills while enjoying the perks of solar energy.
By paying a monthly discounted fee of 5-25% to their solar project, subscribers receive solar credits (based on their portion of the subscription) that are deducted from their utility bill each month resulting in more savings for them over time.
This model is especially favorable for individuals who either cannot afford rooftop solar or do not own their homes and cannot install their own solar panels.
2. Solar contributes to local economic development
The National Community Solar Partnership is dedicated to providing community solar access to 5 million households by 2025. To achieve that, they partner with solar developers, local governments, and other community agents to develop strategic plans to raise awareness of community solar and its wealth-building potential for local communities.
For instance, some communities have chosen to own their solar energy through a community-owned solar system. This allows them to exercise complete control over their energy generation and the decision-making associated with it. It also helps communities become more financially secure, since they no longer rely on unstable non-renewable energy prices. Moreover, solar energy can raise the property value of homes in the community.
Direct ownership of a solar system is not always a viable option for communities. In these cases, community solar subscribers can still give back by participating in local outreach efforts to promote solar to other community members. In that regard, organizations like the Sierra Club and Solar United Neighbors are key players in the promotion of solar education at a grassroots level.
3. Solar energy brings more jobs to the economy
The renewable energy sector shows significant promise as it pertains to job growth and employment in the U.S, with the solar sector holding the fastest growth.
According to the International Renewable Energy Agency, in 2022, there were about 4.9 million solar sector jobs created. These represented more than one third of all jobs in renewable energy.
Furthermore, the clean energy sector created 142,000 jobs in 2023 and is growing at a steady rate.
With the right education and outreach strategies, younger generations can learn more about the environmental and economic advantages of solar energy and thus be inspired to join this growing industry.
So in a nutshell…
Solar energy is a positive catalyst for climate change and economic development. With the proper education initiatives and the right policymaking, more people can learn about the benefits of solar and make the switch. This will lead to cost-effective energy sourcing, economically-independent communities, and better employment opportunities spurred by the sustainable energy movement. Learn more on how you can go solar and start putting money back in your pockets here.
Written By Alfreda Adote | Edited By Lauren McGregor