To understand if solar energy is worth the investment in 2022, we will briefly cover solar energy basics. Then, we will discuss:
The technology of getting electricity from the sun through solar panels is no longer a niche activity. The federal government and many cities and states are in acting aggressive energy goals for renewable energy in the next 25 years. Because of this trend, solar energy is becoming more critical and mainstream.
And there's a reason for that. Solar panels are the leading source of renewable energy that homeowners can own. Not only are solar panels a good investment but putting solar panels on your roof is a considerable step towards cutting the ties to the utility companies. The utility companies do not like that.
A solar panel PV system can cut your energy bills by about $1,500 per year on average. You may be able to save even more depending on how big your system is, what you use your solar power for and other factors some people are concerned that they'll need to pay extra costs while they're waiting for their investment in solar panels to pay them back - but the good news is that someone with the right knowledge and interest in this subject can save a great deal of money on their yearly bills.
See how much you can save in your city with our solar savings calculator here!
In order to provide a general idea of what typical annual energy bill savings are from having solar panels, the following table offers state-by-state data based on a number of assumptions:
|US City||Electricity cost per kWh*||Annual solar production (kWh)||Estimated 25-year bill savings|
|Long Beach, CA||$0.21||9,012||$68,999|
|Los Angeles, CA||$0.21||9,066||$69,413|
|San Diego, CA||$0.29||9,024||$95,412|
|San Francisco, CA||$0.24||8,922||$78,682|
|San Jose, CA||$0.16||8,435||$49,205|
|Colorado Springs, CO||$0.12||9,270||$40,557|
|New Orleans, LA||$0.10||7,278||$26,535|
|Kansas City, MO||$0.11||8,004||$32,100|
|Las Vegas, NV||$0.12||9,672||$42,316|
|New York City, NY||$0.21||6,882||$52,691|
|Oklahoma City, OK||$0.10||8,430||$30,735|
|El Paso, TX||$0.11||9,660||$38,742|
|Fort Worth, TX||$0.11||8,544||$34,266|
|San Antonio, TX||$0.09||8,094||$26,559|
|Virginia Beach, VA||$0.11||8,052||$32,292|
*Note: the federal tax credit IS applied to the above chart
The Solar Energy Industries Association (SEIA), the leading solar energy organization, points out that the solar industry is growing at a record pace. Solar has seen an annual growth rate averaging 42% in the last decade. On top of that, each year has seen prices drop. Solar energy also continues to move into new markets.
But the most significant trend we are seeing is that more and more homes worldwide are putting solar panels on their roofs. Governments, both federal and local, support this trend with rebates and tax incentive programs. According to the SEIA, the cost to install solar has gone down about 70% in the last ten years.
At the end of 2021, EU S Energy Information Administration (EIA) reported that solar power accounted for 3% of US electricity generation from all sources in 2020. what this means, from all the ways we supply power to homes across the United States, solar power made up 3% of that.
That might seem like a low percentage, but that's not the whole story. The rapid rate of growing solar energy gives us the entire picture. The Energy Information Administration predicts solar will account for 5% of the US total in 2022. And they expect 14% of electricity to be generated by solar by 2035. Many cities in the United States are enacting" 100% renewable energy goals."
It's obvious why we are seeing this rapid growth. Of course, solar is perfect for the environment. Still, homeowners across the country who choose to go solar are saving thousands of dollars in the cost of their electricity every year. And after the system pays for itself, they still enjoy the electricity their panels produce.
Not only is solar good for individual homeowners, but it's outstanding for the economy of the United States. The SEIA Reported that in 2020, more than 230,000 Americans work in solar add more than 10,000 companies."
They also reported that people identifying as female in the solar industry make up 30% of the workforce. Additionally, veterans make a higher percentage of employees than the rest of the country. Solar power is an outstanding industry to bring strength to our economy. The more people who choose to put solar on their homes, the more high-paying jobs it creates. It's jobs installing solar panels, but a large training sector employs many thousands of technicians and instructors.
Check out our Solar Energy FAQs here for more solar power answers!
Many great renewable energy technologies exist all over the world. And people are constantly looking for other ways to produce energy that doesn't pollute the earth. But the most reliable and developed energy source of all is the sun.
The sun won't go away, and our understanding of converting the sun's rays into electricity is only getting better year after year. Researchers tell us that the amount of power from the sun that shines on the earth's surface in one hour could supply the entire world's electricity consumption for a whole year.
Putting solar panels on your roof is a great way to save money and help the environment, but it can be a big decision that you need to research. We hope this article has helped you learn more about solar panels in 2022 and how they can benefit you.
If you're ready to take the first step try our solar savings quiz here.
Or check out our solar panels needed calculator here to get an idea what you size solar PV system you'll need.