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Solar Energy is Feeling the
Ripple Effect of Happy Buyers
It’s been a long time coming, but solar energy is feeling the ripple effects of happy buyers. The solar industry didn’t anticipate when net metering made solar energy go mainstream in 2018, it would take years to see the results from solar installations. The results are coming in from homeowners who installed solar 5 to 7 years ago and they’re awesome.
It’s important to understand when many homeowners bought their solar system it was a relatively new thing, and that created uncertainty. Now those same homeowners are ecstatic they purchased solar when they did because it’s already paying huge dividends 5 to 7 years later and is only going to get better. According to Forbes Magazine over 90% of homeowners who installed solar panels are happy. According to Forbes survey the 3 primary reasons for installing solar panels were Energy Independence, Cost Savings, and environmental concerns. Skepticism about home solar purchases initially, has led to positive results in large part because of power company rate hikes. Exactly what the solar industry was selling in 2018 has come to fruition for the majority of home solar buyers in 2024.
Power Company Rate Hikes are Increasing Demand for Home Solar Energy
In recent years, utility companies nationwide have implemented rate hikes, adding financial strain to households. These increases reflect the growing costs of maintaining the grid and the rising electricity demand.
Solar panels offer homeowners a way to produce energy in regions without a competitive electricity market. This not only shields them from rate hikes but also provides energy independence. Home solar has increased in demand because it’s much cheaper and the power companies are more expensive in 2024. The combination of a much lower price for solar and the power company rate hikes has accelerated demand for home solar installations. Cash buyers of a home solar system can be relatively certain it has a better return on investment than any other guaranteed investment. Cash buyers receive an instant monthly cash dividend from home solar energy.
Solar Energy is Feeling the Ripple Effect of Happy Buyers
Homeowners who went solar in the past 5 to 7 years are now promoting home solar energy to their friends and neighbors. The stars have aligned for solar energy to grow exponentially. Lower-cost solar panels, utility rate hikes, a 30% federal ITC tax credit, and homeowners promoting solar have created enormous growth opportunities for the solar industry.
Everything is in the homeowner’s favor for installing home solar in 2024 and beyond. There’s never been such a golden opportunity like home solar energy for homeowners. We have reached the stage of home solar installations where a homeowner can be very secure investing in a home solar system. The evidence is overwhelming, buyers of home solar in 2017 are showing excellent returns 7 years later. If you asked homeowners who bought solar in 2017 what surprised them the most, it would probably be how fast 7 years went by.
Homeowners who purchased a home solar system 5 to 7 years ago are so happy they have become the promotional vehicle for the solar industry. Solar energy is now mainstream and is growing at an exponential rate which is good for our wallets and the environment.
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Buying Solar Explained in Easy-to-Understand Charts Below
The primary objective is to shorten the time it takes to offset the cost of solar with what you would have paid the power company anyway.
Rotate Device to View Charts Below
Home Solar System Retail Cost
| System Size | Retail Cost | Tax Credit | Net Cost | Production (Monthly Power Bill) | Break-Even Point |
| 7K Solar System | $23,500 | $7,050 | $16,495 | $150 a Month in power | 9.2 Years |
| 9K Solar System | $29,250 | $8,775 | $20,475 | $190 a Month in power | 9.25 Years |
| 11.7K Solar System | $39,000 | $11,700 | $27,300 | $250 a Month in power | 9.20 Years |
Disclaimer: You Must Seek Expert Advice for the ITC Solar Tax Credit Because No Two Homeowners’ Income Taxes are the Same. Consult with a Tax Expert to Determine if You Qualify for the ITC Tax Credit and How Much You Qualify for Per Year.
High-quality solar panels can last 30 years or more, Solar Panels have no moving parts. Regular maintenance contributes to their longevity. Major Manufacturers Warranty Solar Panels for 25 to 30 years.
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Your Solar Advocate Home Solar System Cost
| System Size | Wholesale Cost | Tax Credits | Net Cost | Production (Monthly Power Bill) | Break-Even Point |
| 7K Solar System | $19,250 | $5,775 | $13,475 | $150 a Month in power | 7.5 Years |
| 9K Solar System | $24,750 | $7,425 | $17,325 | $190 a Month in power | 7.6 Years |
| 11.7K Solar System | $32,175 | $8,365 | $23,810 | $250 a Month in power | 7.9 Years |
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A Typical Solar Company's Proposal
| Add-Ons To Every Solar Proposal | Cost of Add-Ons |
| The Cost of Salesperson | $2500 |
| Sales Manager | $1000 |
| Proposal Builders and Permitting Department | $1000 |
| Overhead: Rent, Auto Insurance, Vehicles, and Utilities | $1000 |
| Cost of Leads and Marketing | $1000 |
| Points for Low-Interest 20-Year Loan Terms (Frequently Hidden Cost) | |
| Solar Panels, Inverter, Installation | $17,000 |
| Solar Company Profit | |
| $3.25 a Watt or Lower for a 7K Home Solar System Total | $23,500 |
Disclaimer: You Must Seek Expert Advice for the ITC Solar Tax Credit Because No Two Homeowners’ Income Taxes are the Same. Consult with a Tax Expert to Determine if You Qualify for the ITC Tax Credit and How Much You Qualify for Per Year.
Rotate Device to View Charts Below
Your Solar Advocate Cost Savings
| Add-Ons To Every Solar Proposal | Cost of Add-Ons |
| The Cost of a Salesperson | $500 |
| Sales Manager | |
| Proposal Builders and Permitting Department | $1000 |
| Overhead: Rent, Auto Insurance, Vehicles, and Utilities | $750 |
| Cost of Leads and Marketing | |
| Points for Low-Interest 20-Year Loan Terms (Frequently Hidden Cost) | |
| Solar Panels, Inverter, Installation | $17,000 |
| Solar Company Profit | |
| Your Solar Advocate Target Price $2.75 a Watt or Lower for a 7K Home Solar System | $19,250 Tax Credit – $5,775 The net Cost Is $13,475 |
Without Solar Energy (7K Example Above), You Would Have Paid $36,000 to the Power Company for a Twenty-Year Span
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