Solar power is one of the most popular forms of renewable energy. Although coal still trumps it when it comes to usage, it’s gaining a lot of support as well. It’s therefore not surprising to come across information that by now, you’d think you know everything about it. But perhaps not.
Here are three brand new things to learn about solar energy.
You can earn money from it
Solar energy offers you benefits in many ways. One of these is improving your income. In many places, you can sell your extra power to the community. In the process, it compensates you with money.
Another option is to start a business of solar franchise. It lets you tap on a fast-growing market and receive the needed training and support to run the business efficiently. The company can also provide the initial supplies so that you can start right away. It’s a lucrative business idea for budding entrepreneurs.
The solar industry is enormous
The solar sector in the United States has grown tremendously over the last few years. In 2017, it generated more than $200 million of income. In 2016, it contributed over $154 billion to the economy. This amount included the wages and taxes. This industry also pays well. Its median income is already $40,000. Moreover, it creates no less than 355,000 jobs around the country.
It will grow significantly as well
Within the last ten years, the solar industry grew 59% annually. Even with the threat of tariffs on overseas solar panels these days, it will still increase by around 11%.
Many factors contribute to this high growth rate. One of these is the solar investment tax credit. Also known as ITC, it is an excellent incentive for businesses and homeowners to install the panels. According to the law, one can claim up to 30% of the solar panel costs. They can then use it against their federal income tax. This credit is available until 2021.
Another reason is the decreasing costs of solar installation. Since 2017, the price declined by no less than 65%.
Solar energy’s success is not without challenges. They may be not ideal for specific locations. The government still needs to extend more support. Nevertheless, as people see its benefits, it will be long lasting.