According to a new report from the North Carolina Clean Energy Technology Center, the smartest investment you can make this year won't be found in the stock market. The study found that in 46 out of 50 major cities in the U.S., investing in a five kilowatt solar energy system for your home can bring better financial returns than investing in a stock market index fund.
Home solar power has long been seen as the domain of wealthy and especially eco-conscious homeowners, but dropping solar prices and increasing public interest in renewable energy have made solar power a viable option for many middle-class homeowners as well.
"This study proves once again that solar makes great financial sense for a large number of Americans," Rhone Resch, President and CEO of the Solar Energy Industries Association (SEIA), said in a statement.
As this blog has reported in the past, the solar energy market has been booming recently, leading to lower prices and greater savings for homeowners. The solar market has grown by 50 percent or more in each of the past three years. The price per watt of solar energy had fallen to $3.92 by the middle of 2014, a 41 percent decline since 2010. Homeowners can also thank successful government incentive programs, such as the Solar Investment Tax Credit (SITC), and the increasing competition between solar providers for the increased affordability and profitability of home solar energy systems.
To schedule an energy audit and find out where you can make energy efficiency improvements to your home, contact Alban Inspections today. Our certified home inspectors will tailor their recommendations to your specific home and financial situation.