Drawing on forms of renewable energy such as solar, geothermal, hydroelectric, wind and biomass can have considerable benefits for you, your business and the environment. With climbing energy costs, more people are looking to generate their own energy. Solar panels are probably the most popular option and these are generally installed by a solar specialist, electrician or other qualified professional. Here we look at some of the top benefits of using renewable energy systems.
1. Reduce Your Energy Costs
Households and businesses that install their own renewable energy systems are probably most interested in the reduction of energy costs. While these systems require an initial outlay, they can repay the initial cost many times over during their lifespan.
You might be able to generate enough energy for your total energy needs, depending on the size of your solar or wind system. Combined with efforts to conserve energy, you could end up paying little or nothing on your energy bill. The potential to end up paying nothing for your energy is therefore a strong incentive to have your own renewable energy system installed.
2. Energy Self-Sufficiency
Rather than cutting costs, you could end up generating all the energy that you or your business uses and become completely energy self-sufficient. This means you might be less likely to experience disruptions to supply. If you want to be energy self-sufficient, make sure you have a system that is large enough to accommodate all your consumption needs.
3. Sell Energy Back to the Grid
In addition to potentially paying nothing for your energy, you may be able to offload the energy you do not used by selling it back to the grid and make a profit. So, rather than just a lower energy bill, you could actually make money and see a positive balance on your bill.
4. Environmental Benefits
Climate scientists have demonstrated that carbon contributes to global warming and other environmental problems. Electricity in households and businesses is often powered by carbon-intensive energy sources such as coal.
In addition to releasing carbon into the air, these processes can increase pollution which has an effect on air quality, flora and fauna. As such, generating your own energy from low-carbon and non-polluting systems such as solar and wind is beneficial for the environment and the long-term health of people, animals and plants.
5. Boost Your Home or Business Value
People love the idea of cutting or completely eliminating their energy bills, so installing a renewable energy system could have a positive effect on the value of your home or business. If you are looking to sell, you might be able to get a better value for your business, business premises or home. You could highlight the fact that your home or business is completely energy self-sufficient when advertising your sale.
6. Potential Tax Deductions
Your business might be able to claim certain tax deductions when you install you own renewable system. For example, you could claim an instant asset write-off of $6,500. Always check with your tax accountant or advisor if you have any doubts about your eligibility for tax deductions.
