#1 Drastically reduce or even eliminate your electric bills
Whether you’re a homeowner, business, or nonprofit, electricity costs can make up a large portion of your monthly expenses. With a solar panel system, you’ll generate free power for your system’s entire 25+ year lifecycle. Even if you don’t produce 100 percent of the energy you consume, solar will reduce your utility bills and you’ll still save a lot of money.
#2 Earn a great return on your investment
Solar panels aren’t an expense – they’re one of the best ways to invest, with returns rivaling those of more traditional investments like stocks and bonds. A properly sized residential solar system can provide an excellent return on investment, often significantly outperforming more traditional investment vehicles.
#3 Protect against rising energy costs
One of the most clear cut benefits of solar panels is the ability to hedge utility prices. In the past ten years, residential electricity prices have gone up by an average of three percent annually. By investing in a solar energy system now, you can fix your electricity rate and protect against unpredictable increases in electricity costs. If you’re a business or homeowner with fluctuating cash flow, going solar also helps you better forecast and manage your expenses.
#4 Increase your property value
Multiple studies have found that homes equipped with solar energy systems have higher property values and sell more quickly than non-solar homes. Appraisers are increasingly taking solar installations into consideration as they value homes at the time of a sale, and as homebuyers become more educated about solar, demand for properties equipped with solar panel systems will continue to grow.
#5 Boost Bermuda’s energy independence
The sun is a near-infinite source of energy and a key component of achieving energy independence in Bermuda. By increasing our capacity to generate electricity from the sun, we can also insulate Bermuda from price fluctuations in global energy markets.
#6 Create jobs and help your local economy
According to The Solar Foundation, the solar industry added jobs at a rate nearly 12 times faster than the overall U.S. economy in 2015, representing 1.2 percent of all jobs in the country. This growth is expected to continue. Because solar-related jobs tend to be higher paying and cannot be outsourced, they are a significant contributor to any local economy, including Bermuda.
#7 Protect the Environment
Solar is a great way to reduce your carbon footprint. Buildings are responsible for 38 percent of all carbon emissions in the U.S., and going solar can significantly decrease that number. A typical residential solar panel system will eliminate three to four tons of carbon emissions each year—the equivalent of planting over 100 trees annually.
#8 Demonstrate your commitment to sustainability
Sustainability and corporate social responsibility are important components of an organization’s culture and values. They also produce bottom line results. Increasingly, consumers and communities are recognizing and rewarding businesses that choose to operate responsibly. Businesses are finding that “green” credentials are a powerful driver of consumer purchasing decisions, creating goodwill and improving business results.
#9 Increase employee morale
Just like consumers, employees have a demonstrated appreciation for their employers’ commitment to operating responsibly. Employees share in the success and contributions of their organizations. Companies that care about their community and environment tend to have lower turnover rates, more engaged employees, and higher levels of morale.
#10 Stay competitive
Companies are quickly realizing the social and economic benefits of adopting solar power. As early adopters pull ahead of the competition, many companies are exploring solar power as a way to keep up.