In 2012, I went to Wiki Answers to help provide you a post on the Solar Power Advantages and Disadvantages. In the last three years, a lot has changed in the solar industry and I thought it was time to reevaluate these and see what has changed over time and focus more on the positive, but don’t worry, we’ll hit the disadvantages to be fair.
Financial Advantage of Solar Power:
One of my favorite sites One Block Off The Grid (Now Pure Energies) provided an Infographic the year I wrote the original article: How Much Does Solar Cost? that showed the average cost and savings around the US at the time. SEIA states that as of Quarter 2 of 2014, solar prices have decreased 64% from 2010 and installations have increased dramatically. Between 2012 and 2014, the average price of traditional energy sources increased around 5% over the last two years and is projected to increase even more (see the Short-Term Energy Outlook provided by the EIA). With the large decrease of solar and the steady increase of standard forms of energy, solar is making more and more financial sense.
That’s not the only financial advantage…for two more years; the Federal Tax Incentives are still available along with many state and local incentives that increase the financial savings of installing solar. These are mostly available for companies, groups and individuals who pay taxes; however, for all the non-profit organizations, there is still money available through grants for solar power and other solar rebates and incentives. There is a lot of financial assistance available to help lower the cost of the solar system even further.