By: Susan Perk
Equipping homes with solar panels has become both a trend and a practical necessity in recent years. Solar energy represents the most environmentally friendly power source and significantly reduces utility costs.
“Thanks to the Inflation Reduction Act, support for renewable energy has increased, with tax credits for installing solar panels and energy storage systems extended and expanded through the end of the decade. This makes solar panels more accessible and economically advantageous for households and small businesses,” says Iuliia Merezhko, the founder and CEO of Energy Ray LLC, a Florida-based solar panel installation company. Before moving to the United States, Iuliia lived in Ukraine, where she founded and continues to remotely manage Promin Energo, a successful solar energy production company.
Holding a master’s degree in economics from Vadym Hetman Kyiv National University of Economics, one of Ukraine’s oldest institutions, Iuliia is an expert in the alternative energy sector. Within two years, she elevated her Ukrainian company to a leading position in the market. For her professional achievements in advancing Ukraine’s energy sector, the Ukrainian Business Assembly awarded her the prestigious Ivan Mazepa Order. Drawing on her entrepreneurial experience and market expertise, she considers solar energy to be the most progressive industry in the U.S. today.
Why Solar Panels Are Popular in the U.S.
According to Iuliia, many homeowners view the switch to solar energy as a long-term investment that not only saves money but also makes their homes more environmentally friendly.
One of the main reasons people consider switching to solar panels is the potential savings on electricity bills. By adopting solar energy, many homeowners can reduce their monthly electricity costs, with some reports suggesting savings of up to 30-50%. On average, U.S. households may save several hundred dollars annually. Additionally, government incentives and tax credits can help lower the initial costs of installing solar panels, making the transition more affordable for many.
Another key reason is the increase in property value. “First, solar panels make a home more attractive to buyers. Second, they don’t increase the annual property tax,” says Iuliia. Statistics consistently show that homes with solar panels are valued 4-5% higher in the real estate market.
Additionally, solar panels have become a symbol of energy independence for many Americans. “With traditional power systems, consumers are at the mercy of energy companies’ pricing. Solar panels eliminate reliance on fluctuating energy tariffs. Furthermore, in the event of natural disasters, solar panels with battery storage can provide a vital backup power supply, ensuring access to electricity even during grid outages,” explains Iuliia.
Finally, the environmental impact of solar panels cannot be overstated. “Solar energy is the cleanest, most renewable power source available, producing zero harmful emissions. Each solar-powered home prevents the release of four tons of carbon dioxide annually – the equivalent of planting 100 trees every year! If half of all U.S. homes adopted solar energy, greenhouse gas emissions would drop by 10%,” Iuliia emphasizes.
Solar Energy By the Numbers
The U.S. solar energy market has seen steady growth over the past decade, with an average annual increase of around 42%. Currently, the solar industry employs more than 250,000 people, a significant number when compared to traditional industries like coal.
States like California, Texas, and Florida lead the nation in solar installations, together accounting for a large portion of the country’s solar systems. This is largely due to favorable weather conditions and the decline in solar panel costs by roughly 80% since 2010.
Government programs, such as federal tax credits that cover a portion of installation costs, have also contributed to making solar energy a more accessible option for homeowners. Additionally, homes with solar panels may see an increase in property value without a corresponding rise in property taxes.
With advancements in technology, supportive incentives, and the environmental benefits of solar energy, it’s becoming a more appealing choice for many homeowners across the country.
Published by Stephanie M.
