Studies Show California Is A Top Solar State
According to a study by the North Carolina Clean Energy Technology Center, five of the top ten cities for solar in the USA are in California, including San Jose, Los Angeles, San Diego, Oakland, and San Francisco. The study looked at the average monthly savings customers can expect during the first year of solar, the relative value of investing in solar compared to a investing in stocks, and the “levelized cost” of the system compared to the cost of energy from a customer’s local utility, and found that California was at the top of the list.
Comparing an investment in solar to an investment in stocks, you can see that the scales tip even more in solar’s favor. Using net present value of solar as an investment by representing the future value in present-day dollar terms, a dollar invested in solar yields a greater value than a dollar invested in the stock market. In fact, the top ranking cities using net present value are all in California, with San Jose ($16,299), San Francisco ($14,987), and Oakland ($14,951) all generating significantly higher returns over the 25-year life of a solar power system when compared to the S&P 500 stock index.
Plus, increasing the value of your home is just one of the financial benefits of solar. Until you sell your home, your solar panels are saving you significant cash on your monthly electricity costs. Net metering allows you to sell excess power back to the grid, and in some areas, your solar panels can also generate additional income from the sale of solar renewable energy certificates (SRECs).
Bottom Line: Going solar in California is a smart financial investment for many homeowners in both the short and long term, and one that will even pay for itself!