2. What are the social and economic factors that could affect the adoption of solar-powered energy for households in Ghana?
Answers
Social factors are any variable which arises from culture, environment, community, family, organisation, society, government, the state, the media, technology, religion, ideology, discourse, language, communication, and which influences the individual to think and act in a certain way.Socially factors are things that affect someone's lifestyle. These could include wealth, religion, buying habits, education level, family size and structure and population densityeconomic factors. The set of fundamental information that affects a business or an investment's value. ... For a business, key economic factors include labor costs, interest rates, government policy, taxes and management.
The economic advantages of solar power include: Lower your electric bills. Net metering allows you to sell your excess electricity to the utility company for even lower energy bills! Increase your home's resale value.
Solar Controls Energy Costs
1. Solar can mean lower utility bills.
Your local utility rates1 are probably higher than you’d like.2 Unfortunately, saving money by turning off the lights and easing back the AC may only go so far.
When you choose to install a home solar system and a battery, you can better control your average electricity costs over a year. Households with the highest electricity rates from their local utilities are the ones who stand to save the most when they convert to power from the sun. But home solar systems can save almost any homeowner thousands of dollars over the life of the product, which is two decades or more.
2. Say goodbye to more Time-of-Use (TOU) rates.
For states with TOU rates, going solar with a home battery allows you to run your appliances when you want, not when electric companies tell you to. Since TOU rates are charged during peak hours, after work and during dinner, they can lead to a higher electricity bill. That’s utility surge pricing. If you can use energy in the morning or during the day, you’ll probably pay less.3
We often need to power up our homes when it’s convenient for us. With solar and a home battery, you are in control. Excess energy is stored in your home battery and you can use it when you need it the most.
3. Net Energy Metering (NEM) can work for you.
Net Energy Metering4 allows customers who generate their own electricity from solar panels to sell the excess electricity generated back to the grid. However, not all states have NEM policies, and these policies vary by state. A reputable solar company can explain the NEM in your location.
4. Federal and state incentives are available for going solar.
Currently, you can deduct 30% of the cost of your purchased home solar system from your federal income taxes.5 Many state and local governments that offer property and sales tax exemptions, too. Cash rebates can also help you reduce your costs by about 10% to 20%.6 Find out more about federal and state incentives.
5. Your home value may increase with the purchase of a home solar system.
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