Solar: Save Money, Fight Climate Change

What’s the easiest way to save money while helping fight climate change?  If you ask Hill resident John Ten Hoeve,  the first thing he’ll tell you is to invest in solar energy for your home.

Ten Hoeve has lived on the Hill with his family since 2015, and he’s been interested in weather and climate from as far back as he can remember. With degrees in meteorology and environmental engineering, he’s acutely aware of the impact that greenhouse gas emissions are already having on our planet, and he wants to be a part of the solution. DC offers many opportunities for doing just that.

John, a homeowner, is a huge advocate for rooftop solar. John’s solar array on his rowhouse produces 75% of the electricity that his family uses. This is impressive, considering that his roof also houses an AC system and ductwork. His solar array’s payback period is only four years. The panels will last for about 25 years.  After that four-year payback period, the array will be generating income for him—through reduced electrical bills and SREC payments. Ten Hoeve explains, “If you took the upfront cost of installing a solar array (approximately $10-15k for an average Capitol Hill home after tax credits) and instead, invested that money in the stock market, you would need roughly a 11% annual rate of return over 10 years to match the money generated from the solar panels–which is risk free!  After running all of these numbers, I was honestly shocked by how much financial sense it makes to install solar.”

However, not everyone can afford to invest thousands of dollars in a solar panel installation. You have a number of options when it comes to financing solar installers. These include the ability to lower your down payment, sell your SREC credits up front, or leasing panels through a power buying agreement (PPA).  DC Solar United Neighborhoods (https://www.solarunitedneighbors.org/dc/You can find a wealth information at ().

And if your roof is shaded or you don’t own your home, you can still power your home with renewable energy by contributing to a community solar project that will offset your electricity bill or purchasing green electricity from a verified 3rd party wind or solar electricity supplier that uses existing Pepco infrastructure.

Ten Hoeve notes, “I bought 100% wind energy before I purchased a solar array for my home, and I continue to purchase wind energy for the 25% of the electricity I don’t generate from solar.”  Meanwhile, programs such as the District Department of Energy and Environment’s (DOEE) Solar for All program help low- and middle-income residents—both homeowners and renters—save money by adopting solar energy.

But moving to solar power isn’t the only way to go green. Andrew Didden is a Financial Advisor at the National Capital Financial Group located at National Capital Bank, “The number of environmental, social, governance (ESG) investment options has increased substantially over the last few years while associated management fees for these funds have dropped considerably. This makes green investing a lot more affordable.” Ten Hoeve notes, “Many people don’t realize that a large percentage of their carbon emissions are tied to their investments or their debts, but there are many more options now to reduce these indirect emissions through more sustainable investing.”

Ten Hoeve has also taken on more hands-on tactics that save money while reducing his family’s carbon footprint, and thereby helping to protect the environment. ”We use our car sparingly, we only eat meat once or twice a week, and we compost our food waste for our backyard garden.  My four-year-old daughter already lets me know when I leave the lights on!”

While Ten Hoeve appreciates that he’s able to save money and be more environmentally friendly through these changes, he’s also very much aware of the magnitude of the climate challenge we face. ““While cutting your own carbon emissions is laudable, the United States cannot reach its targets through personal action alone.  We also have to support political movements that advocate for large-scale changes in our electricity, transportation, and residential heating/cooling systems.”  So, no, in short, installing a solar array on your home isn’t going to save the world, but it will help address the climate crisis and even increase the value of your home and put some money in your pocket!.

Catherine Plume is an environmentalist, urban homesteader, writer, and blogger for DC Recycler. www.DCRecycler.blogspot.com; Twitter: @DC_Recycler.  She is the Chair for the DC Chapter Sierra Club. However, her perspectives are not necessarily those of the organization.