Pros and Cons of Home Energy Options
Electric home energy certainly has its drawbacks. It’s pricy (especially now with inflation), and it’s unreliable, too — just look to last year’s power grid failure in Texas for proof.
On top of this, it’s often generated using fossil fuels, which can hurt the environment and further climate change.
Fortunately, electric energy is not your only option. There are a number of alternative energy sources you might consider adopting to make an eco-friendly home.
Are You Thinking About Changing Your Home Energy Source? Here Are the Pros and Cons to Consider.
Solar energy can be a great way to reduce your home’s impact on the environment and increase your home value. It can also save you money in the long run, and it means you’re not reliant on a power grid that could fail. Finally, having solar panels could qualify you for valuable tax credits.
On the downside, though, installing solar panels can be expensive, and not every roof is well-suited for them. If you’re considering solar panels, make sure to use a tool like Google’s Project Sunroof to judge the viability of your home.
Wind energy may also be an option, depending on where you live. The upside of wind is that it’s clean and costs very little once the system is installed.
There are drawbacks, though. For one, wind turbines can be an eyesore and, often, noisy. Wind energy is also highly weather-dependent, so it’s not as reliable as some other resources may be. Finally, it’s not an option for every property. You’ll need to live somewhere fairly remote for it to work.
Hydroelectric power, which uses water to produce electricity, is another home energy option — at least if it’s offered in your area. It’s renewable, clean, and emits no pollution, and it’s very reliable, too. Hydropower is also known to be cheaper than some other forms of energy.
The biggest con is that it’s just not widely available — likely because building a hydroelectric dam is an expensive undertaking. A movement to retrofit old, unused dams could change that, though. Another drawback is that droughts could cause energy delays. This means they’re not a great solution for more drought-prone regions.
Paying for Energy Upgrades
If you’re looking to change up your home energy resource — or even just make more eco-friendly updates around the house — a cash-out refinance could help you cover the costs. Get in touch with an Embrace Home Loans officer in your area for more info.