A new study from the University of Texas at Austin revealed that solar-powered homes could do more than just lower power bills for individuals — they could provide financial benefits for the rest of the country.
The study looked at how reducing wear and tear on the grid can help save users money on their monthly bills, Inside Climate News reported.
Lead author Nick Laws said: "A lot of times, the hardware on the grid is near the end of life." When individuals and companies use non-wires alternatives like rooftop solar, community solar, and battery storage, they reduce demand on the grid hardware, extending its life.
The researchers found that the cost of providing electricity to a neighborhood-size area would be about $7.2 million per year if there were no reduction in power demand. However, if utility companies offered incentives that caused homeowners and businesses to use demand-reducing alternatives, it would cost $4.2 million per year.
This saving of $3 million, which is more than 40%, would ideally be passed on to customers through their utility bills. "It lowers the cost for everybody," Laws said.
Unfortunately, the tricky part would be convincing utility companies to offer incentives and encourage power alternatives. Their business models rely on increasing electricity demand, not reducing it.
While this part of the puzzle hasn't been solved, rooftop solar savings for individuals has. According to MarketWatch, homeowners with solar systems can save about $1,530 every year on power bills.
Solar panels and battery storage provide users with reliable, more affordable energy. Community solar helps entire areas become more resilient in the face of extreme weather events caused by our planet overheating.
During storms, high heat, and freezing temperatures, the grid can become unpredictable, leaving people without power for extended periods of time. Solar energy is reliable and also helps people save tons of money on power bills.
Going solar is one of the best ways to save money with home energy upgrades, especially with the tax credit from the government's Inflation Reduction Act. Using solar is also one of the best ways you can help lower planet-warming pollution.
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Using solar panels can contribute to an overall plan of making your home self-sufficient, net-zero, and climate-resilient.
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