If you're looking to save some mega cash, look no further than the sun.
Forbes reported that homeowners who opt for solar could save up to $33,000 over the lifetime of their systems. Plus, homes with solar panels sold for 4.1% more than houses without solar panels, according to a Zillow study.
Of course, there are upfront installation costs for solar systems, and many people choose to take out loans to finance their purchases. If you're on the fence about whether to wait for interest rates to go down, Alix Langone, senior research analyst at EnergySage, says there's actually no better time than the present to get started.
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"Yes, it's true you will save more money when you have a lower interest rate no matter what, but you have to take into consideration the money that you're still spending on your electric bill every month while you're waiting for rates to go down," Langone says. She explains that if you take out a loan to fund your solar system, the monthly bill should typically be lower than your electric charges. So, "If you don't wait and you invest now in solar, you're seeing that immediate savings, right off the bat," she says.
You may even qualify for tax credits covering up to 30% of your solar installation, thanks to the Inflation Reduction Act.
While saving on your monthly bills is an obvious reason to invest in solar, your new panels will also make you a good neighbor. That's because a new study shows that households with solar benefit their communities by taking strain off the electrical grid. This can slash costs for everyone.
Using clean, renewable energy to power your home also has major environmental benefits. Dirty energy sources such as coal, natural gas, and oil are responsible for more than 75% of all planet-heating emissions. Not only that, but they also contribute to pollution that endangers public health — for instance, air pollution in Denver is so bad that it's making runners feel nauseous and burning their throats. Air pollution also contributes to other health impacts, including lung cancer, cardiovascular disease, and respiratory diseases.
If you're ready to get started with solar, EnergySage has free tools that will help you get quick solar installation estimates and compare quotes.
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