Utility bills aren't cheap in America, and solar panels are one of the best ways to make them more affordable. But how worth it are they, really? And what about the steep price tag on installation?
Well, it all depends on where you live. Forbes estimates that, on average, solar panels save people between $25,500 and $33,000 over the lifespan of the system. But in some states, the savings mark is much, much higher. For example, the average 25-year savings in California surpasses $115,000, according to EnergySage.
That's some serious cash back in the bank. It's worth noting that the costs of installing and using solar power vary by state. Depending on the region's climate and energy needs, more or fewer panels will be required — and larger systems are actually billed at lower rates, EnergySage explained.
🗣️ What should be done to make home solar panels cheaper?
🔘 More tax incentives 🏦
🔘 Lower installation costs 🧑🔧
🔘 Better loan options 💸
🔘 They're cheap enough already 🤷
🗳️ Click your choice to see results and speak your mind
A study by researchers at the University of Texas at Austin has shown how reducing demand on a neighborhood's electrical grid through solar power and battery storage projects also lowers the cost of electricity in that area, Inside Climate News reported.
The initial costs might make your eyes widen — but luckily, homeowners don't need to pay full price anymore. Through the Inflation Reduction Act's tax program, you can save 30% of the overall cost and installation of new solar panels, no matter which state you live in.
Now may be the best time to take advantage of the tax break, the lower electricity cost, and the huge lifetime savings — not to mention the ability to power a home without burning fuel that heats up the planet.
That's because the IRA and other forms of clean energy support from the federal government may see some changes once President-elect Donald Trump returns to office. However, any policy changes would need approval from Congress first, so no one knows exactly what will happen next.
In the meantime, exploring options, comparing costs, and getting educated are great steps to take here and now — and EnergySage has everything you need to get started.
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