If you've ever navigated the confusing landscape of financing home improvement projects, it can feel like you need to be an engineer and a policy expert just to make sense of your options.
So, when it came to deciding whether to switch to solar, one person asked Reddit.
"We have received quotes previously and were told that economically it didn't make sense for us," they explained. "This month we received an increase to our electric bill and our new level pay monthly will be $556 per month. … With increasing rates at what point does it make sense to install solar? I am trying to read all I can about the process and returns but truthfully it had got me totally confused."
Commenters understood their confusion all too well; many shared that they had been in a similar situation themselves and encouraged the OP not to rely on generalized advice. "Do your own math per your own situation," one advised.
The most upvoted answer was from a financial advisor.
"My advice is to use a local or regional solar company whose prices are reasonable in terms of price per watt," they began. "More importantly is the way you buy it - cash, financed (meaning buying to own), versus a lease or ppa (power purchase agreement) - a modified lease, basically. The federal tax incentives flow to the owner of the system. If you pay cash/finance, they're yours."
Another commenter praised the answer.
"This explains everything," they wrote. "The only thing that varies is the numbers, the formula is the same."
The tax incentives come from the Inflation Reduction Act, which offers thousands of dollars across multiple appliance categories for homeowners who want to upgrade from dirty-fuel-burning systems to clean, renewable systems. And considering that the rebates partially — or fully — cover the cost of implementation, these upgrades are generally a no-brainer when it comes to saving money in both the short and long term.
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The cost of installation 💵 Even better, these systems are an important way to reduce a home's carbon footprint and work toward ensuring a more climate-stable and resilient future.
But because President-elect Donald Trump could eliminate the subsidies, it's a good idea to take a look at your options sooner than later. Check out helpful tools such as those developed by EnergySage to see how you can save on solar now.
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