The amount of money one can save by installing rooftop solar has gone, well, literally through the roof.
Solar panels became commercially available in the 1950s, and like many new technologies, they were not very effective at first. Generating just a few watts of electricity was the norm, according to the Department of Energy.
Fast forward to 2024, and the technology is more powerful than ever, with a single cell capable of producing over 400 watts. And get this: 97% of them do exactly that — another huge step up from just four years ago, when most panels performed below that mark, according to a marketplace report by EnergySage.
🗣️ If you were to install home solar panels, which of these factors would be your primary motivation?
🔘 Energy independence ⚡
🔘 Lower power bills 💰
🔘 Helping the planet 🌎
🔘 No chance I ever go solar 🚫
🗳️ Click your choice to see results and speak your mind
This colossal evolution of solar power is not just a cool fact. It has also fueled the adoption of solar energy on an unprecedented scale and had real impacts on the financial benefits of switching residential and commercial fuse boxes over to solar.
For example, the lifetime energy savings after installing rooftop panels can now be as high as $33,000, Forbes reported. Add in the tax breaks and incentives from the Inflation Reduction Act, and you're looking at another several thousand dollars back in your pocket.
On top of that, the increasing effectiveness of solar has led researchers to estimate that switching over the entire electric grid to systems that reduce demand for power — such as solar and battery storage — could shave a whopping $3 million off the annual utility bills of any average-sized neighborhood, per Inside Climate News.
Given how far solar power capabilities have come, it's clear that they are a great way to boost your wallet. They are also one of the best ways to use fewer polluting fuel sources for your home and appliances, preventing the planet from overheating at the same time.
Want to learn more about the science, costs, and options of solar energy?
EnergySage, also known as the Expedia of solar panels, is here to help you browse all types of clean energy equipment, compare quotes, and get educated, making harnessing electricity from the sun as smooth as possible.
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