With energy bills rising, there's some good news about switching to solar energy that can help everybody in the long run.
A new study out of the University of Texas at Austin showed that savings can be made by reducing the demand on the existing electrical grid if people and companies invested in cleaner energy, like solar power, including rooftop, community, and battery storage systems.
Lead author Nick Laws told Inside Climate News investing in these types of demand-reducing systems would bring a savings of approximately $3 million (40%, including incentives) on our utility bills.
🗣️ 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
The Energy Markets & Policy department at the Berkeley lab is seeing a promising uptick in solar power growth too. Over the past two decades, there has been a steady rise in the size of residential solar systems, thanks to lowered costs and increased efficiency.
Switching to solar energy is an excellent way to save money on utility bills, with Forbes reporting that households can save an estimated $25,500 to $33,000 on electricity over the panels' lifetime. And thanks to the Inflation Reduction Act, you can get a 30% tax credit for installing solar panels at your home. Solar also adds value to your home, with a recent Zillow study showing homes with solar panels sold for 4.1% more than those without.
Apart from the financial benefits, solar energy is also one of the easiest and best ways to help the environment. The Department of Energy reports that every kilowatt-hour of solar energy generated greatly reduces greenhouse gas pollution, like carbon dioxide, and other harmful pollutants, as well as reducing water consumption and waste.
Installing solar can seem like a daunting task, physically and financially, but luckily there are tools to help, like EnergySage. EnergySage helps you answer questions about solar, find quotes from installers local to you, get expert assistance that can save you up to 22% in switching.
As Laws told ICN, solar power "lowers the cost for everybody."
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