There may be no better time to install solar panels than now. Installation prices are at record lows and can save you a fortune in the long run.
According to EnergySage's solar and storage marketplace report for the first half of 2024, solar prices are now at a low of $2.69 per watt.
"We're at a pivotal moment for solar pricing, where ongoing cost reductions are enabling more homeowners to make the switch to clean energy," Spencer Fields, EnergySage's director of insights, said. "The combination of near-record low prices and more consumer-friendly financing options is creating new opportunities for wider adoption."
How much you save on your electricity bills depends on how much you pay. For example, if you spend $150 monthly, you can save $83,000 over the next three decades.
Upgrading to solar panels can feel complicated, but it doesn't have to be. EnergySage has a marketplace that works like a search engine for flight deals. You can browse providers in your area and get the best quotes.
The company also provides a guide to help you navigate the tax incentives you can receive from the Inflation Reduction Act — up to 30% in credits.
The future of these tax rebates is unknown, though. President-elect Donald Trump wants to eliminate them, but Congress must approve this, according to The Salt Lake Tribune.
Not only can solar panels save you money, but according to the U.S. Department of Energy, they also help reduce toxic gases that warm the planet. When the earth warms, it creates stronger storms that devastate communities.
For example, torrential rainfall in Spain caused the country's worst flooding in modern times, which killed 250 people.
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The United Kingdom also experienced 111 mph winds from its first storm of the season, Ashley, leading people to worry about flooding in areas that had not previously experienced it.
Since solar panels don't produce polluting gases that warm the planet, they can help prevent storms from becoming more severe.
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