Nearly eight in 10 U.S. adults are stressed about high energy bills, according to a recent survey by CNET. Their stress is, unfortunately, warranted: Utility prices have steadily climbed over the last several decades, with 2023 costs increasing over 6%, per Statista.
But here's the good news: Solar panels, while an expensive upfront investment, are a great way to save dramatically and cut your energy costs by nearly 100%. They also happen to be one of the best ways to lower your home's planet-warming pollution footprint, by eliminating your reliance on dirty fuels.
And here's the even better news: There's an easy way to calculate exactly how much you'll save, and how quickly you'll break even on your solar investment, so that you can make an informed decision when it comes to switching.
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The cost of installation 💵 CNET's solar payback period calculator assesses how many years it will take for you to recoup the installation cost based on a handful of factors. These factors include the total cost; available rebates, discounts, and tax breaks; your home's energy consumption; as well as estimated energy rate increases. And while every situation is different, Jamie Haenggi, the president of ADT Solar, told CNET that the U.S. homeowner's average solar payback period is six to 12 years.
If you're unsure whether you'll still be living in your house by the time that payback hits, don't worry — the system will increase your property value and grant your payoff in the form of a higher sales price.
As Haenggi explained, it's unlikely that installing solar doesn't make sense financially — regardless of the payback period.
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If that sounds good to you, check out EnergySage's free tools to get started with solar installation estimates and quotes. And if you live somewhere where you can't install your own solar panel system, such as a condo or an apartment with a strict homeowners association, look into options for buying into a community solar program. This is an excellent way to enjoy clean, affordable energy without needing to invest in your own system.
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