Solar panels can save your household a ton of money on energy bills over time. However, they do take an up-front investment that makes many homeowners wary. The good news is that solar panels more than pay for themselves in the end. The better news is that right now, homeowners are recouping their investments faster than ever.
EnergySage, an incredible online marketplace for solar panel installation, also offers regular marketplace reports to lay out changes in the solar panel industry. The 19th report, from October 2024, revealed the solar payback period sank from 8.1 years in 2023 to 7.5 years in 2024.
What that means is that the average homeowner who installs solar panels will make back their original investment in just seven-and-a-half years — after which the solar panels will keep saving the household money for their whole 25- to 30-year lifespan. If you act now, that could be tens of thousands of dollars in your pocket.
One reason for this is the Biden administration's Inflation Reduction Act, which created several tax incentives for homeowners who install eco-friendly upgrades like solar. Those incentives help pay you back for your solar installation, but they could go away in 2025, so now is the best time to move forward.
Another reason is that solar panels and battery storage just keep getting cheaper as the technology advances.
Finally, EnergySage is helping homeowners save on their solar installation by allowing them to easily get quotes from local installers and compare deals all in one place. You can save up to 22% on solar panel installation with this organization's help. Check out its website to find vetted suppliers in your area.
Solar panels don't only save money; you'll also be helping the planet. Solar is a clean energy source, meaning it doesn't create toxic and heat-trapping air pollution, unlike many of the power plants supplying the grid. That's what makes solar the best energy option.
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