A new study reveals the monetary savings homeowners can reap after switching to solar panels. According to an article published in the Santa Cruz Sentinel in July, the study provides "the best snapshot to date" on solar panel savings.
The scoop
Scientists at Lawrence Berkeley National Laboratory examined 500,000 households across the U.S. and found that the median American household saved $691 a year with solar energy.
The study accounted for all costs and benefits associated with solar panels, providing a comprehensive look at energy savings.
Unlike previous studies, the new evaluation considers upfront installation fees as well as lease payments and solar incentives in the cost-benefit analysis. The study also compared savings for households with different incomes to highlight how solar energy impacts individuals across socioeconomic statuses.
The researchers found that solar energy benefits varied across different regions in the U.S. For example, in California — where electricity bills are some of the highest in the country — switching to solar energy significantly reduces utility bills.
The researchers also found that low-income residents with solar power in the U.S. West experience some of the highest savings in proportion to household income: an estimated $821 a year.
How it's working
The new study underscores the monetary savings households in the U.S. can experience after installing solar panels. By providing a comprehensive look at solar energy installation, the researchers provide an accurate understanding of how solar panels impact American households.
Solar energy is one of the best ways to reduce your total energy bill and your environmental footprint. Switching to renewable energy sources, such as solar panels, can save you up to $1,500 each year and significantly reduce the amount of harmful, planet-warming gases entering the atmosphere.
If you're looking to make the transition to solar energy, consider using EnergySage's free online tools to receive an accurate estimate of solar installation fees and compare quotes.
What people are saying
Scientists and policymakers have recognized the new study as a major foundation for understanding the true monetary savings associated with solar energy.
Ram Rajagopal, who directs the Stanford Sustainable Systems Lab, called the findings "extremely valuable," per the Santa Cruz Sentinel.
"This is one of the most comprehensive, household-specific national estimates of rooftop solar impacts on household energy burden," lead investigator Sydney Forrester, a policy researcher in the Energy Markets and Policy Department at the Laboratory, told the Santa Cruz Sentinel.
"I applaud the paper's overall goal, which is to raise awareness about the potential for rooftop solar to help alleviate energy burden for low-income disadvantaged community households," Eric Daniel Fournier, research director of the California Center for Sustainable Communities at UCLA's Institute of the Environment and Sustainability, told the Santa Cruz Sentinel. "We strongly believe in the potential of rooftop solar … to address this important equity issue."
Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
Cool Picks
