Solar power has been steadily growing in popularity due in large part to the massive savings it offers homeowners.
Research from the experts at renewable energy marketplace EnergySage found that the average U.S. homeowner will save approximately $50,000 in energy costs over the lifetime of their solar panel system.
This is particularly true in areas with high electricity costs. Generating free energy through a solar panel system means homeowners can avoid the additional burden of surging prices and inflated utility rates. Since national electricity costs have risen by approximately 32% in the past decade, per the Energy Information Administration, that amounts to some serious savings.
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If you were to install home solar panels, which of these factors would be your primary motivation? Click your choice to see results and speak your mind. |
Energy independence ⚡ Many homeowners also choose to make the switch because of the environmental impact. Because solar panel systems utilize sunlight, not polluting fossil fuels, to provide energy, they drastically cut the planet-heating pollution generated by a household that upgrades.
While research is ongoing to assess the impact of manufacturing the panels, including resource use and impact on wildlife, most scientists agree that these systems are more beneficial to the environment in the long run than traditional fuel-burning systems.
The biggest expense with solar is, of course, the initial investment and installation. But even those historically high prices have been dropping, largely due to technological advances and innovations in manufacturing. According to the Solar Energy Industries Association, the average residential system has dropped by nearly 60% since 2010 to just $25,000.
And while these prices are high, homeowners can easily recoup the cost — and more — by taking advantage of federal, state, and local incentives. These include the federal solar tax credit through the Inflation Reduction Act, which allows shoppers to enjoy tax credits equivalent to 30% of a home solar system's cost. And while many parts of the IRA could be repealed in the coming weeks and months, the full removal of these incentives would require an act of Congress.
Nevertheless, any homeowners considering making the upgrade will be most likely to get the best savings by acting quickly. If that's you, check out EnergySage's free tools to get started with estimates and quotes.
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