Destiny's Child wasn't lying when they said those "Bills, Bills, Bills" add up. However, a recent study from the University of Texas shows that adding household rooftop solar panels can help save money on future energy bills. Additionally, it helps conserve energy and benefits the grid in your neighborhood.
The scoop
As the fight continues for more sustainable energy sources, solar energy panels are increasingly viewed as a viable option. Especially with the Inflation Reduction Act, which encourages Americans to employ green energy solutions for tax credits and rebates, the timing has never been better to take advantage of improving the energy efficiency in your home.
Not only are solar panels a renovation that can add $15,000 in value to your home, but through the IRA you can also receive a tax credit of up to 30%. Employing green tech can pay off from the time you install it to when you receive energy bills to when you sell your home. Zillow economists discovered that homes with solar energy systems sold for 4.1% more — that's $9,274 on average.
However, it's important to be proactive about solar panel technology to be financially rewarded for your efforts. While nothing is definite, President-elect Donald Trump has said he intends to get rid of the IRA.
"They might not be able to kill the entire thing, but there's a lot that could be changed," Kevin Book, the managing director of ClearView Energy Partners, said. "And it doesn't take a lot of uncertainty to quash investment."
To counter the uncertainty, EnergySage offers a helpful tool to easily plan a solar panel installation. And while California reigns as the No. 1 state for home solar panels, the technology is becoming more popular in every state.
How it's working
A recent research initiative spearheaded by Nick Laws, a power systems engineer, further proves the plethora of benefits of solar power. According to Inside Climate News, solar power homes can "reduce wear and tear on the grid and save ratepayers money." Solar fuel can slash energy and utility bills by 40% over 20 years and add up to $33,000 saved over a solar panel sytem's lifetime.
And that doesn't even touch the surface of what solar panels can do for your community. Solar energy can improve the energy grid in your neighborhood by "extending the life of grid hardware by reducing the stress caused by periods of high electricity demand and long-term growth in demand." What's good for the goose is even better for the gander.
What people are saying
The IRA is only two years old, but the initiatives it supports are already showing great promise. Within the next decade, $1.2 trillion is expected to be invested in energy technology such as solar panels.
🗣️ If you were going to buy an EV, which of these factors would be most important to you?
🔘 Good driving range 🔋
🔘 Low sticker price 💰
🔘 High-tech features 🤖
🔘 Cheap maintenance 🔧
🗳️ Click your choice to see results and speak your mind
The end goal for Laws is "to change how utilities are funded 'to align their economic incentives with providing cleaner and more affordable energy.'" The decrease in bills, bills, bills is just the icing on the cake for creating cleaner energy for a healthier planet and grid systems.
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
