New study shows homeowners can save almost $700 per year with rooftop solar panels: 'My bill was $0'

Whether in the winter or summer, seeing your utility bill can be a shock. Luckily, there is a way to reduce your costs: rooftop solar panels. 

According to the Santa Cruz Sentinel, a new study found that solar panels can save homeowners almost $700 per year. 

In 2021, researchers at the Lawrence Berkeley National Laboratory analyzed 500,000 households in the U.S. 

According to Sydney Forrester, lead investigator and a policy researcher in the Energy Markets and Policy Department at the laboratory, the study was "one of the most comprehensive, household-specific, national estimates of rooftop solar impacts on household energy burden." 

Numerous testimonials bear witness to these findings. One homeowner on Reddit was quite impressed with their personal savings, sharing, "My bill was $0 with solar over winter, and that's the time of year with highest consumption and lowest solar generation." 

On top of the savings, solar panels give you other benefits, according to the U.S. Department of Energy. For one, they can increase home values and also help you keep your lights on if the grid goes out — improving your climate resilience during extreme weather events, which have become more severe as a result of warming global temperatures driven by dirty fuel pollution. 

Other ways you can reduce your utility bills include weatherizing your home, upgrading to LED bulbs, and washing your clothes in cold water. 

As for solar panels, they are becoming more affordable to install than ever because of incentives through the Inflation Reduction Act. When you decide to install solar panels, there are many options to sort through, but EnergySage is one resource that can make it easy. 

The online marketplace's free tools are like Expedia for solar panels. After you answer some basic questions, it lets you compare deals so you can find the best price. EnergySage also connects you with vetted contractors and breaks down which rebates and incentives you qualify for under the IRA. Regardless of how you make your decision, one thing is for sure: you'll be happy with the long-term financial perks. 

🗣️ If you were to install home solar panels, which of these factors would be your primary motivation?

🔘 Energy independence ⚡

🔘 Lower power bills 💰

🔘 Helping the planet 🌎

🔘 No chance I ever go solar 🚫

🗳️ Click your choice to see results and speak your mind

President-elect Donald Trump said he intends to "rescind all unspent funds" from the IRA at some point after he becomes president. So while that would need approval from Congress and it's too early to predict any possible end date, the benefits may not last much longer.

"When we moved into our home, one of our first big projects was installing solar. Our electric bills were high and we wanted to offset that somehow. By switching to solar, we now have just one monthly payment and offset our costs by sending energy back to the grid," one person shared with The Cool Down. "Solar covers our energy use for most of the year, including cooling, electronics, yard equipment, and more." 

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