Massive solar panel rebates could be slashed — secure thousands to upgrade your home before time runs out

Energy bills keep rising, and whether you live in a cold state or a warm one, you will have to pay more to heat or cool your home at certain times of the year. Luckily, installing solar panels can help you save money on those bills.

The scoop

The Inflation Reduction Act, passed by Congress in 2022, provided tax credits to make upgrading to solar energy easier. It can seem daunting to install solar panels when the average cost is $30,000, but those tax credits from the IRA can lower it by 30%. 

For example, in Wyoming, installation costs up to $45,000, but with the tax credit, you can save up to $13,000. 

EnergySage also makes it easy to make the switch. Its solar calculator helps you see how much money you can save; its search engine allows you to find solar providers in your area, just like you would for flight deals, ensuring you find the best price.

Unfortunately, these tax credits may not last forever. According to the Salt Lake Tribune, President-elect Donald Trump has said he will eliminate these incentives. 

How it's working

While the upfront costs of installing solar panels can be high, Forbes reported that you can save between $25,500 and $33,000 on your electricity bills over the lifetime of the solar panels.

EnergySage cited a study from the U.S. Department of Energy's National Renewable Energy Laboratory that states widespread solar energy adoption would significantly reduce polluting gases, such as particulate matter, sulfur dioxide, and nitrous oxide. These pollutants cause health problems, but reducing them would lead to fewer respiratory, cardiovascular, and chronic bronchitis problems.

Additionally, since solar power reduces polluting gases that warm the planet, it's also helping the environment. 

Arcadia and WattBuy are other companies that can help you transition to solar energy. Arcadia enables you to connect to community solar, so you don't have to install solar panels. WattBuy is a platform that gives you tips on saving money on your energy bills and lets you know if you are a good candidate for solar panels. 

🗣️ What is stopping you from upgrading to a heat pump system?

🔘 The cost of installation 💵

🔘 I live in a cold area 🥶

🔘 I don't know enough about it 🤷

🔘 I already have one 😎

🗳️ Click your choice to see results and speak your mind

What people are saying

According to The New York Times, Treasury Department data shows that "Americans claimed more than $8 billion in climate-friendly tax credits under the Inflation Reduction Act" in 2023. $6 billion was spent on installing "rooftop solar panels, small wind turbines, and other renewable energy systems." 

Deputy Secretary of the Treasury Wally Adeyemo told reporters the tax credits were "more popular than initially projected."

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