It's not just you: Your electric bill really is rising with each passing year. But there may be relief for you — and the planet — on the horizon with one money-saving home upgrade.
A recent report by Lawrence Berkeley National Laboratory found that retail electricity prices have increased by 4.8% each year from 2019 to 2023. As highlighted by PV Magazine, U.S. electricity prices are increasing at a faster rate than inflation, making the cost of electricity especially taxing for homeowners.
The report suggests utility costs related to the distribution and transmission of electricity are partially to blame for the year-over-year price increase.
The growing residential electricity costs are just another reason to consider switching to solar. While investing in solar panels for your home can be expensive — often requiring an upfront cost of about $20,000 to $45,000 depending on where you live — the green tech can save you a great deal on home power in the long run.
To help ease some of the initial costs of solar, the government is offering to cover 30% of home solar installation costs for eligible homeowners. It's courtesy of the Biden-era Inflation Reduction Act, a game-changing law that marks Congress's biggest clean energy and climate action to date.
Claiming these government savings is surprisingly easy, thanks to EnergySage. Billed as the "Expedia of solar," EnergySage can help you determine how much solar panels could save you. The free online resource can give easy, fast solar installation estimates and compare quotes via its comprehensive tools.
You may be surprised at how much more affordable solar panels can be, thanks to the IRA. According to EnergySage, the average estimated cost to install home solar in Wyoming is about $44,000. With the government's 30% promise, a homeowner installing a $44,000 system would get about $13,000 in tax incentives and rebates toward this climate-friendly home upgrade.
But you won't only be saving on upfront costs. Going solar is one of the best ways to save money on home energy. According to EnergySage, you're likely to save anywhere from $28,000 to $120,000 over 25 years by installing solar panels.
The average homeowner can expect solar panels to pay for themselves in about 7.5 years, per EnergySage. Even if you don't remain in the same house that long, solar panels can increase the value of your home when selling.
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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 ⚡ Solar power is also one of the least polluting energy options available to homeowners. Solar energy helps reduce reliance on the grid, which still draws energy from polluting sources. According to the United Nations, dirty energy sources — like gas, oil, and coal — are the largest contributors to planetary warming, and a change is much needed. Recent data suggests that 79% of all power comes from dirty energy sources.
But these solar rebates may not be available forever. President Donald Trump has suggested plans to dismantle the IRA, which could reduce or eliminate government incentives for climate-minded home renovations. Major changes to the IRA would ultimately require an act of Congress, but given the uncertain future, taking advantage of IRA incentives sooner rather than later could save you thousands.
If you're considering solar, make EnergySage your first stop. With game-changing tools to help make solar savings easier to navigate, saving money and helping the planet just got easier.
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