A new report by the Jack Kemp Foundation, a D.C. nonprofit, found that energy prices in Virginia could increase by up to 70% to meet rising energy needs, as KHQA news reported. Luckily, installing a rooftop solar system can lower your electricity bills and reduce demand on the electrical grid — and here's how you can take advantage.
The scoop
The report claimed that because of a skyrocketing demand for data centers, utility providers in Virginia may have to raise energy prices substantially to compensate. But no matter where you live, going solar is one of the best ways to save money on electricity and reduce your home's carbon output.
If you want to invest in home solar, the clean energy marketplace EnergySage offers free tools to quickly compare quotes from top-rated solar installers. By using the platform to find a contractor, you could save up to 22% and avoid the hassle of exploring your options through multiple websites.
In addition, the Inflation Reduction Act — the largest investment in green energy and climate action in U.S. history — offers a 30% tax credit when you install a rooftop solar system. However, you may want to act sooner rather than later to take advantage of these incentives that could be worth thousands of dollars.
As the Salt Lake Tribune explained, the tax breaks may not be around forever, as President-elect Trump has said he wants to repeal the IRA. Ultimately, its future is uncertain since any major changes to the act would have to be approved by Congress, but it's still a good idea to claim your benefits while they're available.
How it's helping
According to a study by University of Texas at Austin researchers, going solar could shave $3 million (40%, including incentives) off utility bills in the U.S. If you're wondering what that means for your household, SolarReviews estimates most homes can save around $1,500 annually on electricity with rooftop solar. Since solar panels generally last for around 25-30 years, the savings can amount to upwards of $33,000 on electricity over the lifetime of your panels, per Forbes.
You're also doing the environment a huge favor when you install solar panels since they generate their own energy, thereby reducing the amount of polluting gases such as coal and oil in the atmosphere from electricity production. The more homes are powered by solar, the cooler and safer our planet will be.
What people are saying
When someone asked, "Was solar worth it?" on Reddit, the answer was a resounding "yes" from many users.
"Installed ours last year, haven't had to pay an electric bill since, so yeah it was worth the cost. Should break even in about 6.5 years," one person commented on the post.
🗣️ 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
"I consider my $13/month electric bill a benefit," said another.
One of The Cool Down's readers also gave a glowing review of solar: "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."
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