A recent report revealed the United States now has over 5 million solar installations, and that number is set to double by 2030. Of those installations, 97% are on residential rooftops.
The Solar Energy Industries Association further detailed that 7% of American homes already have solar. Within the next six years, that number is estimated to increase to over 15%.
As the popularity and usage of solar power increase, so do the financial benefits for everyone. A paper from the University of Texas, Austin, written about by Inside Climate News, explained the wide-reaching perks of an uptick in solar users.
Nick Laws, the lead author of the paper, and his team found that by reducing demand on the power grid by using renewable energy sources like solar, entire communities could see a reduction in their power bills.
Reducing demand on the power grid extends the life of its hardware, cutting down on costs for utility companies. These savings could then be shared with their customer base.
Installing your own rooftop solar system can save even more money. Forbes estimated that homeowners with rooftop solar can save between $25,500 and $33,000 over the lifetime of the panels.
Going solar is one of the best ways to increase your home energy efficiency and decrease your power bills. By making your home more energy-efficient, you're also cutting down on planet-warming pollution and helping the environment.
For more information about installing solar panels, visit EnergySage's website. Their easy-to-use site offers free tools to get quick solar installation estimates and compare quotes, helping you find the best prices in your area.
The Inflation Reduction Act can help you save even more money with its tax incentives. Aiming to help homeowners save money on energy efficiency upgrades, the IRA offers tax credits that can cover up to 30% of solar installation costs.
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It's important to act fast to benefit from these tax incentives as our political landscape is on the precipice of change. President-elect Donald Trump has repeatedly mentioned his goals to eliminate these subsidies and benefits. While changes to the IRA are possible, they would require an act of Congress, making the future of this powerful law uncertain.
With or without the benefits of the IRA, solar panels can save homeowners tons of cash, cut down on power grid demand, and help the environment.
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