New report shows you could save over $1,500 every year with rooftop solar — here's how you can take advantage
The sun provides a constant energy source, and millions of homeowners are taking advantage of that inexhaustible power by capturing it with rooftop solar panels.
With tax credits offered through the Inflation Reduction Act that can cover up to 30% of solar installation costs and the potential to save over $1,500 a year on electric bills, it's never been cheaper to go solar.
While savings and costs associated with solar systems vary widely depending on location, sunlight exposure, and installation costs, among other factors, you can save a good chunk of change in the long term with rooftop solar panels in most places.
A recent Forbes report found that homeowners can save up to $1,600 each year on electricity by investing in a typical solar setup — amounting to an energy savings of at least $25,500 to $33,000 over the system's lifetime.
While the news outlet estimates that it may take about eight years to see a return on the investment, you'd still enjoy 17-22 additional years of energy savings since solar systems typically last up to 30 years before losing juice. Even then, they still produce electricity, just not as effectively.
Besides IRA tax incentives, you could save even more on solar panels through state rebate programs — possibly to the tune of several thousand dollars, per Forbes. You can find out if your state offers incentives to go solar through the Database of State Incentives for Renewables & Efficiency's free tools.
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Not only will your wallet thank you for installing solar panels, but so will the planet since sun-powered energy produces zero planet-warming pollution, unlike dirty fuels like coal and oil.
Since just one solar panel can reduce carbon dioxide pollution by over 100 tons throughout its lifetime, per Sistine Solar, a typical residential setup of between 17 and 30 panels would result in significant environmental benefits.
If you're ready to install a solar system or just want to learn more about solar, EnergySage's free tools can help you explore your options. The solar comparison marketplace provides easy-to-use calculators for quick solar installation estimates so you can find the best deal for your situation.
Best of all, you can save 20-30% on a solar system compared to the overall market. Plus, the service is entirely online, so you don't have to deal with annoying sales calls.
"I live in a rural area which has power outages in the winter. Solar is great year-round, and the battery functions as backup, prioritizing convenience over cost savings," one of The Cool Down's members said about the benefits of solar.
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New report shows you could save over $1,500 every year with rooftop solar — here's how you can take advantage first appeared on The Cool Down.
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