The Financial and Environmental Benefits of Solar Energy: Why Now Is the Best Time to Switch

As energy costs continue to rise, more homeowners are turning to solar energy as a long-term solution to save money and reduce their environmental impact. According to research from the experts at renewable energy marketplace EnergySage, the average U.S. homeowner can expect to save approximately $50,000 in energy costs over the lifetime of their solar panel system. This is particularly beneficial in areas where electricity costs are high, as solar energy allows homeowners to generate their own power and avoid surging utility rates.

A Smart Financial Investment

National electricity costs have risen by approximately 32% over the past decade, according to the Energy Information Administration. With rates projected to continue increasing, the savings from installing solar panels become even more significant over time.

While the upfront cost of solar installation is the biggest expense, the good news is that prices have been dropping steadily. Thanks to technological advancements and improvements in manufacturing, the average cost of a residential solar system has declined nearly 60% since 2010, bringing the price down to around $25,000, according to the Solar Energy Industries Association.

Additionally, homeowners can take advantage of various federal, state, and local incentives to further reduce costs. The federal solar tax credit, made available through the Inflation Reduction Act (IRA), offers a 30% tax credit on the cost of a home solar system. While discussions continue about potential changes to the IRA, removing these incentives would require an act of Congress, making it unlikely that they will disappear entirely in the near future.

Environmental Impact

Beyond financial savings, homeowners are also making the switch to solar for environmental reasons. Unlike traditional energy sources that rely on fossil fuels, solar panels harness the power of the sun, drastically reducing household carbon footprints. By using clean, renewable energy, homeowners can significantly cut down on greenhouse gas emissions that contribute to climate change.

While researchers continue to assess the environmental impact of manufacturing solar panels—including resource use and effects on wildlife—most scientists agree that solar energy is far more beneficial to the environment in the long run compared to fuel-burning alternatives.

Why Now Is the Time to Act

With solar panel prices at record lows and incentives still in place, there has never been a better time to invest in solar energy. Homeowners looking to maximize savings should act quickly before any potential legislative changes affect current incentives.

For those ready to explore their options, EnergySage offers free tools to provide estimates and quotes, making it easier than ever to transition to solar power. Start today and enjoy the financial and environmental benefits of going solar for years to come.