EnergySage has released its 20th semiannual report, showing that residential solar panel prices hit an all-time low in 2024.
Analyzing millions of transaction-level data points from homeowners on EnergySage, it highlighted a clear milestone for solar panels: The average price had dropped 30% year-over-year in 2024.
According to the report, the median quoted price of solar decreased for the third year in a row, hitting its lowest in recorded data at $2.50 per watt. "For a system at the median size of 11.5 kilowatts, that amounts to $28,750 before incentives," the report said. With incentives, you can save as much as 75% of installation costs.
EnergySage is a company that allows you to quickly compare free estimates from local solar installers to help you maximize savings on solar.
"Heading into 2025, solar and battery prices had never been lower on the EnergySage Marketplace, and for homeowners, that means more affordable and accessible clean energy solutions," said Emily Walker, director of content and insights at EnergySage. "This creates a compelling record-low benchmark to measure against as we begin to see the effects of shifting policies and tariffs take hold this year."
According to the U.S. Department of Energy, you can save up to $200 monthly on your energy bill while paying back the cost of your system in under five years. Solar panels also help decrease planet-overheating pollution from traditional dirty energy sources, such as coal and natural gas.
With comparison tools from companies like EnergySage, you can save even more. On average, homeowners receive nearly $10,000 in solar installation incentives with the help of EnergySage. The company also helps to connect you with federal incentives, like the Inflation Reduction Act's benefits that can save up to 30% of installation costs, as well as state tax incentives.
With uncertainty surrounding the IRA, taking action now can help maximize the savings of installing solar panels. The current administration has threatened to eliminate these subsidies, and though it would take an act of Congress to change the IRA, it's best to act fast now to save yourself thousands.
"If your solar system covers 100% of your power needs, you'll see savings right off the bat," EnergySage reported.
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The cost 💰 
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