Energy experts reveal the jaw-dropping savings you can expect with rooftop solar panels: 'Most homeowners will save $31,000 to $100,000'

Americans across the political spectrum can agree on at least one thing: getting behind solar power. According to recent polling, almost 90% of Americans support federal incentives for installing solar panels. 

It's not hard to see why. Solar is already much cheaper than other energy sources, and it's only going to get more affordable. By 2030, it could be as little as 3 cents per kilowatt hour.

There are also a ton of economic benefits for the wider community. For example, Texas is in a solar power boon, with over 600 companies employing 12,000 people in the Lone Star state.

Over their lifetime, solar panels will pay for themselves multiple times over, as EnergySage reports: "Most homeowners will save $31,000 to $100,000 over 25 years with solar."

The main sticking point for most homeowners is the initial installation cost, which averages out to just over $20,000 after incentives. That average varies greatly depending on the home and the state, but solar is still a huge money-saver even in the most expensive areas. For example, Massachusetts is known for its high cost of living, but residents of the Bay State enjoy the highest 25-year average savings for solar panels: an astonishing $174,000. 

There are still several options for financing that installation, from paying upfront to a loan or even leasing. EnergySage has a useful tool for shopping for quotes and getting more information on installing solar panels. It's helpful to think of going solar as a long-term investment; the average payback time is about seven years, but that's continually decreasing. 

The future of solar subsidies is uncertain, with the current administration seeking to stop additional funding for the Inflation Reduction Act (IRA), which would not affect funds already paid to states to administer these incentives for the foreseeable future without an act of Congress.

However, given the popularity of solar power in the United States, it would be a political own-goal to permanently repeal those subsidies. Andrew Baumann, partner at Global Strategy Group, said: "The clean energy incentives passed as part of the IRA are wildly popular… politicians from either party who want to repeal those incentives are putting themselves at great political risk."

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