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Budget-conscious homeowner calculates savings one year after installing solar: 'A bit of a roller coaster'

"This is the confirmation I have been waiting to hear before taking the plunge."

"This is the confirmation I have been waiting to hear before taking the plunge."

Photo Credit: YouTube

If you're considering solar but aren't sure if it's worth it, a YouTuber shared his experience with solar after a year of installation. Spoiler alert, he said he and his wife thought it was worth it. 

YouTube users appreciated the abundant details the content creator shared about the process and savings they got from solar. 

The YouTuber shared his experience in the "What I Learned After 1 Year with New Solar Panels" on his channel, Undecided with Matt Ferrell (@UndecidedMF).

While he said it was "a bit of a roller coaster" getting the system set up, he's pleased with the outcome. 

Ferrell calculated that his estimated annual electricity cost would be $4,875.71 without solar, but with solar, he's only paying between $200 and $300 a year.

He made a point to note that this is based on his setup and that everyone's savings will be different. His system, including solar panels and batteries as well as installation, costs $88,791 before tax rebates. 

He also noted that while it was an expensive setup, he would break even in nine years and, after 30 years, would have saved about $196,030.64.

Ferrell had some help with the installation. He used EnergySage. 

EnergySage makes it easy to choose a solar panel installer through its marketplace, which works just like searching for flight deals. You can compare installers in your area to find the right price and company for you. 

While the cost of insulation can be pricey, the Inflation Reduction Act provides tax credits to help make it more affordable. The solar panel tax credit can provide you with up to 30% of installation costs. That $88,000 doesn't sound as daunting after a 30% reduction. 

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However, the future of these tax credits is uncertain because the Trump administration has threatened to eliminate them. It will take a vote from Congress to do so, but if you want to take advantage of them, you should act fast. 

Ferrell's advice proved immensely beneficial to his community. 

One user said, "This is the confirmation I have been waiting to hear before taking the plunge."

Another commented, "Just started the process of getting quotes, this has given me some tools and good questions to make sure get asked during the process. Thanks for putting this out there."

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