Did you know that you can get up to $13,000 from the government for installing solar panels on your roof, depending on the cost of the project? These credits may not be around forever, so here's how you can cash in now.
While solar can cost a lot upfront, savings rack up over time, and a 30% federal tax credit on that upfront cost certainly makes it a lot more affordable.
The average shopper for solar in the U.S. needs an 11-kilowatt system to power their home, according to EnergySage. A system like that costs more than $29,000 on average before government incentives ($8,700 in this case), and in a few states, such as Alabama, that average cost can hit as high as $44,000 (before what would be about a $13,000 tax credit there).
Depending on local energy costs, EnergySage says you could save between $31,000 and $100,000 over the system's lifetime. Going off those numbers, that means the average American would pay just over $20,000 after tax credits to save at least $10,000 more, depending on electricity usage in your home and costs in your area.
In Alabama, where solar installations cost a bit more, they are still a good deal due to the cost of electricity there — EnergySage says that while a system would likely cost over $30,000 after incentives, the average cost of $3.15 per kilowatt-hour means you'd save over $59,000 over 25 years.
According to those numbers, your solar system could pay for itself two or three times over, along with just making yourself more energy-independent in the face of power outages. And taking advantage of federal tax credits now could help you save a substantial amount in the long run.
Switching to solar panels is also one of the most concrete ways you can help the planet as an individual. People can support clean energy and decrease air pollution while bringing their energy costs down to nearly $0. This can make their surrounding community healthier and more robust.
Researchers are even analyzing how solar can harness existing air pollution to create even more energy. This form of power is truly strong and has the potential to assist our communities in more ways than we currently know.
If households decide to join a community solar project, they can still save money. Community solar typically gives people a discount on their energy bill while telling people around them that clean energy matters. That demand has the power to bring more clean energy to the area.
Whether it's community solar or rooftop installation, EnergySage can find the right solar panels for you. In addition to helping people find a local installer with good reviews, EnergySage can also help with netting around $10,000 in those federal tax incentives.
While you can also get incentives through the Inflation Reduction Act, it may not be around forever. President Donald Trump has talked about cutting these funds, so taking action swiftly will ensure you'll save as much as possible.
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