New study confirms solar panels drive eye-popping home savings: 'Eliminate your electric bill'

Oct 15, 2024

While home solar installations are known to give individual households greater cost savings and energy independence compared to traditional electricity, a new study has just revealed that its benefits may be more widespread than initially thought.

According to researchers at the University of Texas at Austin, increased adoption of demand-reducing energy systems such as rooftop solar, community solar, and battery storage is not only saving users money on electricity rates, but it is also slowing down grid deterioration.

The study simulated the consumption of a neighborhood-sized portion of the electrical grid and found that providing traditional electricity would cost a collective $7.2 million per year without any energy systems to offset demand and reduce wear and tear, as detailed by Inside Climate News. With demand-reducing tools, costs were estimated to be only $4.2 million annually. Including incentives, the difference in utility costs for ratepayers was about 40%.

But households that do make the switch to demand-reducing energy systems, like solar, reap even greater individual savings.

The investment in rooftop solar panels saves households an estimated $25,500 to $33,000 on electricity over the panels' lifetime, according to Forbes. Plus, households that install solar can benefit from a 30% tax credit, thanks to President Biden's Inflation Reduction Act.

EnergySage can save homeowners hoping to make the switch even more. As an online resource for finding the best deals on clean energy solutions, EnergySage provides shoppers with free resources to get quick solar installation estimates and compare quotes.

According to EnergySage's senior research analyst, Alix Langone, there is no better time to start saving on electricity costs than right now.

"You're always saving off the bat, right away, as soon as you eliminate your electric bill," Langone told homeowners in a livestream on EnergySage's YouTube channel. "... What you're paying for solar is always going to depend on the cost of local electricity in your area, how much you use electricity every day in your house, the size of your roof, and everything like that."

Besides saving on electricity costs, investing in solar is also an investment in sustainability, with major environmental benefits.

Unlike traditional electricity production methods driven by dirty energy, solar panels do not produce any heat-trapping gases while in use, meaning less planet-warming pollution is released into the atmosphere. In fact, switching to solar can reduce a home's carbon pollution by up to 80% in one year, according to The Renewable Energy Hub.

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