While interest in solar is surging in the U.S., most people have no idea how much money this renewable energy alternative could save them on their monthly energy bills.
That's according to a recent survey conducted by Aurora Solar, a company that helps automate the design and proposal process for solar projects. The group surveyed 1,000 homeowners aged 25 and older and found that 78% of them underestimated their monthly savings. In fact, while over one-third of respondents thought they could only save $50 a month, Solar Energy Industries Association estimated that the figure is closer to $125.
People were also in the dark about the Investment Tax Credit, which allows homeowners and businesses to deduct 30% of the cost of solar installation from their federal income taxes.
"Forty-three percent reported hearing of the ITC but don't understand how it works," the company said. "One in three Americans have never heard of it at all."
This could be part of the reason that the survey found that 39% of low-income households wouldn't even consider solar.
In addition to the savings benefits associated with going solar, it's also a win for the environment as it helps households move away from dirty, planet-heating energy sources such as gas and coal. There's no better time than the present to make the switch: The ITC credit expires at the end of the year.
EnergySage can help you navigate all things solar with free tools such as installation estimates and quote comparisons. It also has a useful mapping tool that shows, on a state-by-state level, the average cost of a home solar panel system along with details on incentives for each state. By utilizing Energy Sage's free services, the average person can save up to $10,000 on solar purchases and installations.
Even with incentives and help from EnergySage, buying solar panels might not be for everyone because of their upfront costs. Renters can look into enrolling in community solar programs.
Save $10,000 on solar panels without even sharing your phone number Want to go solar but not sure who to trust? EnergySage has your back with free and transparent quotes from fully vetted providers that can help you save as much as $10k on installation. To get started, just answer a few questions about your home — no phone number required. Within a day or two, EnergySage will email you the best local options for your needs, and their expert advisers can help you compare quotes and pick a winner. |
Don't forget that pairing solar with other electric appliances, such as energy-efficient heat pumps, can drive your utility costs even lower. The Cool Down's HVAC Explorer makes it easy to find the right installer and efficient HVAC solution for your home and budget.
"With the ITC phase-out looming, the industry faces a pivotal moment," Aurora said. "The appetite for solar is strong, but misconceptions and financial barriers remain."
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What's the biggest concern you'd have about getting solar panels? Click your choice to see results and speak your mind. |
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