Homeowner shows off impressive savings data five years after installing solar panels: 'My electrical bill has dropped by about $630 per year'

You may know that installing solar panels on your home can save you money in the long run, but have you ever wondered just how much you might save?

One Canadian Redditor shared their savings, with the help of detailed charts and graphs, with the r/solar community.

In their detailed description of what they've saved and how, they wrote, "My electrical bill has dropped by about $630 (54%) per year from $1,150 to $530."

Those are some significant savings, and other Reddit users were impressed with the amount saved and the level of detail shared.

"That's an impressive amount of data you've compiled in the links, thanks for sharing," one Redditor commented.

Switching to solar energy is one of the best ways to slash your energy bills significantly. Not only will you save money after installing solar panels, but you'll also reduce the amount of energy-related pollution your household is responsible for.

A fantastic way to get started on your solar journey is via EnergySage's free service, which allows you to quickly and easily find and compare estimates from solar installers in your area.

While the initial installation can be pricey, most people recoup the cost through energy savings within a matter of years. When sharing their data about their savings, the original poster mentioned they had their panels installed in 2020 and stated, "I'm expecting to hit pay-back sometime in 2030."

However, the original poster also mentioned that they'd saved money on their installation with incentives available in Canada at the time.

Those in the U.S. can receive solar tax incentives through the Investment Tax Credit (ITC or solar tax credit). However, this credit may not be available for much longer as President Donald Trump has signaled a desire to eliminate it.

If you were to install home solar panels, which of these factors would be your primary motivation? Energy independence Lower power bills Helping the planet No chance I ever go solar Click your choice to see results and speak your mind.

While an act of Congress would be required to eliminate the ITC, homeowners should act fast to receive the 30% tax credit.

Although the future of the ITC is uncertain, taking advantage of it now could save homeowners thousands of dollars.

EnergySage's free services can help you snag these incentives. With the company's assistance, the average homeowner can save up to $10,000 when installing solar panels.

EnergySage's map tool also shows state-by-state average solar prices and incentives, making it easier to tell if solar is right for you.

As one Reddit user pointed out in reply to this post, "Solar just works...it's a proven technology at this point. ... We should be subsidizing the hell out of it."

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