Even without tax incentives, solar and wind are beating fossil fuels such as oil and gas in the affordability department. A new analysis shows just how much of a gap there is between renewable energy sources and traditional ones.
As reported by PV Magazine, Lazard's latest Levelized Cost of Energy report finds that unsubsidized utility-scale solar ranges from $0.038 to $0.078 per kilowatt-hour, while onshore wind comes in at $0.037 to $0.086 per kWh. By comparison, new-build natural gas peaker plants cost $0.138 to $0.262 per kWh, even before factoring in volatile fuel prices.
With current federal subsidies still in place, solar can be as low as $0.02 per kWh and wind $0.015 per kWh, making them much cheaper than even the most efficient existing power plants relying on dirty energy.
For homeowners, this is another reason to explore going solar, especially since Congress has voted to end the 30% federal solar tax credit at the end of 2025. Completing installation before then could mean saving thousands. Homeowners can compare multiple local quotes for free with EnergySage's tools, which also give you quick estimates for your home.
The environmental benefits are just as compelling. Solar panels provide energy with zero emissions, helping cut planet-overheating pollution. Plus, the sun is free to use, meaning homeowners can bet on long-term, predictable energy costs. As Lazard's report notes, "renewable energy remains the most cost-competitive form of generation" and is also the quickest to deploy.
If you're considering making the switch, EnergySage's mapping tool can show you the average installation costs and incentives in your area. The sooner you start, the more you stand to save, both in incentives and decades of lower bills.
Installing solar panels is the ultimate home energy hack, with the potential to drop your electricity costs to near $0. EnergySage could help you save up to $10,000 if you take advantage before time runs out. Don't forget that going solar also makes other electric appliances, such as heat pumps, even cheaper.
If you aren't sure where to begin optimizing your home's setup, Mitsubishi can help you find the right affordable heat pump.
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. |
As PV Magazine put it: "Lazard's analysis makes it clear, however, that even without tax credits, solar and wind are more cost-effective than new-build gas and coal, making them a more sensible investment for the U.S. power sector."
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