Solar power continues to shine in the United States as more homeowners install rooftop systems than ever before. A survey by Aurora Solar found that 76% of homeowners consider home solar a "smart financial move," according to PV Magazine.
Surprisingly, survey participants across multiple generations considered upgrading to solar a wise decision, with Generation Z and millennials leading the way. Over 90% of Gen Zers said they thought solar was a good investment, followed by 83% of millennials, 76% of Gen X, and 67% of baby boomers.
It's easy to see why more people are interested in solar energy. Rooftop solar panels can significantly lower your energy bills, and home battery systems can further reduce your reliance on the grid.
According to the clean energy marketplace EnergySage, the average U.S. homeowner saves around $50,000 on electricity over 25 years after going solar. That equals savings of around $165 per month on electric bills, as the company reported.
Survey respondents said electric bill savings were the main reason for investing in solar, with 93% of homeowners listing it as their motivating factor. Other reasons participants gave for going solar included energy independence (72%), reducing pollution (51%), and taking advantage of tax credits (46%).
The survey revealed that more homeowners are considering solar systems paired with battery storage — 69% of respondents reported wanting backup power to reduce their electric bills.
Federal solar tax credits offered through the Inflation Reduction Act can lead to even more money in your pocket, allowing homeowners to claim a 30% credit on solar installation costs.
If you want to go solar, you may want to snag these incentives while they're available, as President Donald Trump has said he wants to repeal the IRA. This would require Congress' approval, but it's best to claim thousands of dollars in discounts before they potentially disappear.
Ready to shop for solar? EnergySage's free tools can help you out, allowing you to quickly compare quotes from vetted contractors and navigate government incentives. On average, a typical homeowner who uses the EnergySage Marketplace to shop for solar panels saves an extra $9,716 via the federal investment tax credit.
"Faced with high interest rates, policy changes, and other economic headwinds, we found bipartisan support for solar among homeowners and business owners, more financing options focusing on third-party ownership, and increased interest in Inflation Reduction Act benefits," Chris Hopper, CEO and co-founder of Aurora Solar, told PV Magazine.
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Which of these factors would be your main motivation for installing solar panels? Click your choice to see results and speak your mind. |
Energy independence ⚡ "There's no question 2024 was a difficult year for solar. But this year's Aurora Solar Snapshot shows us just how resilient the industry is," he added.
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