Energy experts explain how switching to solar could earn you six-figure savings — here's how to cash in

If you've been on the fence about adding solar panels to your home, the pros at EnergySage have some math for you to check out. 

They've offered calculations for sorting out how worthwhile solar panels are as an investment. No matter which way you cut it, solar panels will pay for their up-front cost in utility savings over time and eventually generate net gains in free electricity. 

By EnergySage's calculations, this technology can save you up to $100,000 over the course of a solar array's lifetime. 

The up-front cost of an installation will be determined by your electricity use. Use more power? You'll need more panels. 

The average system in the U.S. is 11 kW and costs $20,552, according to EnergySage. The 30% federal tax rebate can take a big chunk out of this price tag, though. 

Then you'll need to figure out how much you're spending on electricity. The average American spends $154 each month. The kicker is annual inflationary increases. Prices have gone up an average of 2.8% each year, which compounds to about 32% over a decade. Spending $150 each month can add up to over $81,000 in costs over 30 years, taking those rate increases into account.

The last step is figuring out how much the solar panels will save you. This is tricky since it depends on how much energy you generate and whether your local utilities support net metering so you can feed electricity into the grid and get bill credit for it. EnergySage figures the average American saves $50,000 over the course of running solar power for 25 years. 

On top of long-term monetary savings, solar power is a key technology in reducing reliance on dirty fuels. With enough storage, solar power can keep homes humming along overnight while avoiding the production of planet-warming pollution that's exacerbating extreme weather events. 

Home energy is a major emissions source, so making the switch really does make a difference. Even without natural disasters, solar power is the ultimate in power independence. Anyone looking to go off the grid, even if it's just for some of the time, should be looking into a solar installation.  

There are plenty of success stories of folks who are happy with their installations. By using EnergySage's tools to find a nearby solar installer, you could soon join them. 

Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.

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