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One simple renovation can add thousands to your home's value — and slash your power bills

Over their lifetime, they can save you anywhere from $25,500 to $33,000 on electricity expenses.

Over their lifetime, they can save you anywhere from $25,500 to $33,000 on electricity expenses.

Photo Credit: iStock

Solar panels are having a moment in the sun, and as a homeowner, installing them can lead to brighter days while also saving you money and adding value to your home. 

What's all the rage about solar panels?

As the price of clean energy like solar continues to become more inexpensive and the options for accessing it grow, more and more people are turning to rooftop panels, solar shingles, community solar programs, and even balcony systems to increase their home's property value and decrease their monthly bills and environmental impact. 

Forbes reported that it takes five to ten years to pay back the initial cost of solar panels, but over their lifetime, they can save you anywhere from $25,500 to $33,000 on electricity expenses. Aside from monthly savings on your energy bills, a 2019 study by Zillow found that adding solar panels will raise a house's sales price by over 4.1%, on average.

Beyond the personal benefits to renters and homeowners alike, switching to solar will keep thousands of pounds of planet-warming pollution out of the environment each year. 

Why is knowing the details important?

While the benefits of solar panels are clear as day, they can be expensive to install and maintain. According to Forbes, home solar panels cost an average of $16,000, so knowing the details is crucial to ensuring you install the right kind to reap the most benefits. 

If the upfront cost is daunting, it is also important to know the rebates available for these environmentally friendly upgrades through the Inflation Reduction Act and how to get the most out of them. 

How to prepare for installing solar panels

Going solar is one of the best ways to save money on home energy and lower planet-overheating pollution. Whether you own a home, rent an apartment, or live in a condo or townhome at the whim of a homeowner's association, with all the recent advancements, there is certainly a solution that can work for you. 

If you're sold on the power of the sun but just don't know where to start, there are people working hard to help through every step of the process. For example, SaveOnEnergy's free tool can show you how much you can save with solar and allows you to compare quotes from solar installers. 

With companies like this, solar power and homeowners can walk hand-in-hand on the sunny side of the street.

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