While many homeowners view solar panels as a way to secure their energy supply or cut utility bills, fewer realize the long-term financial gains that can come with making the switch.
That's why Lexi Crilley, the solarize coordinator for the Great Lakes Renewable Energy Association, decided to share a few valuable points about solar energy as an investment.
Crilley broke down the numbers for Planet Detroit.
"Here's what fossil fuel corporations don't want you to know: solar has officially become the cheapest form of energy in history," she said.
Compared to conventional energy sources, which rely on burning harmful fossil fuels, the math favors solar. According to Crilley, the cost of energy from solar is just $58 per megawatt hour, compared to $122 per megawatt hour for coal and $200 per megawatt hour for gas peaker plants.
While the U.S. grid runs on a mix of fossil fuels and renewable energy that can push up electricity costs, installing solar panels lets homeowners take advantage of cheaper, locally generated power.
In fact, homeowners who opt for rooftop solar panels can see up to six figures in savings over the lifetime of their system.
If you're curious about what solar panels can do for your home's energy costs, consider checking out EnergySage for more information, quick installation estimates, and competitive quotes.
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As Crilley pointed out, when you compare the payback period — the time it takes for energy savings to cover the upfront cost of a solar system — with its expected lifespan, the numbers point to substantial long-term savings.
"[It] equates to more than two decades of energy you're not paying for," Crilley wrote.
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Save $1,000 this year 💸 With America's aging grid infrastructure and the emergence of energy-hungry data centers, more and more homeowners are feeling the pressure of rising power bills.
"As renewable energy continues to excel, it will be increasingly expensive to keep fossil fuel power plants running; private utilities can be expected to continue increasing their prices accordingly, placing the burden on residents already struggling to pay bills," Crilley added.
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Fortunately, solar panels can help homeowners remove themselves from that expensive equation. By taking power generation into your own hands, you can curb those rising electricity rates or, depending on your system, even fully cut ties with the grid.
Before you invest in solar, it is important to work with vetted partners to ensure you're snagging the best system possible. Homeowners who work with EnergySage can see up to $10,000 in savings on solar purchases and installations.
EnergySage also has a helpful mapping tool that can show you, on a state-by-state level, the average cost of solar in your area as well as details on local incentives. These free resources can ensure you lock in the best price on your home energy upgrade.
Also, to protect your home from frustrating blackouts and save even more on energy by avoiding peak electricity rates, consider pairing home solar with battery storage. EnergySage can get you information about the best battery option for your home and connect you with competitive installation estimates.
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