As electricity costs continue to grow, more and more Americans are considering making the switch to solar.
One such person includes a homeowner on Reddit, who recently made a post on r/solar seeking advice on whether they should make the switch to solar sooner rather than later.
“Should I get solar now?” wrote the homeowner in their post. “I’m concerned that prices all around for solar components and installation are going to increase along with energy costs.”
The homeowner is right to be concerned about the increasing costs of electricity.
A recent study by Bank of America Institute researchers found that in May 2024, the year-over-year inflation rate for electricity prices in the U.S. hit 5.9%, up from 3.8% in January 2024.Â
Unfortunately, prices are projected to keep rising, too, with the increase in data centers and artificial intelligence facilities being added onto already-strained electrical grids. Industrial onshoring is expected to contribute to rising electricity costs as well.
As for the cost of solar components and installation, solar hopefuls may soon be losing access to government incentives that would save them thousands on solar installation.
Although solar technology is getting cheaper every day thanks to factors such as advancements in technology and increased production scale, federal incentives saving homeowners thousands of dollars on installing solar may soon disappear.
Former President Biden’s Inflation Reduction Act, which offers rebates for a wide range of energy-saving home improvements, including solar, may soon become unavailable if President Trump follows through on his promises to eliminate the benefits. In other words, homeowners will be forced to pay full price for eco-friendly home upgrades.
With electricity prices on the rise and the impending termination of federal incentives, now is a better time than any to switch to solar.Â
Plus, the sooner you make the switch, the sooner you can start saving.
By investing in rooftop solar, households can eliminate their electric bills, saving an estimated $25,500 to $33,000 on electricity over the panels’ lifetime, according to Forbes.
One user in the comments of the Reddit post shared how much their rooftop solar was saving them.
“We were averaging $250 per month (hot climate) with electric cars and a less than efficient home which [adds] up to $3,000 per year, and $45,000 over 15 years,” they wrote. “All together after finalizing our electrification projects and home energy efficiency projects, our $27,000 solar investment will offset $730 of expenses per month, $8,760 per year, and $131,400 over the next 15 years.”
Besides the monetary savings solar can grant homeowners, switching to solar is also better for the planet. Unlike traditional electricity production methods driven by dirty energy, solar panels do not produce heat-trapping gases while in use, meaning less planet-warming pollution is released into the atmosphere. In fact, switching to solar can reduce a home’s carbon pollution by up to 80% in one year, according to the Renewable Energy Hub.
For those ready to make the switch, EnergySage, an online resource for finding the best deals on clean energy solutions, can save homeowners even more on solar by providing shoppers with free resources to get quick solar installation estimates and compare quotes.
Reddit users who had already made the switch to solar encouraged the solar-curious homeowner to go for it, sharing their own positive experiences.
“I’ve had mine for 15 years. Best investment ever,” wrote one homeowner.
“We kick off our project in a week!” commented another user. “We’re incredibly excited. From Houston here. We have 3 young kids and a large dog. After the windstorm my wife said I don’t care what it is, but we will not lose power again.”
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