The time it takes to break even on solar panels is plummeting — here's how you can get thousands off

Nov 03, 2024

Installing solar panels can be expensive up front, but the time it takes you to get your money back has lowered. So, if you are waiting for a sign to take the plunge, this may be it.

According to EnergySage's Solar & Storage Marketplace Report 2024, between the second half of 2023 and the first half of 2024, the payback period for solar dropped from 8.1 years to 7.5 years.

Solar panels are an excellent way to save money on electricity bills. EnergySage reported, "You could save between $28,000 and $120,000 over the lifetime of your solar panel system."

EnergySage has other ways to save money, including free tools to help you calculate your savings on electricity bills and how to get your rebates and tax incentives. The solar company also offers a marketplace where you can search for the best deals on installation, just like you would search for flight deals.

Investing in solar energy can benefit your entire community and even the country. According to a study by the University of Texas at Austin, homeowners and companies who installed solar panels and battery storage or joined community solar reduced the demand on the electricity grid.

The study found that reducing the demand on the grid would save communities $3 million on utility bills.

Switching to solar energy can also have a profound effect on the environment. Per the United Nations, dirty energy sources like gas, oil, and coal are the largest contributors to warming the planet. These sources are used to produce electricity and heat. However, by switching to cleaner and more reliable energy sources, like solar energy, the amount of polluting gases can be cut by almost half by 2030.

You can reap all these benefits by investing in solar energy.

"We're at a pivotal moment for solar pricing, where ongoing cost reductions are enabling more homeowners to make the switch to clean energy," said Spencer Fields, EnergySage's director of insights. "The combination of near-record low prices and more consumer-friendly financing options is creating new opportunities for wider adoption."

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