When you first look into going solar, it’s normal to ask yourself, “Is solar power really worth it?” We understand that going solar is a significant financial investment, and we want to help you make the right decision for you and your family. 

While there are often location-specific programs that determine some of home solar’s financial benefits, we’re here to show you why home solar pays off in a big way no matter where you are. 

Here are the top ten reasons why solar power has a positive impact on our climate and your pocketbook:

1. Get a more predictable electric bill

Does it feel like your electricity bill gets higher and higher every year? It’s not just you. Electricity costs have risen by 16% over the past ten years, and this is a trend that’s likely to continue.1 

Factors like extensive repairs to grid infrastructure, rising energy costs, and cranking up the AC or the heat because of increasingly extreme weather all contribute to higher electric bills.2,3

Several factors can lower your monthly utility bill when you go solar, including overall electricity consumption, solar energy system size, direct hours of daily sunlight, and the size and angle of your roof.4 

In addition, if you live in a region with especially high electricity rates like the Northeast and the West Coast, you stand to save even more when you go solar.5 

Many solar plans also offer rates that are lower than what you’re currently paying, which means you could lock in solar electricity savings for years to come. 

Wherever you are in the country, home solar panels and battery storage can help you gain control over rising electricity rates as you make a long-term, low-risk investment.4 

2. Offset time-of-use (tou) rates

For states with Time-of-Use or TOU rates, going solar with a home battery allows you to run your appliances when you want—not when electric companies tell you to. TOU rates are electricity rates that are set by your local utility and vary depending on the time of day. 

With TOU rates, electricity is most expensive during peak hours or when the demand is highest, such as the evening when most people are home. 

Solar-powered batteries can help buffer you from peak electric rates. Excess energy is stored in your home battery, and you can use it when you need it the most. 

With a rechargeable home solar power and battery system, you can avoid the most expensive rates under a TOU rate structure while further optimizing your energy savings.

3. Earn electricity credits through net metering

Home solar doesn’t just offer more predictable utility bills. Depending on where you live, you may also be eligible to receive credits through Net Energy Metering (NEM).6 NEM customers who generate their own electricity from solar panels can sell the excess electricity generated back to the grid. 

Keep in mind that not all states have NEM policies, and these policies vary by state. A reputable solar company can explain NEM availability in your location. 

4. Take advantage of federal and state incentives for using solar power

Many people choose to get solar and batteries through third-party ownership, which allows them all the benefits of the system for a low monthly rate, while others choose to buy their systems outright. 

Based on where you live, you can cover a substantial portion of the cost of your solar PV system, and you could even pay it back in a fairly short amount of time thanks to the federal investment tax credit (ITC), state tax credits, and cash rebates. 

Visit the Database of State Incentives for Renewables & Efficiency (DSRE) to find tax credits and rebates available in your area. 

If you’re thinking of purchasing home solar panels and a solar battery, you’ll want to do it soon. The federal tax credit reduces the cost of a solar installation, including a solar battery purchase, by 26% through 2022.7,8 Keep in mind that the tax credit is scheduled to drop to 22% in 2023, and the tax credit is slated to be phased out after 2023. That’s why the best time to start using solar power is now. 

Expert Tip: To maximize savings, consider factors like overall electricity consumption, the size of your solar energy system, direct hours of daily sunlight, and the size and angle of your roof.

5. The cost of solar systems is going down

The cost of home solar systems has dropped dramatically in recent years, falling more than 70% in just the last decade.9 The cost of home solar batteries has dropped substantially as well.9 There are now over a million solar installations across the U.S.4

Despite falling costs, out-of-pocket expenses can add up. That’s why Sunrun offers flexible home solar plans that start at $0 down to make renewable energy accessible and affordable. Our Sunrun Guarantee covers you for up to 25 years. 

6. Increase your home’s value

The price of an average rooftop solar installation and battery is likely to be recouped in your home’s sale price. Studies show that homeowners will pay a premium for a solar home.4 Across the U.S., solar panels raise a home’s value by 4.1% on average.4,* That means a home valued at $500,000 could get a $20,500 increase.10 Not only do solar homes sell for more, there’s evidence that they sell faster, too.11

The numbers say it all: Installing home solar panels is likely a sound investment. More people are moving from fossil fuels to solar power systems.

Whether you plan to upgrade your home for a future sale or make it your forever home, solar renewable energy will likely increase your property value.

*These findings are based on home solar systems purchased by the household. 

7. A solar energy system offers long-term value

If properly treated and maintained, your panels could offer you long-lasting clean power for decades.12 Solar panels are designed to last more than 25 years, and manufacturers typically back their products with performance guarantees and warranties. Your solar panels should have a lifespan of about 20-30 years.13

Finding a reputable solar installer is the surest way to get long-term value from your solar panels.12

8. The solar industry is creating jobs

As the fastest-growing source of U.S. electricity generation, renewable energy is here to provide clean energy jobs for Americans across the country.14 When you install solar technology, you’re doing your part to help strengthen your local community’s economy. Increasing by 167% over the past decade, the American solar industry now employs nearly 250,000 people.15 

In fact, solar employment increased 44% between 2014 and 2019—that’s five times faster than job growth overall in the country!15

The best part is that solar isn’t slowing down anytime soon. The renewable energy trend is so strong that the U.S. Bureau of Labor Statistics predicts that solar panel installers will be among the top three fastest-growing jobs in the nation.16

9. Renewable energy offsets the costs of climate change

An increasingly warming planet has devastating costs to both our economy and our well-being. Fossil fuels like coal and natural gas contribute to this by causing carbon emissions, leading to global warming.

If we reduce our carbon footprint and decrease air pollution, solar power can save $259 billion in climate change damages and save more than 25,000 lives.17 The alternative? 

Attempting to replace an aging electric grid that could cost the U.S. $5 trillion in repairs.18 Our country and our planet simply can’t afford to stay with the status quo.

Using renewable energy such as solar has numerous environmental benefits, including reduced greenhouse gas emissions, improved air quality, and water conservation.

Environmental Impact: Solar energy can save $259 billion in climate change damages and potentially save more than 25,000 lives by reducing pollution and greenhouse gas emissions.

10. Sunlight costs $0

At the end of the day, sunlight costs nothing. Abundant, renewable, and reliable, the sun is one of our most brilliant natural resources. By contrast, fossil fuels like coal and natural gas can’t be replaced, and their cost is at the will of market forces often beyond our control. 

The country’s solar energy industry potential is tremendous. Just one hour of noontime summer sun can provide the U.S.’s annual electricity demands.4 Even if you live in a wetter region like the Pacific Northwest, the sun still delivers daylight to solar panels through the rain and clouds.19 

For colder climates, solar is a proven economic energy solution up north in states like Massachusetts and New Jersey.20,21 Solar panels are even used in Alaska and U.S. facilities like McMurdo Station in Antarctica.22

Unlike fossil fuels, sunlight will never go away. You can count on this renewable energy every day. 

The financial benefits of solar energy

While installing solar panels and battery storage can still be a significant investment, solar companies like Sunrun offer flexible financing options and solar plans for as little as $0 down. 

Start to take control of your own energy and power through rising electricity rates, unpredictable electricity bills, and extreme weather conditions. See why over 500,000 Americans across the country have already gone solar with Sunrun. Get a free solar quote today.

Sunrun offers a path to significant cost savings on your electricity bill, while also helping you reduce your carbon emissions and contribute to a healthier environment. By taking advantage of valuable solar incentives, you can make the switch to solar and enjoy these environmental benefits for decades to come.

References

Wikipedia, https://www.bloomberg.com/news/articles/2016-04-04/why-your-utility-bill-s-still-rising-even-when-power-s-so-cheap. Accessed 21 May 2024.

Wikipedia, https://www.nrel.gov/docs/fy18osti/70384.pdf. Accessed 21 May 2024.

Wikipedia, https://www.universityherald.com/articles/77449/20201107/7-financial-benefits-of-utilizing-solar-power.htm. Accessed 21 May 2024.

Interstate Renewable Energy Council (IREC): IREC, https://www.thesolarfoundation.org/national/. Accessed 21 May 2024.

Wikipedia, https://www.businessinsider.com/replacing-the-us-electric-grid-could-cost-5-trillion-2017-3. Accessed 21 May 2024.

“,.” , - YouTube, 5 March 2024, https://www.nature.com/articles/s41598-018-23390-7. Accessed 21 May 2024.

“Benefits of Residential Solar Electricity.” Department of Energy, https://www.energy.gov/energysaver/benefits-residential-solar-electricity. Accessed 21 May 2024.

“Electricity prices increase U.S. 2000-2024.” Statista, 10 October 2023, https://www.statista.com/statistics/201714/growth-in-us-residential-electricity-prices-since-2000. Accessed 21 May 2024.

“Electric Power Monthly - U.S. Energy Information Administration.” Electric Power Monthly - U.S. Energy Information Administration (EIA), https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=epmt_5_6_a. Accessed 21 May 2024.

“The Environmental and Public Health Benefits of Achieving High Penetration of Solar Energy in the United States.” Department of Energy, 13 May 2016, https://www.energy.gov/eere/solar/downloads/environmental-and-public-health-benefits-achieving-high-penetration-solar. Accessed 21 May 2024.

“Fastest Growing Occupations : Occupational Outlook Handbook: : U.S.” Bureau of Labor Statistics, 17 April 2024, https://www.bls.gov/ooh/fastest-growing.htm. Accessed 21 May 2024.

Frangoul, Anmar. “From California to Texas, these are the US states leading the way in solar.” CNBC, 19 September 2018, https://www.cnbc.com/2018/09/19/the-us-states-leading-the-way-in-solar.html. Accessed 21 May 2024.

“Let it Snow: How Solar Panels Can Thrive in Winter Weather.” Department of Energy, 5 January 2017, https://www.energy.gov/eere/articles/let-it-snow-how-solar-panels-can-thrive-winter-weather. Accessed 21 May 2024.

Marcacci, Silvio. “Renewable Energy Job Boom Creates Economic Opportunity As Coal Industry Slumps.” Forbes, 22 April 2019, https://www.forbes.com/sites/energyinnovation/2019/04/22/renewable-energy-job-boom-creating-economic-opportunity-as-coal-industry-slumps. Accessed 21 May 2024.

Mishkin, Shaina. “This Is How Solar Panels Affect Your Home Value.” Money, 23 April 2019, https://money.com/home-value-solar-panels/. Accessed 21 May 2024.

“Net Metering | SEIA.” Solar Energy Industries Association, https://www.seia.org/initiatives/net-metering. Accessed 21 May 2024.

“Recycling & End-of-Life Considerations for Photovoltaics | SEIA.” Solar Energy Industries Association, https://www.seia.org/initiatives/recycling-end-life-considerations-photovoltaics. Accessed 21 May 2024.

“Solar Homes Sell for a Premium.” Department of Energy, 22 July 2016, https://www.energy.gov/eere/solar/downloads/solar-homes-sell-premium. Accessed 21 May 2024.

“Solar Industry Research Data | SEIA.” Solar Energy Industries Association, https://www.seia.org/solar-industry-research-data. Accessed 21 May 2024.

“Solar Investment Tax Credit (ITC) | SEIA.” Solar Energy Industries Association, https://www.seia.org/initiatives/solar-investment-tax-credit-itc. Accessed 21 May 2024.

“U. S. Energy Information Administration / Monthly Energy Review April 2024 177.” EIA, https://www.eia.gov/totalenergy/data/monthly/pdf/sec9_11.pdf. Accessed 21 May 2024.

“What happens to solar panels when it's cloudy or raining? | SEIA.” Solar Energy Industries Association, https://www.seia.org/initiatives/what-happens-solar-panels-when-its-cloudy-or-raining. Accessed 21 May 2024.