8 Tips for Maximizing Your Home Solar Savings in 2024
Scientists expect that summer 2024 will bring some of the hottest temperatures on record.
The higher temperatures mean greater demand for electricity and that often leads to higher prices for families. Luckily, the growth of solar power and battery storage is helping to protect customers and stabilize the grid when temperatures soar.
That’s why millions of American homeowners are choosing to take control of their energy bills and build resilience for their communities by adding solar and storage to their homes.
If you’re looking to protect yourself from rising temperatures and rising costs, the Solar Energy Industries Association (SEIA) has 8 tips to help you maximize the value of your solar investment.
1. Figure Out Your Electricity Needs
First, you should first get a sense of your electricity needs and costs. Your utility bill shows how much you pay per month and per kilowatt and will help you understand how much solar could save you.
2. Consider Your Solar Options
If you think solar is a good option for your family, next you will need to determine your home’s solar potential. The amount of solar your roof can produce depends on your location, the orientation of your home, and the size and shape of your roof.
Online tools like Google’s Project Sunroof can help you determine your home’s suitability for solar and give you a better idea of potential savings.
3. Figure Out How You Want to Pay for It
There are several ways to finance your solar installation.
Like buying a car, you can choose to own or lease a home solar system. If you want to own, you can buy the solar panels or enter in a loan agreement. If you want to rent the panels, you can lease the panels or enter a long-term contract for the electricity you use. Each financing option has its strengths, so look at all of your options and choose what works best for you.
4. Ask About Storage
Energy storage is a great way to expand the value of your solar array. With battery backup power, you can store excess solar energy produced during the day and dispatch that energy in the evening or when the grid goes down. Installing a solar + storage system puts you in control of your energy decisions and is one of the best ways to boost your home’s resilience.
5. Get Multiple Quotes
Like any major purchase, you should comparison shop. There are several online marketplaces that can help you find local solar companies and compare your options. It’s important to do your homework on businesses in your area, so we recommend getting at least three quotes from different solar companies.
Take a look at system size, upfront and/or monthly costs, and total costs over time.
6. Check References
With a few quotes in hand, make sure you research the companies seeking your business. Talk to your friends and neighbors about their experience going solar and look at customer reviews online.
You should also investigate what safety and training certifications the company has too. Check to see if the company is a member of the Solar Energy Industries Association (SEIA) and look at company ratings on the Better Business Bureau and other review sites.
7. Understand Your Agreement
Once you choose a company, read the fine print of your agreement and understand all of the terms and conditions before signing it. Make sure you figure out how much you’re paying each month, how long the contract lasts, and if you’ll own the panels. SEIA’s Home Solar Guide has a list of questions you should ask your solar installer before signing a contract.
Don’t forget to access all the incentives available to you after you make your solar purchase. The solar Investment Tax Credit (ITC) could help you save thousands on your taxes and was recently extended to 2035 and expanded to include incentives for standalone battery storage systems. There are also a variety of state incentives that could help you save even more.
Millions of American homes are already enjoying lower energy bills and greater resilience thanks to the solar + storage systems on their home. With so many resources and new incentives available, there’s never been a better time to go solar.
Check out SEIA’s resources for solar customers and learn more about SEIA’s consumer protection efforts.
