Are Solar Panels Still Worth It in 2024?
Installing solar panels on your home comes with many benefits, from lower electricity costs to a smaller carbon footprint—but solar panels also come with an upfront cost that may have you wondering whether they’re really worth the investment.
At Sustainergy Cooperative, we wholeheartedly believe that going solar in 2024 is worth it. We’ve installed solar panels on all kinds of homes in the greater Cincinnati area and have seen firsthand how homeowners benefit from solar panel installation.
Keep reading to find out why we believe it’s worth getting solar panels installed in 2024.
The Rising Cost of Electricity
Is electricity becoming one of the biggest expenses you have to worry about every month? You’re not alone. Electricity costs, like almost everything else right now, are going up.
In October of 2022, Ohio homeowners paid an average of 15.08 cents per kWh of electricity. Just one year later, in October of 2023, they paid 16.01 cents per kWh. That’s a steep increase for a single year and we don’t expect the hikes to slow down anytime soon.
The more you spend on electricity, the more valuable it is to own your power. Solar panels shield you against electricity price hikes so you can keep your costs low, stable, and consistent for the entire 25+ year lifespan of your solar energy system.
The Falling Cost of Solar Panels
While the cost of electricity goes up and up, the cost of solar panels is coming down. Solar panel installation costs have decreased by more than 50% over the past decade, according to the Solar Energy Industries Association.
Meanwhile, there are excellent solar panel incentives in 2024 to help you save even more on installation costs. The federal solar panel tax credit is at an all-time high of 30% in 2024! The solar tax credit reduces what you owe when you file your federal taxes by 30% of your total solar installation costs, and it applies to solar battery storage, too.
How You’ll Benefit from a Home Solar Installation in 2024
Here’s why we think you should get solar panels in 2024.
Lower Electric Bills
Saving money on your electric bills is the main benefit of a home solar installation. With rooftop solar panels, you’ll be able to generate most of the electricity you need to power your home yourself, so you can buy less electricity from your utility and save money on your bills. Once you break even on your installation costs, your solar panels will be putting money back into your pockets.
Sustainergy Cooperative helps reduce your energy costs even more with our Smart Solar approach. We start by making low-cost, high-impact energy efficiency improvements like attic insulation and air sealing to reduce your home’s energy consumption before you go solar. This way, you can cover your home’s energy needs with a smaller, more affordable solar panel system. And, you’ll be using less energy, which means greater savings.
Stabilized Electricity Costs
Electricity rates are volatile because they are heavily influenced by oil and gas prices. Utility companies generate most of their electricity by burning fossil fuels, so when fuel costs go up, electricity rates do too. But solar panels generate electricity without using fossil fuel. The fuel they run on—sunlight—is always free. With a home solar system, you can lock in your electricity costs and protect yourself against rising rates.
Greater Energy Independence
Most of us rely on external sources for electricity access, even though it is one of our most important resources. Installing home solar panels brings electricity production under (or rather, on top of) your own roof, so you can be in greater control and ensure reliable electricity access for your family.
Blackout Protection
Severe weather is becoming increasingly common and with it comes blackouts. Installing home solar panels with battery storage will give you a reliable source of backup power you can use to keep your essentials running during a power outage.
Smaller Carbon Footprint
Electricity production is the second largest source of greenhouse gas emissions in the United States. Switching to renewable energy sources like solar power reduces fossil fuel consumption and helps create a cleaner, more sustainable future for your children and grandchildren. If you want to support the fight against climate change in your daily life, installing solar panels is one of the best things you can do.
Start Your Solar Installation with Sustainergy Cooperative
Solar panel installation is a smart investment for homeowners seeking long-term financial savings and environmental benefits. If you’re ready to start saving money with solar, give Sustainergy Cooperative a call. We are the local solar expert serving homeowners in the greater Cincinnati area and throughout Northern Kentucky. We can help you decide whether solar panels are worth it for your home.
