Buying Solar Panels in 2024: The Complete Guide – EnergySage Blog

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The average U.S. household spends about $1,747 annually on electricity, according to electricity cost and consumption data from the Energy Information Administration (EIA). Over 25 years, that adds up to $61,520 (assuming 2.45% annual inflation). You can easily lower (and sometimes even eliminate) these costs by installing a rooftop solar panel system. 

Most households need an 11 kW system to fully cover their electricity usage. In 2024, an 11 kW solar panel system costs $22,022 upfront including installation costs and the federal solar tax credit (more on that later). This is a hefty price tag, but when you consider how much you otherwise would’ve spent on electricity, it’s easy to understand why millions of homeowners have gone solar. 

Solar is a long-term investment. Shoppers on the EnergySage Marketplace typically break even in about eight years. Remember that your costs and savings will ultimately depend on several factors, including where you live, how much you spend on electricity, and your home setup.

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