Top 8 Tips for Maximizing Home Solar Savings in 2024

Scientists predict the summer of 2024 will be the hottest on record.

Higher temperatures increase demand for electricity, which often translates into higher bills for residential customers. Fortunately, the expansion of solar power and battery storage is helping protect customers and stabilize the grid as temperatures rise.

That’s why millions of American homeowners are choosing to manage their energy bills and strengthen their communities’ resilience by adding solar energy and storage to their homes.

If you want to protect yourself against rising temperatures and costs, the Solar Energy Industries Association (SEIA) offers eight tips to help you maximize the value of your solar investment.

1. Determine your electricity demand

First, you need to have an overview of your electricity demand and electricity prices. Your electricity bill will tell you how much you pay per kilowatt per month, which will help you understand how much you can save with solar energy.

2. Explore your solar options

If you think solar energy is a good option for your family, the next step is to determine your home’s solar potential. The amount of solar energy your roof can generate 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 if your home is a good fit for solar energy and get a better idea of ​​your potential savings.

3. Think about how you’ll pay

There are a few different ways you can finance a solar power system.

Just like buying a car, you can also choose to own or lease a solar power system for your home. If you want to own, you can buy the solar panels or enter into a loan agreement. If you want to rent the panels, you can lease them or enter into a long-term contract for the electricity you use. Each financing option has its advantages, so review all of your options and choose the one that’s best for you.

4. Ask about storage options

Energy storage is a great way to increase the value of your solar power system. Battery backup allows you to store excess solar energy generated during the day and release that energy in the evening or during grid failures. Installing a solar power and storage system puts you back in control of your energy decisions and is the best way to make your home more resilient.

5. Get multiple offers

As with any big purchase, you need to compare prices. There are several online marketplaces where you can find local solar companies and compare your options. It’s important to research companies in your area, so we recommend getting at least three offers from different solar companies.

View system sizes, acquisition and monthly costs, and total costs over time.

6. Check references

Once you have several offers, you should research the companies looking for your business. Talk to friends and neighbors about their experiences with solar energy and read customer reviews online.

You should also find out what safety and training certifications the company has. See if the company is a member of the Solar Energy Industries Association (SEIA) and look for reviews of the company on the Better Business Bureau and other review sites.

7. Understand the contract

Once you’ve chosen a company, read the fine print and understand all the terms and conditions before you sign. Be sure to know how much you’ll pay each month, how long the contract lasts, and whether you’ll own the panels. SEIA’s Home Solar Guide has a list of questions to ask your solar installer before signing a contract.

8. Make the most of your incentives

Don’t forget to take advantage of all the incentives available to you after purchasing your solar system. The Solar Investment Tax Credit (ITC) can help you save thousands in taxes. It was recently extended through 2035 and expanded to include incentives for standalone battery storage systems. There are also many government incentives available that can help you save even more.

Millions of American homes are already benefiting from lower utility bills and increased resiliency thanks to in-home solar and storage systems. With so many resources and new incentives available, there’s never been a better time to go solar.