Study uncovers massive savings for homes with solar panels — you can lower your electric bill by $700 every year

Hot days are becoming increasingly common due to changing global temperatures, which may cause some households to crank up the air conditioning — leading to sky-high electric bills. However, installing rooftop solar panels could help you combat both issues at the same time.

According to a Lawrence Berkeley National Laboratory study that analyzed 500,000 American households, rooftop solar can save around $700 every year, and that's factoring in "off-bill" impacts such as loan repayments. Over the lifetime of solar panels, households generally see energy savings between $25,500 and $33,000 , per Forbes.

Installation costs for homeowners have been decreasing, with greater competition in the solar industry playing a factor. As the recent Berkeley study also suggested, solar energy helps us all live cleaner, greener, and more sustainably, regardless of income.

Furthermore, obtaining the panels to enjoy these perks is becoming easier due to the Inflation Reduction Act, which has a 30% tax credit on install costs for homes that add rooftop solar panels.

In addition to saving money in the short and long term, installing panels helps protect the planet from the effects of dirty fuel pollution, which has contributed to food shortages and more ideal conditions for the spread of mosquito-borne diseases.

Sydney Forrester, a policy researcher at the Lawrence Berkeley National Laboratory, also pointed out how solar is an excellent "complementary strategy," per the Santa Cruz Sentinel , with other energy-efficiency projects such as weatherizing your home helping to maximize the benefits even further.

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If you're interested in solar but unsure where to begin, EnergySage's free tools can help you find installation estimates and compare quotes to maximize your savings and ensure you get the best deal. Unless you request a phone call, the service can be completed 100% online.

Meanwhile, one Facebook user shared their experience adopting cleaner energy technologies on a Santa Cruz Sentinal post about yearly solar savings.

"I don't dispute [these savings]," the commenter shared. "We had an array (4.7Kw) at our last home ... and paid only for the connection to PG&E. I am all for solar."