A new report warns that energy prices in the state could rise by 70%. Here’s how rooftop solar can save you from skyrocketing bills.

A new report from the Jack Kemp Foundation, a Washington, D.C., nonprofit organization, found that Virginia energy prices could rise as much as 70 percent to meet growing energy needs, as reported by the KHQA newspaper. Fortunately, installing a rooftop solar system can reduce your electricity bills and demand on the electricity grid – and here’s how you can benefit.

The scoop

The report claims that due to growing demand for data centers, Virginia utility providers may have to significantly increase energy prices to compensate. But no matter where you live, going solar is one of the best ways to save money on electricity and reduce your home’s carbon emissions.

If you’re interested in investing in home solar, clean energy marketplace EnergySage offers free tools to quickly compare quotes from top-rated solar installers. By using the platform to find a contractor, you could save up to 22% and avoid having to explore your options on multiple websites.

Plus, the Inflation Reduction Act – the largest investment in green energy and climate action in U.S. history – provides a 30% tax credit when you install a rooftop solar system . However, you may want to act as soon as possible to take advantage of these incentives that could be worth thousands of dollars.

As the Salt Lake Tribune explains, the tax breaks may not last forever, since President-elect Trump has said he wants to repeal the IRA. Ultimately, its future is uncertain since any major changes to the law would need to be approved by Congress, but it’s always a good idea to claim your benefits while they’re available.

How it helps

Switching to solar power could reduce U.S. utility bills by $3 million (40 percent, including incentives), according to a study by researchers at the University of Texas at Austin. If you’re wondering what this means for your household, SolarReviews estimates that most households can save about $1,500 per year on electricity with rooftop solar. Since solar panels typically last about 25 to 30 years, the savings can amount to more than $33,000 in electricity over the life of your panels, according to Forbes.

You are also doing the environment a huge service when you install solar panels because they generate their own energy, reducing the amount of polluting gases such as coal and oil in the atmosphere from electricity generation. The more homes powered by solar energy, the cooler and safer our planet will be.

What people say

When someone asked, “Was solar energy worth it?” on Reddit, the answer was a resounding “yes” from many users.

“We installed ours last year, haven’t had to pay an electric bill since, so yeah, it was worth it. It should break even in about 6.5 years,” one person commented on the post.

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“I consider my $13/month electric bill a plus,” said another.

One of The Cool Down’s readers also gave a glowing review of solar: “When we moved into our house, one of our first big projects was to install solar. Our electricity bills were high and we wanted to compensate for that somehow. By switching to solar, we now only have one monthly payment and offset our costs by sending energy back to the grid. »

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