Electricity Bills Up 4.8% Annually Can Solar Save You $131K

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Lawrence Berkeley National Laboratory shows electricity prices have increased by 4.8% each year from 2019 to 2023.

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High prices come down to aging power lines and equipment, high costs of distributing and transmitting and growing demand by AI and data centers.

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Installing solar panels on your roof isn't cheap as it can cost between $20,000 to $45,000 at first.

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However, the government currently pays 30% of that cost through tax breaks. Your $44,000 cost can fetch you $13,200 tax benefits.

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Today's solar panels can turn 30% of sunlight into electricity, while older ones manage 15-20% and can prove to be a reliable power source.

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This improvement shows up in big projects too - in China's Ulan Buh Desert, JA Solar is building a massive 1GW solar farm.

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When you switch to solar, your home's contribution to climate change drops by up to 80% in the first year alone.

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Looking ahead, electricity prices show no signs of dropping; therefore, they call for immediate action.

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Currently, government help improving technology and long-term savings have made solar power a practical choice for many households.

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