Residential solar is an attractive option for consumers by reducing their exposure to utility rate hikes, even as the cost of installing solar energy has increased in the last two years due to inflation, shortages and other factors.In 2022, U.S. consumers on average paid 14.3% more for electricity than the previous year, according to Consumer Price Increase data.
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Until recently, solar energy had seen a steep increase in affordability. Supply chain constraints for solar panels, as well as overall labor shortages have contributed to an uptick in cost over the last two years. Solar installations also dwindled in 2022 in comparison to the installed capacity added in previous years – except for residential solar, which had a “historic quarter” in the third quarter of 2022. 1.57 GW of residential solar was installed that quarter, a year-over-year increase of 43%.
“American families are increasingly turning to solar power to help save on their electricity bills,” Alex Hobson, the senior vice president for communications at the American Council on Renewable Energy, said in an email. “The price to install solar has fallen precipitously over the last decade, making it the most affordable electricity option in many scenarios.”