Fair Warning: It is a lot of money at first, but it will pay off over the years as you will be saving!
- Average Solar Panel Costs in Missouri: $16,000
- After-tax rebate: $10,710 (Forbes)
- Energy Efficient Appliances:
- Washer and Dryer combo: $450
- Refrigerator: $194
- Smart Home Solution costs:
- Thermostat: $70- $280
- Air Conditioning
- Smart Ceiling Fan
- Learning Thermostat: $800- $2000
- Lighting: $1000- $3000
- Optimize Power Usage: $1130- $3750
All of these solution costs vary, and there are ways to reduce costs like D.I.Y. tasks, Tax Rebates, and Incentives for homeowners
Incentives for Homeowners
-Income tax credits providing up to $3,200 a year to lower the cost of energy-efficient home upgrades until 2032 under the Inflation Reduction ACT of 2022. This helps reduce monthly energy bill costs. To qualify your total income must be under 150% of the median income where you live.
-- Tax credit on various home energy solutions (up to 30% property tax exemption)
Is renewable energy cost-effective?
As you can imagine, the question "is renewable energy cost-effective?" isn't simple to answer. Do we mean cost for the consumer, production, development, what is spent on infrastructure, or even cost to the planet?
Pinning down figures can be difficult to do; the numbers often depend on whom you ask. There are still those who deny climate change or even that fossil fuels are finite. They will produce statistics "proving" that clean energy sources are way too expensive. Then again, there are climate activists who will massage the numbers and, perhaps, give an equally biased result.
How does energy affect the economy?
Simply, lower energy prices reduce expenses for industry and the consumer, spreading more disposable income throughout the economy. Similarly, lower energy costs make for cheaper goods and services.
Raising energy prices does the opposite, slowing economic growth.
How much do renewable energy sources cost to operate?
As we work toward the 2050 projection for 100% renewable energy, the prices will drop as infrastructure increases. Solar alone has dropped to around fifty cents per watt, and renewable energy sources are some of the most affordable available. Moreover, newly installed renewable power capacity is increasingly less expensive than the cheapest fossil-fuel-based power generation options. The cost data offered in a detailed analysis by International Renewable Energy Agency (IRENA) reveals how forcefully the tide has shifted.