If you're concerned about electricity costs, you may consider solar power.

Solar panels are the biggest upfront cost, but there are other startup costs. You'll need a $1,000 inverter and $10,000 batteries.

Federal tax credit. You may be eligible for a federal tax credit. In 2022, there is a 26% tax credit for solar systems that are installed; in 2023, the tax credit will be 22% for systems installed.

State tax credit. State tax credits vary. New York, Rhode Island, Iowa, Connecticut, Maryland, New Mexico, Colorado, Massachusetts, New Hampshire, and New Jersey offer solar incentives.

The installation company. The price you pay for installation will also depend on the company you choose, and the price of contractors in your area.

Sun exposure. Sun exposure will make a difference too. “The more sun exposure a consumer’s solar panels have, the more power they will produce and the shorter the solar payback will be,” Deters says.

After initial solar panel costs, you may see long-term savings.

As the years go by, you may recoup the initial costs of your investment, and then you can continue saving on energy bills.