Skimm Money: Earth Day Special Edition

How the news affects your finances.

Are Solar Panels Worth It? 

Calling all homeowners, solar panels can save you $$$ on your energy bill. But they’re costly. Before we get into the nitty-gritty details, let’s get into some of the pros: Homeowners who install solar panels can qualify for over $7,000 in tax credits. Plus, solar panels can, on average, save you about $1,500 a year on your electric bill. Considering it? Here’s how to decide if solar panels are right for you. 

Your move:

• Evaluate your budget. Solar panels are much less expensive than they used to be, but they’re still $$$. And, spoiler, installation isn’t cheap. According to MarketWatch, you should budget about $15,000 - $20,000 for the project, and you can expect to recover the costs in electric bill savings in about eight to nine years. 

• Take advantage of tax incentives. We already mentioned the federal solar tax credit, but you can also qualify for state and local tax incentives if you meet certain requirements. Example: New Yorkers can get up to 25% back on solar costs. 

• Look at your location. Solar energy might not work well if you’re in a heavily wooded or shady area, which means you’ll miss out on electric savings perks. Heads up:  You’ll also need to double-check the structure of your roof to make sure solar panels are a good fit for your home. If not, try an electric blanket for a green alternative.

The money stories everyone’s talking about.

Are hybrid cars worth the cost? 

If you’re shopping for speed and reliability, yes.

If you want to reduce your food waste…

Start by rethinking “sell by” dates.

What would you do with an extra $10,000 next year?

Make these eco-friendly swaps now, and you’ll find out.

Good for the planet and for your wallet? 

Count us in on these Earth Day deals.

The Wall Street trends to know this week.

After last week’s inflation report, investors are bracing for a “higher for longer” interest rate environment. The lack of rate cuts isn’t necessarily great news for stocks: Some investors are recalibrating their portfolios to include inflation hedges like energy and gold. High-profile Q1 earnings calls this week including Netflix, Procter & Gamble, and UnitedHealth Group are also being closely watched. 

One act of financial self-care you can do in five minutes.

Unplug it.

Surprise: Certain plugged-in appliances and devices use energy even when you’re not using them — which can account for up to 10% of your household’s energy use and about $100 per year in wasted $$$. A simple rule of thumb: If it displays a light when it’s off, it’s using energy. For example, your printer, your coffee maker, and your microwave. Unplug ‘em when they’re not in use or opt for a power strip with an on/off switch to stop running up your energy bill.