15 Splurges That Save You Money in the Long Run

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Solar Panels

It can be expensive to install solar panels for your home. On average, a solar panel system costs nearly $13,000 after tax credits that help offset the cost, according to EnergySage, an online solar energy marketplace.

However, these systems can pay for themselves over time, said Matt Edstrom, chief marketing officer of GoodLife Home Loans. “Once you start seeing a healthy decrease in your utility bills, you’ll realize how much more efficient these solutions are from both a financial and an eco-friendly viewpoint,” Edstrom said.

The typical American family spends $1,335 on electricity, according to EnergySage. If you generate your own energy with solar panels, your energy savings would offset the cost of the panels within 10 years. From then on, you could bank your savings.