Retirement brings many life changes, from housing to healthcare, to entertainment and groceries. It's no secret that many retirees choose to live on a fixed income when they retire, mainly from social security and other investments they made through the years. Of retirees surveyed, most retirees have an annual income of $32,000; with younger retirees making more and older retirees making less. For many retirees, inflation is a pain-point. When on a fixed income, inflation significantly reduces the amount of goods and services you can buy, more so than those not on a fixed income. In fact, we are currently seeing inflation at a four-decade high at 8.5%. This means that for retirees on a tight budget, a medical emergency or a home repair can cause a financial disaster.

 

Retirees try to offset these increasing expenses by doing things like decreasing debt, signing up for food assistance, creating a budget calendar etc. While these methods are good ways to supplement costs, Solar Panels can be a Fantastic way to reduce the rising cost of energy. Solar Energy is a lot less expensive than energy from your local power grid. When you break down the month-to-month cost of Solar Panels vs. Your Current Energy Bill, you'll find that switching to Solar can save you a significant amount of money. A survey showed that the average person who switches from Grid Power to Solar Panels in the US saves between $600 to $800 per year. Just imagine what that extra chunk of change can do for you; that's 2-4 months worth of groceries, or it can pay off an expensive medical bill, or even pay for a cruise in the Bahamas. If you're looking to reduce costs in retirement, seriously consider Solar Panels as an option to do so.