Throughout the past two decades, the average price of electricity for American households rose almost 52% and with many people working from home, households may spend more on electricity in 2020 than ever before.

As the price of grid electricity has increased, the cost of residential solar panel installation has fallen. Nevertheless, the high upfront cost of switching to solar energy can be a deterrent for some homeowners, despite the fact that this investment can pay off in the long run.

In a new study, SmartAsset investigated the financial value of residential solar panels. They compared the cost of grid vs. solar energy over a 20-year period to find the states where solar panels may pay off the most.

Out of the 48 contiguous states and the District of Columbia, New York ranks seventh on their list of the states where solar panels may pay off the most for homeowners. SmartAsset’s findings show that the average homeowner in New York can expect to save $34,170 over a 20-year period by switching to solar energy.