Unplug the saw and lift the lower guard by hand. Loosen the guard bracket screw using a Phillips-head screwdriver. Lift up the lower guard until the guard bracket is far enough back that the blade screw is accessible.
Loosen and remove the blade screw by turning it clockwise with the blade wrench that comes with the saw, while at the same time pushing the spindle lock button in to prevent the arbor from turning. The spindle lock button is located behind the upper guard under the trigger switch. Remove the outer clamp washer and remove the saw blade from the blade adapter.
Install the new 12-inch saw blade with a one-inch arbor hole on the blade adapter located on the arbor, making sure the teeth on the new blade face down at the front. Reinstall the outer clamp washer.
Thread the arbor screw into the arbor, turning it counterclockwise by hand until it is hand tight. Tighten the arbor screw snugly with the blade wrench that is included with the saw while pressing the spindle lock button in to prevent the arbor from turning.
Push the lower guard into place. Tighten the screw that was previously loosened on the guard bracket by turning it clockwise using the Philips-head screwdriver.