Do Solar Panels Really Pay For Themselves

For example if an average solar panel installation costs 18 000 incentives will lower this price by a third.

Do solar panels really pay for themselves.

The financial benefits of going solar are now well documented. The largest solar energy systems also save the most money but owners will need to wait for some time for the system to pay for itself. Then through the average return it only takes four years to pay the remaining two thirds. Understand your solar panel payback period.

However there are many factors to consider. Solar panel systems actually function as investments with strong rates of return and homeowners generating solar electricity can avoid paying increased utility rates by eliminating their electricity bills. Solar panels can save money but they can also come with high upfront costs. Solar panels do pay for themselves much faster then people tend to predict before they look into it further.

Purchase and installation can vary from several thousand dollars to 15 000 or even 40 000 for the largest versions. In addition to the federal tax credit of 30 his utility offers an incentive of 0 3 w for solar projects. Socal bob has a daily energy use of 30kwh. Solar panels do pay for themselves but how long it takes depends on cost available incentives and your electricity rate.

It depends on where you live how much energy you use and how much your utility bills were prior to installing you solar panel systems. There s no denying that solar panels are a long term investment but given the potential for both saving money on energy bills and earning from the energy you put back into the system solar panels can actually pay for themselves over a period of time. Depending on the system s efficiency and the amount of energy being used solar panels can pay for themselves in as little as four years. The solar module will almost certainly represent the largest single component of the.

Here s how to calculate payback period. So how long do solar panels take to pay for themselves. He wants to meet 100 of his energy costs with solar panels. For a typical home the cost of your system can range from 20 000 to 30 000 to purchase and install.

If you do not live in a forest get a quote and make sure each of the above points is explained to you so you know exactly how the solar system pays itself back and for how long.