How Long Do Solar Panels Take To Pay For Themselves

In this example let s say the price for solar panels is higher in his area 4 w or.

How long do solar panels take to pay for themselves.

The solar panel payback period is a calculation that estimates how long it will take for you to break even on your solar energy investment. Most homeowners in the united states can expect their solar panels to pay for themselves in between 9 and 12 years depending on the state they live in. Increased utility electricity rates and lower equipment costs are making it easier and less expensive to for homeowners to own rather than lease their solar panel systems. How long do solar panels take to pay for themselves.

So how long do solar panels take to pay for themselves. In other words if you compare current solar panel prices with those from 20 years ago you will be surprised to know that the cost of solar panels have dropped abruptly. In addition to the federal tax credit of 30 his utility offers an incentive of 0 3 w for solar projects. 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.

Socal bob has a daily energy use of 30kwh. The price of electricity is 0 13 kwh. Moreover the length it takes for a purchased solar system to pay for themselves is influenced by the roof s exposure to sunlight roof direction the price for electricity and local subsidies. Our customers see payback periods that are between 10 15 years on average.

In plymouth it takes only 8 4 years for a domestic solar panel installation to pay for itself compared with the national average of 9 5 years. For a typical home the cost of your system can range from 20 000 to 30 000 to purchase and install. Your payback period will depend on your electricity usage electricity rates and how compatible your roof is for solar. Here s how the figures break down for cities in the.

There s no denying that solar panels are a long term investment but given the potential for both saving money on energy. The time it takes for solar panels to pay for themselves can range between 5 to 15 years. Whether you are interested in solar panels for a residential property or as a commercial installation it is inevitable to think about the profitability of the system and ask whether your panels will pay for themselves.