How Long Until You Get Money Back From Solar Panels

In most states solar power is a solid investment that will result in a significant return over the next 20 to 30 years.

How long until you get money back from solar panels.

He wants to meet 100 of his energy costs with solar panels. 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. Socal bob has a daily energy use of 30kwh. Some states like hawaii and massachusetts offer solar payback periods as short as five years while payback time in states like louisiana and north dakota can stretch to 16 years or more.

However it is not yet clear whether you can carry unused credits to years after the solar credit expires. Energy companies do not have to start making payments under the seg scheme until january 2020 but one company octopus energy has already launched two tariffs. Those solar shoppers will continue to enjoy free electricity for the life of their solar panel systems which can last between 25 and 35 years. Instead generally you can carry the credit over to the following tax year.

Data from the energysage solar marketplace shows that in 2020 solar shoppers who compare their options in the marketplace can achieve payback on their solar investment in about 8 years. Great news for solar power. Learn how you can earn money with solar energy pv system. He lives in california and basks in 7 hours of daily sunshine.

In addition to the federal tax credit of 30 his utility offers an incentive of 0 3 w for solar projects. Assuming their electricity consumption stays the same their solar panels are going to pay back the cost of the installation in about five years. See what michelle and graham saved in detail a perth family s 5 kw pv solar system. Any electricity you generate that is in excess of the amount you use in your home can be sold back to your utilities company who will pay you for it.

If you decide to change or get rid of your solar panels there is some money to be made back by recycling the solar panels and their parts. This represents a return on investment of 20 p a. Srecs are also another option to obtain money from a pv system but they are more intended for commercial systems that can easily produce 1 mwh in a year. The chart goes out to the 25 year mark because that s the typical limit for solar equipment warranties but that doesn t mean your system will necessarily stop working then.