How Long Would It Take To Pay Off Solar Panels

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 would it take to pay off solar panels.

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. The payback period will tell you how long your solar panels will take to pay for themselves but it doesn t consider the full lifetime value of the system. 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. Here s how the figures break down for cities in the.

After your investment is paid off your solar panels will continue to generate clean electricity for free and will continue to do so for as long as your equipment lasts. This tricky question of how long it takes for solar panels to pay off has kept homeowners up at night ever since solar panels met roofs. Solar panels come with 25 year warranties but many systems will still produce well beyond the warranty period. Given that many solar panels and inverters come with 25 year product warranties you can expect more than two decades of trouble free operation from your solar array.

Determining whether to install a pv solar system may seem like a daunting task but it is important to remember that such a system is a long term investment. Solar panel payback period is the amount of time it ll take you to completely pay off your solar power system through savings on your electric bill. In many locations solar power is a. We ve garnered information from across the internet and compressed it into a bite sized formula.

Furthermore since once the initial investment is covered electricity generated by the panels is free solar panels eventually pay for themselves in a couple of years. It is calculated by taking the total cost to install the system then subtracting solar incentives and or rebates and monthly electric bill savings until the total cost has been paid off.