How Solar Panels Pay For Themselves

That s 10 solar panels which when mounted in two rows of five take up about 16 x 11.

How solar panels pay for themselves.

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. The payback period is calculated by taking the overall system price and dividing it by the average projected solar savings each year to find out how long your solar panels will take to pay for themselves. They can be either roof or ground mounted. If you consider the fact that there are solar panel grants available to uk homeowners it makes solar panels an attractive investment.

The price of electricity is 0 13 kwh. There s no denying that solar panels are a long term investment but given the potential for both saving money on energy. So how long do solar panels take to pay for themselves. 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.

The trouble with calculating when solar panels will pay for themselves lies in the large number of variables involved in solar panel energy. Nevertheless across the us it is possible to assure that the solar panels will pay for themselves in their lifetime no matter where they are located. Socal bob has a daily energy use of 30kwh. In addition to the federal tax credit of 30 his utility offers an incentive of 0 3 w for solar projects.

The lowest average price now is 65 watt from several suppliers for 300 watt solar panels. 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. Solar panels are not a reliable source of power in all areas. 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.

Their efficiency varies based on weather conditions and may vary from season to season and year to year. 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. Factors such as solar panel costs incentives the type of solar panels and your location influence the payback period of your system. He wants to meet 100 of his energy costs with solar panels.

Average solar panel payback period for homes in the us in 2020. For our exercise let s install a 3 000 watt system on your property. 65 x 300 watts 195 per solar panel.