How Long Until You’ve Paid Off Your Solar Panels?
We get it. The upfront cost of solar panels can give many homeowners pause. However, when you think longterm, there’s a real return on investment that will pay off for years to come.
If you’re currently weighing the pros and cons of purchasing solar panels, consider how long it will take before you begin to see real financial gains.
Here’s How to Crunch the Numbers on Your Solar Panel ROI
The upfront costs for the panels, inverter, power center, and battery bank typically range from $10,000 to $60,000. However, you’ll be able to claim a state tax credit that reduces costs by 30 percent. (But you better hurry to take advantage of this incentive.)
Once you’ve calculated the total upfront costs, all that’s left is to identify your local electricity rates, which could be something like $0.18 per kilowatt-hour. The average homeowner uses around 11,000-kilowatt-hours of electricity every year, which amounts to just under $2,000 in annual energy costs. As such, you could expect to pay off your solar panel investment of $12,400 in just over six years. The average time it takes to pay off solar panels ranges from 5-20 years.
Now that you know about the costs of solar panels and how long it takes to pay them off, you can be more confident about your purchase decision. If you believe that solar panels are right for you and your home, call us at Energy Concepts today at (559) 377-7080 to schedule your free quote!