Average Time To Pay Off Solar Panels

In 2019 it takes 30 off the cost of a home solar system.

Average time to pay off solar panels.

In this example let s say the price for solar panels is higher in his area 4 w or. Is just above 8 years. This credit drops to 26 in 2020 and 2021 22 in 2022 and then will drop to zero after that unless renewed again by congress. This is a significantly better return than the long term average returns for both shares or property.

The price of electricity is 0 13 kwh. 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. In most states solar power is a solid investment that will result in a significant return over the next 20 to 30 years. A pv solar array may be very beneficial in areas where this sort of time varying rate is used since the solar power produced would offset the most costly electricity.

Here is a more detailed discussion on whether solar panels are worth it. In addition to the federal tax credit of 30 his utility offers an incentive of 0 3 w for solar projects. The typical solar payback period in the u s. Comparing quotes from multiple solar installers can actually help you go solar with a shorter payback period than the national average.

If your cost of installing solar is 20 000 and your system is going to save you 2 500 a year on foregone energy bills your solar panel payback or break even point will be 8 years 20 000 2 500 8. Socal bob has a daily energy use of 30kwh. Average solar power payback period varies significantly based on where you live. He wants to meet 100 of his energy costs with solar panels.