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Originally Posted On: https://www.darkhackerworld.com/2022/04/how-long-does-it-take-to-pay-off-solar-panels.html
The average cost of installing solar panels is $2.77 per watt. So if you want a 10kw solar panel, you’ll have to pay about $27,700 for it.
Even after considering the federal solar tax credit, most homeowners still find the cost a bit pricy. Thus, it’s only natural to be curious about how long it takes to pay off solar panels.
You can calculate this period by taking the initial solar panels cost and subtracting a few factors discussed in this guide.
Keep reading to learn how long it takes for the installation of solar panels to pay off.
The Calculation Behind It
You can easily calculate the payback period of your solar panels. Take into account your initial solar panels cost.
This includes the product cost, installation fee, and any delivery charges. From this amount, subtract solar incentives in your area.
Then, you can divide that amount by your average electricity bill per annum. The result is the payback period for buying solar panels in years.
Let’s say installing solar panels cost you about $19,000, and the government gives you an incentive in the form of a tax break of about $7,000. So, you subtract the tax break from the initial cost to get $12000.
If you pay an average monthly bill of $100, your yearly bill is $1200. So, it would take ten years for the solar panels to pay off.
Average Payback Period
In the United States, a huge chunk of homeowners experiences a payback period of about nine to thirteen years. The average period seems to be dependent on states.
In states like North Dakota, the payback period can be as high as sixteen years, while you’ll only have to wait for five years in places like Hawaii. Environmental conditions contribute to the variability in payback periods.
It’s worth noting that the cost of electricity plays a role. Someone with a lower electricity bill would have a longer payback period if all other constraints were similar. The quality of solar panels counts too.
Therefore, when buying solar panels, always compare the price and value. The cost of Blue Raven solar panels is friendly, and you’ll get value for your money.
Did You Get a Good Deal?
Every homeowner wants to know whether they got a good deal from their purchase. The best way to rate the deal is by considering the shell life of the solar panels.
Most of the solar panels in the market last for about twenty-five years. So, if they can afford you a payback period of half that time, it would be fair.
The value of the solar panels is equivalent to the years after the payback period. If your figures give you more than 12.5 years, consider another option when buying solar panels.
How Long Does It Take to Pay Off Solar Panels?
If you were curious about how long it takes to pay off solar panels, you got your question answered. The payback period will vary depending on several factors.
When buying solar panels, you have to be vigilant to ensure you get the best deal. If you enjoyed this solar panels guide, check out more articles on this website.
