Does Solar Panels Pay For Itself

He wants to meet 100 of his energy costs with solar panels.

Does solar panels pay for itself.

Solar panel systems actually function as investments with strong rates of return and homeowners generating solar electricity can avoid paying increased utility rates by eliminating their electricity bills. 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. When considering solar power for your home or business you might come across the statement that solar energy will eventually pay for itself. It might sound too good to be true but in many cases this is exactly what happens.

In general it is reasonable to assume that solar panels would raise the value of most homes. Some states like hawaii and massachusetts offer solar payback periods as short as five years while payback time in states like louisiana and north dakota can stretch to 16 years or more. According to a 2015 report by the lawrence berkeley national laboratory installing solar panels on your home can even. 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 monthly cost savings of switching to solar can amount to how much you pay for your system over time. First there is an undeniable financial benefit to having lower electricity bills as a result of a. The financial benefits of going solar are now well documented. Here s how the figures break down for cities in the.