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Solar Energy Systems Usually Provide Substantial Returns In 8-10 Years
The initial cost of installing a solar energy system may seem high, but there are rebates and tax credits to help offset this expense. Additionally, more financing options make the cost of a solar array much more manageable.
The total savings on solar arrays will vary based on your location, average energy consumption, and electricity costs. With constantly rising energy costs, making the switch to renewable energy is a lucrative offer.
Most homeowners receive the entire solar investment back within 8-10 years—a fraction of many mortgages. Businesses see full payback in 5-7 years. Once the system pays for itself, you’ll be seeing money in your pockets year after year.
Each person’s investment and the payoff will be different, as will the savings on the amount of energy they use. If you don’t have solar panels and rely solely on the grid for power, you’re essentially renting all of your energy from the utility company. This means that you are susceptible to sudden rate increases. If you switch to residential solar, your rates will always stay the same. Use our Solar Calculator to help you determine how much you can save by switching to solar energy.
Deciding whether or not you should make the switch to solar can be a difficult decision. A solar energy system is a long-term investment, and once you learn how much solar panels can benefit you, you’ll never go back. Below are a few points to consider to help you determine how much you can save based on your home’s value, the cost of installation, and the amount of energy used.
This California-based company produces the most efficient, durable, and aesthetic solar panels available. They offer the best warranty in the industry—a 25-year combined power performance and product warranty. Maximize your power and savings potential with SunPower.
SolarWorld produces more American-made panels than any other manufacturer and offers power performance warranties of 25- or 30-years. Its panels perform at or above their nominal power rating even in the harshest of conditions, from heavy snow accumulation to high heat.
Canadian Solar is one of the most established manufacturers in its industry. Their CS6P line of solar panels have the highest PVUSA Test Conditions (PTC) performance in their class. Due to competitive prices, this brand offers the fastest ROI at the lowest monthly payment.
If you are unsure about how the renewable personal tax credit will benefit you, YellowLite encourages you to contact a local tax professional (One can be assigned to you if needed). The tax credit does roll over every consecutive year until 2016 so there are multiple years to use the entire balance of the tax credit.