Cost Of Solar

If you buy a rooftop solar system, how long will it take for the savings you realize each month on your electric bill to equal the cost of the system? That’s called “return on investment: and it’s the kind of question financial consultants and accountants tend to ask. But if you are considering rooftop solar, you should be asking yourself the same question. There are two reasons to install rooftop solar at your home. First, it’s the right thing to do. As the Earth gets warmer, we all owe it to ourselves and to our fellow humans to reduce carbon emissions as much as possible. Second, it can save you money. Instead of paying a hefty utility bill each month, you can generate some of your own electricity and put the savings to work paying for your solar panel system. Once the system is paid off, the savings go directly into your pocket for as long as the system continues to make electricity. Most solar systems come with a 20 year guarantee, but a useful life of 25 to 30 years is com...

The idea of putting solar panels on the roof of your home is very appealing. Once installed, the can produce free electricity for decades. Who doesn’t like free? Rooftop solar systems themselves are not free, however. The first question most homeowners ask is, “How long will it take to for the system to pay for itself?” The answer to that question depends on many variables. Here are some of them. The cost of the system The price of electricity in your area The efficiency of your solar panels   Federal, state, and local rebates and incentives Local utility company policies Let’s take them one at a time. The Cost of Your System No two rooftop solar systems are the same, so no two systems will cost the same. But on average, the typical residential solar installation in the United States has a capacity of 6,000 watts. Since the average installed cost is $3.14 per watt, that typical system has a gross cost of $18,840. Notice that...