There is no question that the popularity of solar panels has become more and more prevalent in recent years, and more homeowners have turned their interest (and cost savings efforts) towards these efficient energy technologies. However, it is understandable that this surge in interest has led to many questions that are making the rounds. Probably the biggest question on consumers’ minds: How long before solar panels pay for themselves?
While there are general ranges that professionals will speak to, there are many variables that need to be taken into account to provide an accurate answer to this question. How long solar panels take to pay for themselves depends largely on your situation. And yet, this also furthers the point that solar panels will work for your situation regardless of what that entails.
Here are a few considerations to keep in mind when figuring out how long solar panels will take to pay for themselves.
The Variables are Unique to Your Situation
It is not merely the size of your home, but also the amount of energy you use on a daily basis, the size of your installation, and many other factors. Generally speaking, the rule of thumb is that solar panels take anywhere from 6 – 9 (or so) years to pay for themselves. And while this might seem like a wide range, it is important to be clear that this is because the number depends on the uniqueness of your situation.
For example, how big is your home? Or more specifically, how much power do you need? Not everyone uses the same amount of power, which means that not every installation is going to be the same. You need to install a solar panel network that makes sense for how you live your life. There is no point spending a bunch of money on a large solar network if you don’t actually require that much electricity. After all, the point of making the conversation is to become more efficient, and having too much technology you don’t need is quite the opposite.
And to that point, if you do decide to install a large solar panel network, then the upfront cost is likely going to be higher than if you were to merely install a few panels. However, with a larger network working in your favor, the amount of savings each month is also going to be higher, which means your solar panels would be paying for themselves sooner than later.
Furthermore, there are tax incentives to consider, so depending on the type of solar panel installation you are considering, there might be different tax incentives to help make your decision easier as well. And yes, these incentives can be very attractive if you are on the fence about whether or not to pursue solar energy. For instance, there is currently a 26% tax credit for solar systems that are being installed in the U.S., which can be helpful and shorten the amount of time in which solar panels pay for themselves.
And when it comes to tax incentives, there are not only federal programs to consider, but also state and local programs. It is worth looking into the incentives in your area to see what type of solar installation you qualify for and have a better understanding of how long before your solar panels pay for themselves.
Solar Energy For a Brighter Future
Popularity is driving the solar energy market and encouraging companies and governments to implement installation incentives, which means it is a good time for consumers all over the country to turn their sights toward these technologies.
From creating a more efficient network of clean energy to saving money on your electric bill, there is no reason not to take advantage of current incentives and find a solar installation that works for your needs, and also for your bank account. Consider an installation today so that your solar panels can start paying for themselves tomorrow.
Start saving money on your electricity bill. Go solar with Sun Source Energy today.