How Long Do Solar Panels Take To Pay Themselves Off

However cities in the north are not as left behind as one would expect.

How long do solar panels take to pay themselves off. There s no denying that solar panels are a long term investment but given the potential for both saving money on energy. Here you can see the numbers. The time it takes for solar panels to pay for themselves can range between 5 to 15 years. How long do solar panels take to pay for themselves our customers see payback periods that are between 10 15 years on average.

The price of electricity is 0 13 kwh. Unsurprisingly cities in the south came out tops with plymouth exeter and truro named as the three cities with the highest return on investment for domestic solar panel installations. However we can estimate based on averages roughly 10 years and up for a system to pay for itself and even possibly result in a return. So installing solar panels in the north remains a good deal.

Data from the energysage solar marketplace shows that in 2020 solar shoppers who compare their options in the marketplace can achieve payback on their solar investment in about 8 years. As of june 2020 the average residential solar panel payback period in the us is 7 6 years based on the last 50 000 homes that have used our state of the art solar panel estimator to generate a solar cost and savings estimate for their home. He wants to meet 100 of his energy costs with solar panels. Your payback period will depend on your electricity usage electricity rates and how compatible your roof is for solar.

In this example let s say the price for solar panels is higher in his area 4 w or. Socal bob has a daily energy use of 30kwh. In addition to the federal tax credit of 30 his utility offers an incentive of 0 3 w for solar projects. Those solar shoppers will continue to enjoy free electricity for the life of their solar panel systems which can last between 25 and 35 years.

A definitive answer to when a solar panel system will pay for itself is impossible to give due to all the factors involved. On average a typical solar system should wind up costing about 20 000 over its 25 year lifespan which includes the cost of inverters and a battery. Moreover the length it takes for a purchased solar system to pay for themselves is influenced by the roof s exposure to sunlight roof direction the price for electricity and local subsidies.