After you spend the money to install solar, you may wonder: “how long do solar panels take to pay for themselves?” We answer that one here.
And on top of all of that, solar systems are extremely helpful to the environment…bonus there too!
Solar panels are helpful because they work by gathering an electric charge when exposed to the sun, as opposed to depleting natural resources or spewing toxic material into the air.
But solar panel systems are not cheap to install. With these great natural and money-saving benefits comes a very high upfront cost to install these panels. When you do take the plunge, it is worth it though.
Considering the upfront cost, its only logical for you to ask: “how long do solar panels take to pay for themselves?”
The Estimated Cost of Solar Panel Installation Is..
The purchase and installation of a solar panel system can cost a various amount of money, depending on how many you need, where you need them, the angle of your roof and many other factors. Typically, a full solar panel installation will range anywhere between $15,000 and $40,000 – but this figure once again, depends on the size you need, how much power you would like as well as the solar incentives that are available to you.
There is no doubt that in the future, these solar systems will benefit you, but as an owner, you must be patient, as it may take some time for the solar energy panels to end up paying for themselves. Though it may take some time, it will be worth it in the end because the long-term savings are quite substantial.
How Long Do Solar Panels Take to Pay For Themselves?
On average, most people find that it takes about 15 years for solar owners to recoup their investment, though if you have a smaller system, it may take significantly less time. For a homeowner with solar panels, the average is about 5 years.
On average, a solar panel will operate efficiently for about 25 to 30 years before it needs to be replaced. So for those with large solar panel systems, you can expect to spend about half of a solar panel’s lifespan making back your investment and the other half saving money.
Does Weather Matter When Installing Solar?
Weather very much matters when it comes to recouping money from the cost of your solar panels.
Solar panels are a great source of energy when they are subjected to the right weather conditions, but these weather conditions can obviously vary from year to year, and this varying factor will play a key factor in determining your energy costs.
And of course, the amount of your energy costs will affect how much money you save, which will in turn affect how long it will take for you to make back from your initial investment. Energy costs will rise and fall from season to season depending on the weather.
What you should also take into consideration is the fact that some states actually offer incentives on solar panel systems. For example, the state of Louisiana will help you pay to half of the cost on your solar energy panels, so recouping your money will not take nearly as long as it would if you footed the entire bill yourself. In Massachusetts, there are many solar incentives you can tap into.
Solar Panel Cost Recoup Conclusion
In the end, this investment in solar is definitely a worthy one. Not only are you helping the environment, but you are helping to eventually save money in the long run.
So the next time you ask yourself, “How long do solar panels take to pay for themselves?” Consider all of the important factors listed above and consult with your local solar experts, and you will have a better understanding.