We bought solar panels for our Oceanside home shortly after we moved in. Our dilemma was deciding whether solar was the right economic move for us. We knew that environmentally we wanted to do it, but was it worth it financially? After installing solar 5 1/2 years ago, I can say ABSOLUTELY.
Residential solar systems average about $20,000. How long will it take to recoup your original investment? This is an important consideration. With tax credits, the solar panels will actually only cost around $14,500, based on this scenario. Then, you must consider how much your average electric bill runs. If your electric bill is $150 per month, it will take just under 10 years to recoup your original investment.
But that's not really true. If you don't already have a fully electric car, as I do, you will probably have one soon. With solar on your roof, electricity for your car will cost you nothing. You can subract the $100 per month that you might be spending on gas. This will greatly reduce the number of years to recoup your original investment. Finally, there's another bonus. Last year I got a check from SDGandE for around $400. They buy back excess solar that my panels produce.
All told for me, my solar installation will be fully paid for within the next 12 months!!! Oh, and did I mention how it increases the value of your house for resale? Anyone looking to sell their house in the future will get more for their house if they have solar. No electric bills for the new owners.
When we first moved into our house and decided to go solar, Ron mentioned to my mom, age 91 at the time, that she should consider it. She thought she was too old, and would never recoup her money. Well, here we are 6 years later. Her solar would have been paid for last year!! You just never know, but it's certainly something to consider. BTW, leasing solar is NOT the same. You never own it.
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