How Long Solar Panels Pay For Themselves

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.

How long solar panels pay for themselves.

The time it takes for solar panels to pay for themselves can range between 5 to 15 years. He wants to meet 100 of his energy costs with solar panels. 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. 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.

Smaller or more efficient systems may only take five years to recover while less efficient systems can take longer. So how long do solar panels take to pay for themselves. The price of electricity is 0 13 kwh. In addition to the federal tax credit of 30 his utility offers an incentive of 0 3 w for solar projects.

In this example let s say the price for solar panels is higher in his area 4 w or. The national average is roughly 7 years. The first thing you should do when considering if solar panels are a good investment for you is look up. If your system is paid off in 13 years one way to think of it is that you re buying energy for 25 years plus for the cost of 13 years worth of energy instead.

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. Average solar power payback period varies significantly based on where you live. Socal bob has a daily energy use of 30kwh. April 19th 2019 the amount of time it takes for solar panels to pay for themselves varies from state to state.

Solar panels come with 25 year warranties but many systems will still produce well beyond the warranty period. It depends on where you live how much energy you use and how much your utility bills were prior to installing you solar panel systems. Timeframes for fully recovering the costs of solar panels vary but last at least several years. A definitive answer to when a solar panel system will pay for itself is impossible to give due to all the factors involved.

It can take as little as four years in states like hawaii or as long as 18 years in states like arkansas. For a typical home the cost of your system can range from 20 000 to 30 000 to purchase and install. 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.