So now really, what is the payback? First off, my payback is probably a bit quicker than most. This is because the installer I chose let me do the mounting of the solar panels on the roof myself. He then did the electrical wiring, as well as the initial design and submitting to codes and permits.
So about that payback – My 3kw solar system’s initial cost was just over $8000. With the 30% Federal tax credit, my cost basis was roughly $5600. My payback is under 8 years. An additional bonus is this, when it is time to sell, my solar panels add value to the sale of the house. Studies have shown that homebuyers are willing to pay more for a home with solar on the rooftop. One study in particular puts a dollar per watt value on it of $4 per watt. Using my 3kw system I installed, 3kw is 3000 watts. So according to this study, I have added $12,000 to the value of my house – not bad when my original cost basis is less than half of this value.
So is solar right for you? I can’t answer that question. Here is an easy to use online solar calculator you can use to estimate the size system you will need based on your KWH usage, what percentage you want to offset with solar, and which state you live in.
I am very pleased with the results of my solar panels on my roof. I highly recommend looking into solar panels on you home to see if it will work for you.
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