For the majority of Endries Solar and Electric’s residential customers, systems are paid off within 7-10 years, with most of our commercial installations seeing a quicker payback at around 5-7 years. Seeing as most panels are guaranteed to last up to 25 years, paying off the installation with energy bill savings in less than ½ of the panel’s lifespan is a great investment.
Each customers’ savings will vary depending on five categories:
- One’s average energy usage (as this determines system size)
- The cost of your utility’s electrical rate and any foreseen increases
- Renewable energy incentives and rebates
- The federal tax credit (fortunately, the federal tax incentive has extended its 30% of the system’s cost until 2032)
- Your system cost
Your Endries Solar and Electric energy consultant will work with you on determining all of these factors and will help you make a decision on the best system and investment to meet your needs. Through savings on your electric bills and incentives/rebates, your solar installation is guaranteed to pay for itself over time, making solar energy a strong and positively environmentally impactive investment.
*Referenced:
https://www.solarreviews.com/blog/how-to-calculate-your-solar-payback-period#definition