How Long Do Solar Panels Take To Pay Themselves Off

Your payback period will depend on your electricity usage electricity rates and how compatible your roof is for solar.

How long do solar panels take to pay themselves off.

The time it takes for solar panels to pay for themselves can range between 5 to 15 years. How long do solar panels take to pay for themselves our customers see payback periods that are between 10 15 years on average. 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.

Whether you are interested in solar panels for a residential property or as a commercial installation it is inevitable to think about the profitability of the system and ask whether your panels will pay for themselves. Socal bob has a daily energy use of 30kwh. A definitive answer to when a solar panel system will pay for itself is impossible to give due to all the factors involved. While the national average is 9 5 years it takes only 8 4 years in plymouth exeter and truro the top three for a domestic solar panel installation to pay for itself.

He wants to meet 100 of his energy costs with solar panels. However cities in the north are not as left behind as one would expect. 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. There s no denying that solar panels are a long term investment but given the potential for both saving money on energy.

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. The price of electricity is 0 13 kwh. 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. As of june 2020 the average residential solar panel payback period in the us is 7 6 years based on the last 50 000 homes that have used our state of the art solar panel estimator to generate a solar cost and savings estimate for their home.

Unsurprisingly cities in the south came out tops with plymouth exeter and truro named as the three cities with the highest return on investment for domestic solar panel installations. Here you can see the numbers. In this example let s say the price for solar panels is higher in his area 4 w or.