Our customers pay an average of $2,000 per year for dirty power from their electric company. (Your household’s current cost is likely very near to this figure.) This means that, considering zero inflation of price per kWh from your utility, you will have paid them roughly $50,000 after 25 years. Comparably, a Sunshine Renewable Solutions residential solar system offering 100% offset of household power consumption and a 25-year hardware warranty typically ranges between $15,000 and $30,000 in total cost (before the 30% tax credit). Although the upfront cost of generating your own clean power via solar may seem daunting, it truly is a more affordable way to power your house.
The potential for savings is evident at this point, but we’ve yet to factor in how much you could save on electricity costs. Let’s say that your 9-kW system costs $24,000 in total. After the 30% federal tax credit, your cost for this system would be $16,800. In Houston, we receive a healthy 4.65 average hours of peak sunlight, which means your system produces about 41.85 kWh. At the current average price of $0.109/kWh, this system will save you about $4.56 per day, or $1,600 per year, and will pay for itself in full within roughly 10.5 years. Every watt of power you generate after that point will be money earned and carbon emissions saved!
It turns out that the typical IRR for a solar investment is between 8-10%, which is incredible when you realize that’s greater than or equal to the return you would expect on the stock market.
If you’re like us in that you’re always trying to find the next creative way to reduce your overall cost of living, let us show you how tomorrow’s technology can do so for you—starting today!