With the Green Revolution in full swing, people are switching to alternative energy sources more than ever. For sunny states like Texas, solar panels are one of the best choices a homeowner can make when moving toward green energy and looking to save on energy costs. Many solar proponents (including Houston solar installers) say that they’ll “eventually, solar panels pay themselves off,” but when do solar panels pay off? Let’s take a closer look at the expected timetable for a return on investment regarding solar energy cultivation systems.
The Many Benefits of Solar Panels
If you want to talk about the ecological payoff, there are a couple of ways that solar panels immediately pay for themselves:
When Do Solar Panels Pay Off? – Energy Efficiency
Solar energy is renewable and thus easier to obtain than fossil fuels, as long as you live somewhere with UV exposure. They’re also relatively compact and can be installed directly onto your roof!
When Do Solar Panels Pay Off? – Energy Independence
Investing in solar panels also means investing in energy independence: you’ll be less likely to encounter problems with your electric company if your provider is the sun! Plus, solar panels are significantly easier to maintain than traditional power supplies: less maintenance means less reliance on your power company to ensure you have the energy your home needs.While some households can’t afford to go completely solar– whether it be due to cost or home size– using solar energy to power portions of your home will reduce overall electric costs.
About the “Paying for Themselves…”
So, when people say that “solar panels pay for themselves,” what do they mean? For some, environmental impact is reason enough to invest in solar energy. However, not everyone can afford to hire solar panel installers because they care about the environment.
Solar Panels are a Long-Term Investment
So, when do solar panels pay off? Generally speaking, your solar panel installation costs will vary based on the size and wattage of your solar system. For example, a smaller solar panel system that holds 3 kilowatts costs about $8,500, while a larger system that holds 10 kilowatts may cost up to $28,000. Of course, there are state and federal initiatives to help fund solar panel installation. Typically, these incentives will either reduce the cost of solar panels and solar array systems or provide homeowners with solar panels tax credits to help cover the overall cost of switching over.
How Long Should This Take?
Your “solar panel payoff period” will vary depending on the overall cost of your system. Generally speaking, your solar panels should pay themselves off in at least five years. Larger/more complex solar array systems will take longer to pay off since they cost more to install, and some may take up to ten years to fully pay for themselves.If you’re curious about how solar can benefit your home, give us a call and schedule a consultation! As one of the best solar companies in Texas, we’d love to introduce you to all the great benefits a residential solar energy system can provide.