It does depend on a couple of things. Number one is how many panels you install. This is personal preference – your limit is only space..and budget.
Each kilowatt of installed solar capacity = more savings for you. It is not unheard of for some Americans to completely provide their own electricity – that means a $0 bill each month. It is even possible to be paid for any surplus that you feed back onto the grid in some areas….more about that in the next point!
The other benefit is that you will not be effected by price hikes dictated by electricity companies. The cost of sunlight should (you never know!) remain a free resource – clean and constant for the foreseeable future!
This point does depend on where you live – but as mentioned above, solar panels can even help you to build a passive income!
At the moment government incentives are generous. If you install solar photovoltaic panels some states in America will actually pay you for the energy that your panels create. You can run a free solar report on your property here.
Most solar panels have a lifespan of 25 years, and so if you are planning to sell your property in that time, you can expect to have an enormous bargaining tool on your side. This article from Forbes examines just how much you can add to the value of your home by installing solar panels.
For the average installation, the authors found that solar panels added a $20,194 premium to the sales price of the house based on repeat sales data (houses were in the mid-$500,000 range). Solar is really expensive to install—the average total system cost is $35,967, but the effective price to homeowners with subsidies including the federal tax credit is $20,892. Thus, homeowners appear to recover approximately 97% of their investment costs – in addition to the savings associated with reduced energy bills.
You can expect to recoup an average of 97% of the cost of installation! That beats a new kitchen any day.
So there are enormous benefits to you, your business, our local municipality and the planet! Sounds perfect!
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