The Financial Reason to Install Home Solar Electric Power
The primary reason that the time for residential solar has arrived is because it can make good financial sense if your monthly electricity bill averages $70 or more.
The odds are that you save money from the first day a solar system is properly installed, even if the total installation is financed. Any loan for installing the solar system may be paid for by money saved every month on your former electric bill.
Return On Investment
Using solid accounting, there is no question that installing solar is the right decision for the overwhelming majority of home-owners if there is sufficient roof space for photovoltaic solar panels.
Electricity rates have increased, on average, 6.7% each year for the last 15 years. Today's bill of $2000 a year, increasing at only 4% annually, grows in ten years to over $2800 a year. In 15 years it is around $3500 and in 20 years over $4300 every year. It makes sense to eliminate most or all of this as quickly as possible.
Even if electricity rates were never to increase, not to install solar electric power could be a costly mistake.
A solar installation should pay for itself fully in 7-9 years.
A solar electric system protects against power company rates and rate increases forever. In brief, installing a solar system provides a long term, low risk opportunity to invest wisely.
Where else today can anyone obtain a return on their investment comparable to having made the decision to install solar energy in their home?
Added Property Values
Following real-estate studies, according to an article in the Appraisal Journal, for every $1000 saved in annual energy costs, $20,000 is added to the value of a home. That being the case, it means a solar electric power system pays for itself the day it is installed. Other studies conclude that homes with solar power sell four times faster than those without solar electricity.
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The expressed views and opinions presented on this website are based on current market conditions and are subject to change without notice. Stewart Ogilby cannot and does not guarantee the accuracy, validity, timeliness, or completeness of such information. There are no warrranties expressed or implied as to accuracy, completeness, or results obtained from any information posted on this website and its entire content is for informational purposes only.