Green issues aside, are solar panels worth it, monetarily speaking?I don't mean that my house might be worth more or any of that. All I am asking is this: if I invest in a set of solar panels, will the cost be paid back to me over time? If so, how long will it takegt;Take into account the following:. Currently I pay the electric company around $00 per month2. I use around 400 kilowats of energy per monthI realize that exact numbers are hard to come by, but any opinions are welcome.
With tax incentives, yea it's worth it. It will take years to recoup the costs. You need to live there for a while.
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There are several factors to consider when looking into solar power for your house. If you want to replace your use of utility electricity with solar power for say a 500 - 2000 square foot home then the system will cost you at least $30000 - $50000 to install. You will also have the maintenance issue of your storage batteries, panels, and inverter which will eventually wear out over time. So lets say we have an optimistic price of $30000 for a whole house system (this would be really cheap), dividing this by your yearly consumption would give you the amount of years it would take for the expenditure to pay for itself (not counting maintenance which could be costly). The payoff would be about 25 years, so all things remaining equal, I would say that it is a bad investment. Solar panels as they are manufactured today do not have a very long life span. They will greatly decrease in efficiency after several years and will most likely need to be replaced in 0 years. The panels themselves are the greatest expense. You could problably find better ways to make/save more money by investing $30000 - $50000 somewhere else IMHO. Solar technology is still not at the point where it is profitable in the sense you are thinking about. Unless of course, there are huge tax incentives for you or large rebate programs through your local utility, but you would have to do the math on that as well. If you are thinking small as in a couple panels to supplement your utility electric, the above still applies as well. In fact will it take longer to recoup the cost of a smaller setup. Hope this helps!
