![]() ![]() Those credits can lop off a significant chunk of the money you pay for solar panels, making your payback period shorter. Your state might also have additional incentives. The federal residential clean energy credit, for example, gives you 30% back. Once you know the total cost of your solar system, you also have to factor in any state or federal rebates you might qualify for. It goes without saying: The steeper the price, the longer the payback period. A solar battery could easily increase the cost of your system by $10,000 or more. Solar systems can range in price from a few thousand dollars to tens of thousands, depending on where you live, your electricity needs and what type of system you choose to install. The more you pay for your system, the longer it's going to take to recoup your costs. "It seems like an easy answer, but it's more complicated," Haenggi said.Ĭalculating your potential payback period will depend on a lot of variables. No two solar systems are the same, and that means no two solar payback periods are the same, either. Factors that influence your solar payback period That means your solar payback period is 10 years. You also know the panels will help you save about $1,500 a year on electricity bills. You know you qualify for $10,000 in incentives, so now the net cost is $15,000. In practice, here's what that could look like: Let's say the total system cost for your home is $25,000. Here's another look at the formula: (Total solar system costs - rebates) / Electricity bill savings per year = Payback period in years
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