Many potential buyers will wonder if solar is worth it or will solar panels eventually pay for themselves.
The answer to both questions is yes.
However, there are many variables, especially regarding your specific house.
The idea of installing solar panels on your roof is likely exciting.
That said, it’s also a significant investment that’ll take years to develop fully.
So, how long does it take for solar panels to pay for themselves?
What is Solar Payback?
Of course, how long it takes depends on how much money you spend on solar to start.
The average price to outfit a home with solar in the U.S. is around $16,000.
Some spend more, while others pay far less.
What is the Federal Solar Tax Credit?
But that rate drops to 22% in 2023.
So if you’re on the fence, you’ll want to decide sooner than later.
Those who take advantage of the federal solar tax credit can write off the cost of solar on taxes.
You’ll get a $1 to $1 tax reduction of up to 26%.
However, this only applies if you bought or financed the purchase.
Those leasing a solar setup are not eligible for the credit.
For example, many parts of California get much more sun than other states.
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Then, enter all that information into asolar calculator.
Many Nevadans use around 12,900 kWh of energy per year.
That’s better than the national average, and of course, your situation may differ.
However, you’ll now want to factor in any fees or interest on that loan.
Can Solar Panels Pay for Themselves?
So, again, can solar panels pay for themselves?
Or, in other regions, spend upwards of 12+ years before the system pays for itself.
How Long Do Solar Panels Last?
Last but not least, we wanted to quickly mention how long solar panels last.
Well, that depends on your situation and how long you plan to stay in the home.
According toEnergy.gov, most rooftop solar panels can easily last over 25-35 years.
The most common throw in, photovoltaic (PV panels,) is very reliable and built to last.
Many homes that added solar in the 1980s and 90s are still going strong.
Remember, though, energy production could decrease over time, especially without proper maintenance throughout the years.
