Solar panels are becoming a common sight on rooftops. A combination of dropping prices, new incentives, and the growing availability of solar leases is making solar power more and more popular. People are reducing or even entirely eliminating their electric bills with these systems.
The first question most people ask about installing solar panels is how long they take to pay for themselves. The answer varies from state to state and even from town to town. It depends on available incentives and on the price of electricity, which can both vary tremendously. In some places, a solar installation can pay for itself in four years. In others, it might take 20. Here in the Northeast, it’s now common for these systems to pay for themselves in less than 10 years.
Of course there are many kinds of payback to be had. A solar installation effectively locks in the price of electricity for decades, insuring against the inevitable cost increases of this commodity. A solar installation reduces carbon emissions and takes strain off the electric grid. For the homeowner, a solar installation is an individual act of energy independence.
As a financial investment, solar power is looking better and better. Viewed as a fixed-income investment that pays off with reduced monthly energy bills, the rate of return is substantial and guaranteed. As an overall investment in the future, solar power is one that pays back in many ways.
Web Links
How Much Does Solar Cost?
http://1bog.org/blog/infographic-how-much-does-solar-cost/
Photo, taken on March 22, 2009, courtesy of Christine via Flickr.
Earth Wise is a production of WAMC Northeast Public Radio. Support for Earth Wise comes from the Cary Institute of Ecosystem Studies in Millbrook, NY, with partial support from the Field Day Foundation.