Solar Nerd articles about: Finances

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Solar ROI: how long does it take for solar to pay for itself?
Going solar is a big investment for any household. An average sized home solar system will cost several thousand dollars even after incentives, so knowing how long it will take to pay back the investment is a key question for most people. On average, an investment in home solar panels will be paid back in roughly six to eight years, but this will depend on the amount of sunlight the system receives, the net metering agreement, and other factors.
Illustration: loan fees
Solar loan dealer fees explained
Installing solar panels on your home is typically a five-figure purchase, so a majority of people take on financing to pay for it. It’s often easiest to get financing directly from your solar installer. The installer will give you a solar installation proposal with a financed price, and you won’t have to deal with your bank or any other lending institution. Simple, right? We're solar nerds, not finance nerds. Be sure to consult with a professional financial advisor before making major financial decisions.
Photo of people looking at a bill
I have solar panels installed. Why is my electric bill so high?
Do you already have solar panels on your home? Normally that’s a great thing, but maybe you’re looking at your monthly utility bill and wondering why it’s not lower. For most people, helping the environment is one reason why people go solar, but the top reason according to market research is saving money on your electric bill. This is why it can be so frustrating if you’ve spent thousands of dollars on a solar installation or committed to a 25 year solar lease and you’re looking at a monthly electric bill that’s still pretty high.
Illustration of people calculating the financial cost of solar panels.
Are solar panels worth it in 2022?
Thinking about solar panels for your home? It’s a major investment: even in states that offer multiple incentives, you’ll still be paying multiple thousands of dollars. Fortunately, the price of solar continues to drop, and in 2022 the cost of renewable energy - especially wind and solar - has fallen to the point where it’s cheaper than fossil fuels in many locations. But how about for the homeowner? Home solar panels can be worth it, but it depends on a few key factors: whether your home is suitable for solar, what your financial opportunity cost for purchasing solar is, what type of financing you’re prepared to use, and how personally important the environmental benefits are to you.