Articles tagged "payback"

Buying solar panels for your home is a large investment. How many years will it take for that investment to pay itself back? In the US, the best case is that a home solar panel system will break even financially in about 5 years. That’s if you live in a state with excellent financial incentives such as Rhode Island or New York. The average in the US is to break even in around 8 years.

For many people who are thinking of adding solar panels to their house, knowing whether they will add or reduce the value of your house is a really important question. While it makes sense that any type of improvement to your home, including solar panels, should increase its value, there are a few caveats to be aware of when it comes to solar. First of all, when it comes to the question of whether or not solar will increase your home value, the answer in most cases is yes.

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.