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Return on Investment or R.O.I. is something you’ll often hear in the finance world.
However, this concept applies to almost all facets of life.
Whether it’s a relationship, property, or the overall reality of money, R.O.I. applies.
It comes as no surprise that R.O.I. is also present in solar panel systems.
The first thing most people note on Return On Investment is the financial and time aspect of the situation.
If you want the solar panels to last, you need to invest in the installation as well.
Nevertheless, when you want to find out the R.O.I. of your solar panel installation, it’s best to consult with professionals first.
J.D. Solar Panel Solutions provides a lot of services related to solar power systems and expertise.
Installing panels that collect solar energy for home consumption looks very simple on the surface.
However, if you wonder and find out the worth and value these installations bring, you can decide the best time to purchase and set up these panels.
Talk to us first so you can choose from the hundreds of model systems and brands in the market.
You don’t need to necessarily buy the most popular systems that can break the bank instantly.
Choose a model that works for you and contact us to know about these brands.
Are solar panels worth it?
The real question is this, what is the solar panel return on investment for most owners who add these installations to the property?
Before spending massive amounts that can equate to as much as college tuition fees, you’ll want to do some research first.
These systems differ per set, and you’ll find a big difference between residential and commercial panels.
Residential power consumption
Average electricity costs
On average, the typical household in the U.S. pays around 13.15 ₵ per kilowatt-hour, ranging anywhere from 9.67 ₵ to 30.28₵ per kilowatt-hour.
The price range applies to the calendar year 2020 alone, with many states observing an increase in the following year, 2021.
The typical U.S. household also consumes as much as 893 kilowatt-hours monthly, totaling 10,716 kilowatt-hours annually.
Each residential consumption for electricity resulted in as much as $1,409.52 annually for the traditional power source.
Solar power system installation
On the other hand, you have solar panel installations that are still significantly higher than annual electric costs.
The average expense for setting up solar power panels is around $16,000.
The range falls anywhere from $3,500 to $35,000, coming from hundreds of brands producing various technologies and innovations to transform sun power.
It’s a one-time expense that includes the entire product package, installation costs, and miscellaneous expenses.
Solar panels payback period
The decision weighs on you as you choose between annual electric costs versus the one-time expensive solar panel systems set up.
To gain back the money you paid for the entire package plus the necessary service, you’ll need some years of use from the panels.
If you buy the most affordable panels for residential use, the payback period is this:
For the most affordable panels, you’ll need continuous use of 2.5 years, and for the most sophisticated systems, you’ll need around 25 years of use.
The verdict: R.O.I. of solar panel systems
On average, the solar panel return on investment is at around the 12th year mark, with all the current market and global conditions standing.
Consult and set up an installation date with our team
If you have some budget to spare, getting the best fit solar power systems in your home benefits you in the long run.
After around 12 years, for an average $ 16,000-panel system, you are set for life using solar energy.
It’s an investment you are risking, and of course, with the proper care and maintenance of these panels, there’s no doubt it will last long.
Solar panels are built to last, so after the payback period of these panels, you are using the sun as a renewable energy source.
You may spend on some professional inspection and minor repairs from time to time, but other than that, unless the sun runs out, you have power for life.
With the help of consultants and technicians from J.D. Solar Panel Solutions, you have the assurance that there are professionals available.
If you want to tweak or add to the system, all you need to do is contact us.
We will book you a job, and we can upgrade the solar panels as you wish.
