Are residential solar panels worth in 2023?
What is the average payback period for residential solar panels in 2023?
The solar payback period refers to the amount of time it takes for the electric bill savings from your solar panels to equal the amount you paid for the system. The average payback period for a residential solar system in 2023 is about seven to eight years.
A payback period of seven or eight years equates to a return on investment of approximately 15%. However, this varies greatly by state and even by regions within states.
Once you have generated an accurate payback period, you can compare this to the returns you see on other types of investments:
As you can see, residential solar panels stack up favorably against all of these other investment options – and this is even before we consider the increase in a home value caused by the solar panel installation.
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