RESIDENTIAL BUILDINGS
RESIDENTIAL BUILDINGS
- Free home assessment
- Save money on electric bills
- Low-maintenance, Affordable, Clean and Safe,
- 30% Federal Tax Credit
- Supporting renewable energy and save money
- Metering offered in all areas we serve
- Product warranty up to 25 years with expected lifespan of 35 to 40 years
Are residential solar panels worth in 2023?
- With the 30% federal tax credit reducing at the end of 2034, millions of American homeowners are asking themselves whether or not installing solar panels is worth it.
- The answer depends on many factors including where you live, how much roof space you have, if your roof is shaded, how much power you use, what your local utility charges you for electricity, and the prices offered by local solar companies.
- Our solar panels cost and savings calculator takes all of these factors into account when calculating the payback period and investment return for your specific home.
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:
- Long-term government bonds currently have returns between 0.1% and 2%
- Zillow estimates that home prices increase between 3% and 5% annually
- The stock market has risen around 9.5% historically
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.
Our Services
Solar 101
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Commercial
Industrial
Financing
How can we help you?
Solutions; designed and installed to fit each customer’s goals.