Solar — Costs vs. Savings

SOLAR Systems and Can I afford it.

The up front cost of a Solar Array is pretty expensive, there are programs to help you finance them.  Lets talk about some Estimate Costs on savings vs up front costs for the solar array.

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I am finding that many business and homeowners are reporting to save anywhere from 50% to 90% on their system, bear in mind that everyone’s system is completely individualized for what works best for you, where you live, how much sunlight you get for your location, and what you are looking for, so unless you meet with a company one on one and get an actual estimate, you won’t know for sure.  My power bill every month ranges from $50.00 to $200.00 depending on time of year and how many kids are home leaving lights on.   For fun, lets use the $200.00 and say with a solar array we save 80% of our bill, as far as my math skills go, that is saving me $160.00 for that month!!  I like that!  so on a $50.00 a month, it would save me $40.00! I like that too!  Lets add some random numbers between the two for 12 months –  $1360.00 for the year roughly!   The solar array will also increase your home value and could be a big selling point if you decide to move.   Plus there are a lot of tax credits and incentives for having a solar system.

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So, an average 5kw system is about $23,000.00, again a lot of companies will help you with financing for this if you don’t have the money just laying around under your mattress.  SO, lets say I  get an average 5 kw system and I am saving the $1360.00/year so after 16.9 years it will be paying for itself.   Again, a very rough estimate, contact a licensed solar company with licensed electricians that install the panel to get a real estimate for you and your needs.

The standard requirements are a min 660 credit score and if your house will work with it we would need to check it out and see.  Of course all credit is oac from the lender.

 

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