Is Solar energy a good deal for most homeowners?
An average sized home (about 2500 ft.²) requires $12,000-$15,000 of solar equipment to power it completely. That’s after about of $10,000 federal income tax credits. Some states have further incentives that can total $3000-$8000 more. Bottom line, Solar usually pays for itself in 5 to 10 years, depending on what state you live in.
If you don’t have $15,000 lying around, you can often get a solar lease or loan. With monthly payments about the same or sometimes less than your average electric bill. With a good lease or loan you can wind up owning the solar panels in 8 to 12 years. Because solar systems usually last 25 years with very little maintenance, Solar likely provides 15 years of free electricity!
And of course, rooftop solar creates 100% renewable energy with virtually no carbon footprint.
If you plan to stay in your home for five years or more, Solar in most places is a better deal than buying electricity from the Electric grid. We live in exciting times!