Savings Breakdown: When Solar Will Start Paying Off?
If you’re like most people who are thinking about investing
in a solar system for their home, you likely have plenty of questions about how
your investment will benefit you both now and in the future. You’re right to
question the payoff of solar, as it typically requires a hefty initial
investment of anywhere between $5,000 and $80,000 dollars to get started,
depending on the kind of system you want to implement.
Modernize
believes that it’s important to gain insight into when your solar system will
start paying off before you make an investment—here are some aspects to
consider that should help you make your final purchasing decision:
On the Grid or Off?
If you choose to invest in a solar system that can be tied
to your local energy company’s power grid, you can get away with a smaller
system and use traditional power as backup while still saving plenty of money
on your energy bills each month. On the other hand, if you purchase a grid-tied
solar system that fully meets your household’s energy needs, you should be able
to sell any leftover power you generate at the end of the month to the electric
company for a tidy profit.
Investing in an off-grid system will require a bigger
investment upfront, as you’ll have to provide your home with energy to meet its
daily needs plus a significant bumper for those days when it’s overcast or
stormy outside, and your solar panels have access to limited sunlight
throughout the day. With a grid-tied system you can expect to save about $1,000
a year on energy costs, and with an off-grid system you’ll eliminate your
energy costs altogether.
