How Long Will it Take Your Solar Panel to Pay For Itself?
Maybe in an ideal world, everything would be powered by solar, wind, or other renewable energy. For now, construction and roofing companies in New Jersey are helping homeowners to take small steps toward betting our planet with solar panel installations. But many of our financially savvy customers ask just how long this expensive investment will take to pay off, or if it ever will! Allied Construction and Roofing is here with answers.
The biggest cost of your solar panels is the initial installation. Many government programs cover this, including a 2021 program that covers up to 26% of installation costs. These can be expensive, but don’t worry—most of our customers break even within 6-8 years of installation.
Monthly “Utility” Bill
Once you have your solar panels installed, pretend you have a monthly “utility” bill. This will cover the cost of repairs and maintenance, as well as paying off any financed roofing. With expert financing, you can find very low rates that work out to be about as much as that pesky energy bill used to be! Even more, you will receive tax credits on a yearly basis to offset costs. In some areas, you may start earning money sooner if your home generates more solar power than you use by selling the power back to the energy company.
In our research, most customers break even within 6-8 years. It can take a while, but imagine how great it will feel in less than a decade to think “energy bill? I don’t have one of those anymore!” and to forever eliminate your bill. How long do solar panels last? With proper installation, usually around 25-30 years, with most warranties covering up to 25 years!
Solar power is a valuable resource, both for your pocket and the whole planet! Make sure your solar panels are installed properly and hire a skilled roofing and construction team in New Jersey.