How Long Does It Take to Pay Back Solar Panels with Savings?
Homeowners with solar power on Long Island will tell you that panels are a fantastic investment that can produce a return over time. In marketing, this is one of the most significant selling features. Even the government promotes solar to save money and generate a return over time.
If you’re interested in solar, there will be one key question for you to answer. How long does it take to pay back solar panels?
Let’s look at how solar panels generate savings, and how this contributes to the pay-through period.
A Long Island Solar Installation Will Generate a Return Through Savings
The way that solar saves you money and generates a return is by reducing your electricity bill. This is the core benefit of getting a Long Island solar installation.
During the daytime, your solar panels will generate electricity from sunlight. The panels will function best on clear days, but they still output electricity even when it’s raining, snowing, or when there’s cloud coverage. There will only be a few days every year when your panels shut down completely due to adverse weather conditions.
The electricity generated by solar panels means that you’ll take less electricity from the grid during daylight hours, but it doesn’t end there. Throughout much of the year, your home will produce more electricity than it consumes. When you get solar, you’ll have a special meter installed. This meter spins both ways. When you use electricity from the grid, it will function as normal. When you export excess electricity, it will spin in reverse. This is known as Net Metering. It allows you to generate credits from the electricity that you produce. If you end the month having exported more electricity than you consumed, the credit will carry over to the next month. If you end a billing year with a surplus of credits, you’ll receive a check from your utility company.
By reducing your electricity bill with solar, you’ll effectively save money over time. The savings may be modest for the first few years if you get solar through financing. But once the financing is all paid off, the savings will be yours to enjoy.
So how long does it take to pay back solar panels? The average system will generate savings equal to the cost of installation within the first ten years. This usually happens around year seven or eight.
Solar panels last an average of 25 to 30 years, so there will be ample time for those savings to add up.
Long Island Power Solutions Helps to Predict Savings Over Time
We’ve described the ideal scenario above, but you need solid information before you make the switch to solar. We provide free estimates for solar and go a step further to ensure that you make the right choice.
Every customer receives a detailed energy savings evaluation as well as a cost/benefit analysis. We’ll look at your home and your energy usage patterns. We’ll design a solar solution that suits your family to ensure that your energy needs are met. We’ll also provide a report detailing savings relative to cost, over time, using advanced predictive modeling.
With this information, you will know if solar is right for you. Solar installation is suitable for most homes on Long Island, but the savings and pay-through period can vary from home to home. By providing all of the information up front, you’ll know whether solar is worth it.
Get Your Long Island Power Solutions Solar Estimate
You asked the question: how long does it take to pay back solar panels? We can answer this question in detail with your energy savings evaluation. Financing periods can be customized to suit your needs, to ensure that repayments are affordable while savings come quickly.
Learn more by getting your free solar estimate today. Long Island solar is one of the best investments you will ever make, and with our experienced team, it’s straightforward to make the switch.