Solar Power System Will Save You Tons Of Cash. Here’s How!
updated at : Saturday, January 14th, 2017
Recoup Investment In 5-7 Years
A solar power system can slash your electricity bill by 90 percent while reducing greenhouse gases. Structure your payment so you can pay off your investment in a minimal time period. The savings you will incur will be due to the 90 percent reduction in your electricity bills. Why are so many homeowners hesitant in adopting alternative energy for their power needs? The answer is simple – misinformation and perception of the past are keeping them hooked to the dirty source of power. Alternative energy incentives like feed-in-tariff, net-metering, federal solar tax credit, solar rebates, FHA solar loan and finally the low cost of solar panels make the investment very profitable. The net investment can be reduced by 30-80 percent because of these energy incentives. Due to the reduction in the investment, the investment recoup time gets reduced as well to about 5-7 years.
Save $54K Over 25 Years
The initial investment of installing a solar power system can be as much as $20,000 for an average residential 5 kW system. However in the long run, the significant savings you will reap will pay off the solar power system investment. It will also put additional money in your pocket. The warranted solar panels will function efficiently for at least 25 years. Often they will last for even longer. If you were paying $200.00 a month for your pre-solar electric bill and pay $20.00 in the post-solar electric bill, the savings will be about $180.00. This savings per month will slowly accumulate to savings of $54,000 over the course of the next twenty-five years. The initial investment after federal solar tax credit is going to be recouped in about 7 years.
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