What is the Payback Period for Solar?
Like any investment, it is important to know when you will get some return from your solar system. Payback is commonly used to describe the time it takes for an investment to pay for itself, similar to Return on Investment, but the return on your solar system cannot be directly compared to other common investments. Here’s why:
If you want utility power, you don’t have a choice about paying your bill. Investing in solar is essentially taking a partial amount of the total money you will be paying your utility through the years and investing it directly in your home. It also prevents you from experiencing the result of utilities increasing your power rates. A solar system will not only protect you from those rate increases, it gives you the control over your electricity costs – allowing for more accurate financial planning, smarter energy consumption, and a greater accumulation of savings.