The financial benefits of going solar are now well documented. Solar panel systems actually function as investments with strong rates of return, and homeowners generating solar electricity can avoid paying increased utility rates by eliminating their electricity bills.
According to a 2015 report by the Lawrence Berkeley National Laboratory, installing solar panels on your home can even increase your property values. If you’re reviewing multiple quotes, there are plenty of metrics that can help you make a decision about which solar option is best for you, but studies show most solar shoppers rely on one metric in particular: the solar panel payback period.
The solar panel payback period is a calculation that estimates how long it will take for you to “break even” on your solar energy investment. Increased utility electricity rates and lower equipment costs are making it easier and less expensive to for homeowners to own, rather than lease, their solar panel systems. Comparing the payback period of various quotes from solar installers is an easy way to comprehend the financial merits of each option, and identify the point in time at which your solar investment will start to earn you money.
Comparing quotes from multiple solar installers can actually help you go solar with a shorter payback period than the national average. Data from the EnergySage Solar Marketplace shows that, in the first half of 2015, solar shoppers who compared their options in the Marketplace achieved payback on their solar investment in just 7.5 years – more than 6 months faster than the national average! Those solar shoppers will continue to enjoy free electricity for the life of their solar panel systems, which can last between 25 to 30 years.
By comparing multiple quotes and evaluating their respective payback periods, you can more easily understand the value of your solar investment and make the right choice for your home. Get an instant estimate or register your property to see how quickly it pays off to invest in solar.