Twenty years ago rooftop solar had a payback period of 20-25 years. People who were installing rooftop solar were doing it mostly for environmental reasons.
Today, the decision is typically made as a financial decision because the payback period is ten years or less — depending on where you live as each state has different electricity rates and net metering policies.
Shrinking your carbon footprint is still a great reason to go solar. Having your energy source near where you will be using the energy decrease energy losses from transmission and distribution. Installing a source of clean energy right on your rooftop or backyard slashes your carbon usage as you are greatly lowering your use of fossil fuels used to create electricity.
But back to the financial reasons to go solar. As we know, utilities always seem to be raising electricity prices – supply is purchased on a volatile energy marketplace prone to forces of weather, war, natural disaster, etc, and delivery costs that are always increasing.
Installing solar allows the homeowner to freeze the costs of power and then basically have free electricity after the panels are paid off. Those without solar simply watch the cumulative cost of utility-provided power grow and grow endlessly.
Solar home’s initial average install price of around $20K is like prepaying for 10 years of electricity and then enjoying free power for the life of the solar panels and today’s panels are warranted for 20-25 years but can certainly produce power for years after the warranty period.
Tax Credits for Solar
Another reason solar is so affordable right now is because of the tax credits in the Climate Bill (IRA). Federal tax credits of 30% are currently available for solar installations. This is like a one-time, lifetime gift from the Federal Government to help you save money on electricity for decades.
Other credits are available for heat pumps, electric panel upgrades, EV chargers, EVs and more info on the Rewiring America site: https://www.rewiringamerica.org/
Recommended Solar Installer
My recommended solar installer in New Hampshire is Granite State Solar. Tell them Edward Fielding referred you.