Average Electric Bill

By Author: guy merrett
Total Articles: 6
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What is the cost of solar panels now? Is it more affordable for homeowners to outfit their homes with solar panels and possibly save thousands of dollars on their electricity bills over a lifetime? Let’s delve into the cost of solar panels. There has been a dramatic decline in the cost of solar panel. In many parts of the world, like in several European countries, and parts of the US, solar is reaching parity with the grid. What that means for homeowners is that it’s as cheap to construct a solar plant as a coal or gas plant. The speed of innovation in the solar area has gone up, so that prices have started going down a lot and efficiency is massively improving. In 2015, solar panels will have gone to just 42 cents for each watt. The tip-top Chinese solar panels fell by almost half in just three short years.

Solar Companies Are Going Out Of Business

There’s been a string of bankruptcies with solar companies, but not for the reasons you might think. It’s actually a good thing they’re going broke. Since they have such old technology, their solar panels are suddenly becoming very expensive. The price of ...
... solar panels is going down, and that means good things for consumers. No one wants to buy a computer that’s four years old, for example. U.S. solar installations have jumped almost 75% in 2012.

Comprehending The Cost Of Solar Panels

While most business and home owners want to install solar panels just because it’s the right thing to do, a lot of them are exploring the long-term benefits of the total cost savings down the road. For people who want to learn about the costs of installing solar panels in general, it’s best that they learn to tabulate their return on investment too. You’ll get all sorts of formulas and statistics that all say that they have the answer when it comes to tabulating ROI. The basic answer is that it can be very time-consuming to find out about your investment, but there’s no way to take a shortcut on the process without selling yourself short on results.

Let’s Take A Look At A Sample Savings Amount

Solar panels might cost $14,000 to install, and there will be tax incentives that drive the initial cost down. You might get paid back in five years if you invested $14,000 in them. Any energy savings that you get beyond that time period would be your return on investment. There are lots of other factors that affect your ROI like the up-and-down price of electricity. Usually, electric costs rise, so your payback period might be even shorter than you calculate it to be.

Furthermore, your ROI can alter if you invest your savings in products that will make those savings compound and get you a much higher ROI. You can probably average about a 15-20% ROI based on a usual payback period of between four and seven years. So, it’s a really good investment to make.

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