One of the many benefits of installing a solar power system is the fact it is a great investment. More businesses and homeowners are making the switch to solar power because of how quickly it can pay for itself.
The Return on Investment
Understanding the return on your solar power investment can help you make the decision to switch to solar or not.
You can calculate your return on investment by measuring the initial investment you paid for your solar installation against the financial benefits you receive each year. Start this process by calculating the savings on electricity costs or other power sources you can expect when you switch to solar.
Other Solar Incentives
But don’t stop there. There are other incentives you can potentially qualify for from state, local, or federal sources that go into this equation. Some states and utility markets also have SREC’s, or Solar Renewable Energy Certificates that can be an income stream once you have a solar power system installed.
More Financial Benefits
When the total financial benefits are compared to the initial cost, many people who make the switch to solar power can have their initial investment recouped in 7-8 years. If your system lasts another 20 years or more, that means you can enjoy free electricity the entire time. It also means you can be shielded from unexpected energy increases.
Before you make a decision, it’s important to do your research regarding solar power and the potential financial benefits. We are certain you will like what you find!