How long does it take to save money with solar panels?

How long does it take to save money with solar panels?

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[chrismaxny]

We've got a 16kw grid tied ground mounted solar system which cost after all incentives $30, 840 USD. We live in the Hudson Valley in upstate NY USA. The electric rate is .281/kWh and the monthly payment was $446 which translates to over $5000 a year. We have a pool, geothermal heating and cooling, and an electric car in fact everything is electric. There is a $21 per month basic charge from the electric company that will always have to be paid. We have net metering which makes the grid our battery. The system is producing enough power to run everything and we are saving $5000 grand plus a year so the payback will be about 6 years.

[ncammann]

For our panels installed 2011, South-West England, Cost £9000 fully installed. Paid for themselves in 4.1/2 years. All electricity supplied by them since (average of 2/3 of our consumption over the year) is free and saves us a lot.

[BeatlesSale.]

I’m very envious that Australia is half price! The cheapest I could find was Tesla. They were double what we pay for electricity for 15 years. So it is $190 (monthly electricity bill) vs $390 per month for 15 years. This is after the incentives. This is with one Powerwall. Obviously we have a long way to go! Don’t forget the higher interest rates for a loan today. If I was much younger I might consider it.

It only adds value to your home if you own the panels. Usually a new homebuyer doesn’t want to takeover the loan for solar panels.

Perhaps our electricity is much cheaper because we are part of a cooperative. Also we can’t cut trees or branches down. Not allowed with homeowners agreement.

[junkerzn]

One big thing to consider when replacing your roof is to select a roofing type that solar panels can be mounted on without requiring any drilling through your nice new roof. Not having to drill makes a huge, huge difference in the robustness of the installation.

[hippie-io]

Another consideration: What is it worth to you to have power during a blackout?
A freezer full of meat products can be saved by a small solar system with 4 days worth of battery.
Plus, that small system will be paying for itself by the 30Kwhr saved every month. I have 4 solar panels and a 3.3Kwhr battery. It costs me $2300 US to build. It makes 30 to 60KWhr per month. Payback period is approximately 23 years, so obviously my motivation is not payback, but enjoying beautiful silent energy!

[junkerzn]

Ok, I gotta say the stock video of the "young couple" looking serious while being lectured on solar panels, while they were holding little mini-solar panel samples, was hilarious. For some reason I couldn't stop laughing.

[nomadtom]

In Québec City, I use around 20 000 kw/h per year, while beeing very, very cautious with usage. This include winter heating and a little air conditionning in summer. Also, very cloudy also in winter. Very different situation indeed !
But, since tarif for electricity is only about 0, 065 Euro each kw/h, the payback here for solar could be very, very long.
We rarely see solar panels installed here.

[jorgerobles]

Well, in my case a qualified for a 0.00 dollar payment for my solar panels, including installation, and I saw how my monthly payment went from an average of 479.87 USD a month to just 51.17 USD a month ON THE VERY FIRST MONTH after being installed!!!! So I am able to save more than 430 USD/month just right out the bat, so my payback is NOW and is actually my profit, no waiting time at all!!!! and my system is running all the electric systems in a 3500 Sq.Ft or 330 Sq/M, two story

[SickocrowAU]

Also factor in:
Degradation of Panels and Battery.
Time at house during daylight hours (especially if no battery).

[GolLeeMe]

You save money straight away, but the payback period is (in my estimations on our system) is about 10 years. Just in time for the panels to drop to 70% of originals rating. Some may experience less time and longer life on their panels.
It depends on feed in tariff too, if you are selling to your retail supplier any unused energy, and of course service charges. Not all things are sweet in the solar game. It also depends on how much your supplier charges for a kWh of energy because you have solar. Obviously, the elephant in the room is the amount of sun you receive in your neck of the woods and duration.

[danielmadar]

We have a 21kWp rooftop PV system in sunny Israel, which produces ~4 times the electricity we use. We get repayed for every kWh we push to the grid. The payback time is ~6 years.

[Rabs]

7.6 kw system paid for itself in 5 years here in NSW. That would be typical for Australian payback. The system has generated 102000 kwh with zero issues. The key is not to go cheap on components, esp inverters.

8 years now with about 5% degradation. Long term grid consumption 12kwh per day family of 5 and 1 EV only charged during the day. This has our Model 3 averaging 38g/km CO2.

[grahamcastle]

It's wrong to focus upon payback. Do you calculate the payback period of a holiday, an expensive meal or even a new car? Instead you should focus upon the "enjoyment" you derive from the solar panels such as energy independence (partly), the satisfaction of helping to aleviate climate change. Money isn't everything.

[DThrills]

The solar panels shading the car parks is win/win.

[frankcoffey]

Customers in California thought they knew the payback then the state changed the rules 😮 Now they don’t get as much for the power.

[johnfrancis]

Solar panels don’t really work on cloudy days in the UK. But England is quite sunny - nowhere near as sunny as Australia and obviously nowhere near as intense. I have 7 400W panels - 4 facing east and 3 panels facing south. At the moment when it’s sunny I get 2.4 kW. In winter I get very little. My pay back period was initially calculated at 9 years - but actually I think it will be paid back in 7 years. My best investment was to include the 5kWh battery AND get an MG4 electric car.
Obviously I think I’m being a good boy - but really this is economic sense too.

[JamesBurkinshaw]

Thank your Sam, in Alberta Canada home builder offers 10 solar pantels to buyers. and promises 50% savings. on Electricity.prices.

[sparkytas]

I'm a Tasmania electrician and I upgraded my own home's PV system in Feb this year. I got Longi brand 500W mono's for AUD $285 each including GST from my local electrical wholesaler, and a Goodwe 10kw single phase inverter with 3x MPPTs for around AUD $1500 including GST. Minus labour (I installed it myself), all the materials including cable & mounting, panels and inverter was around AUD $6.7k for a 7.5kw system.
After a government rebate of $2.6k back, net out of pocket is only AUD $4.1k minus my labour for 7.5kw.
If I add AUD $3k for labour, that would mean 7.5kw system for AUD $7.1kw. My system generates on average 8300kwhr/year.
If I super conservatively sell every kw generated for a minimum of AUD $0.13, rather than factor in savings AUD $0.24 for every kw I don't import, then it will take around 5.5 years to pay off.
Just some detailed figures for people to get an idea.

[greghudson]

I'm in Melbourne Australia and I was paying AU$1800 per year for power, 5 years ago. I installed 6.4kW of solar, which after rebates, cost me AU$3050 out of pocket. A simple calculation will show you that $3050 divided by $1800 is 1.7 years, or, approximately 19 months. In the last 5 years I have not paid a cent for power. As they say, your mileage will vary...

[GregHassler]

The panels aren't the only cost. You also need the power electronics, the wiring, conduits, junctions and circuit panels, as well as the labor to install it all.