Solar panels paid off faster than I thought they would

I was dead set against solar panels until my neighbor showed me his $45 July electric bill after I paid $280 for the same month, now I just got my own installed and I'm wondering what my first full summer will look like?

2 comments

2 Comments

kevin_carr16d ago

My neighbor's $45 bill hides the $20k he dropped upfront that'll take 12 years to break even on lol.

anna75815d ago

Kevin's got a point about the upfront cost, but here in Arizona my neighbor showed me his numbers. He put down $18k after the tax credit and his system paid itself off in 7 years because summer AC runs from May through October. I mean, my $280 bill in June last year was brutal, and solar should cut that to maybe $50 or $60. The break even point depends on your local rates and how much shade your roof gets, not just the price tag. Some utilities also have net metering that makes panels work even better on cloudy days. So yeah, that $45 bill is real for him, but you gotta run your own numbers based on your specific house.