EcoSmart – Solar Cost & ROI
The first thing people ask when considering solar power is “what is the solar cost & ROI?” There is no simple answer. Solar energy costs vary depending on the size of the system, the ease of installation, and panel manufacturer. Your goals can determine the size, and hence, the cost of solar power. Do you want to take a bite out of your utility cost, or nearly eliminate it? Those questions coupled with how much space you have, will determine the size and ultimately the cost of your solar system. The price of an average solar array in Connecticut is just under $30,000, down from an average cost of $54,000 five years ago.
Rebates, tax incentives, and financing options can also dramatically lower your bottom line.
Variables that affect the ROI of your solar system can include:
• Shading (affects production)
• Orientation and slope of your roof
• Size of system
A typical solar installation, after considering local, state, and federal rebates, will pay for itself in 8-12 years. If you are an investor, this is an equivalent of 8.3% to 12.5% return.
In addition, Connecticut Solar Rebates can add up to several thousand dollars each year, slashing payoff time and increasing ROI. A positive cash flow is established from year one!
But you cannot compare solar to a typical investment because it is tax-free. In addition, a solar power has no risk since the only factor it relies upon is the sun.
The knowledgeable staff at EcoSmart can help you properly size the right system for you that fits your lifestyle and financial goals at home or your business.