Solar Payoff Period
Homeowners often wonder how quickly they will recoup their money after investing in solar panels. SESP will not only examine all of the financial incentives and applicable tax credits available to you, we will also determine how much we can reduce the initial costs of your solar panels and we will calculate how long it will take for you to recoup your money.
We understand that this is important information for homeowners to have before they make a financial investment and SESP wants homeowners to be well informed about all of the financial implications that come along with owning solar panels.
Solar Payoff Times
There is some debate over how long it takes to pay off solar panels. According to SRP, it can take over 20 years for the average homeowner to payoff their solar panels. But with SESP you can payoff your solar panels in half of this time.
Let us illustrate what we can do for you.
SRP’s Stated Payoff Time
Size
|
Typical Cost
|
SRP Solar Incentive
|
Arizona Tax Credit
|
Federal Tax Credit
|
Net Cost
|
Simple Payback
|
| 5kW |
$35,000 |
$10,750 |
$1,000 |
$7,275 |
$15,975 |
22 years |
**Graph from SRP site.
ACTUAL Solar Payoff Time With SESP
Size
|
Typical Cost
|
SRP Solar Incentive
|
Arizona Tax Credit
|
Federal Tax Credit
|
Net Cost
|
Simple Payback
|
| 5kW |
$28,600 |
$10,750 |
$1,000 |
$5,055 – $8,500 |
$11,795 |
8 years |
Solar panels are a great investment because you can pay them off in a relatively short period of time and continue to make money off of them for years to come.
22 years