Solar Panel Systems

Herman Said:

solar panel systems to become more economic and time soon?

We Answered:

I have heard the 20 year break even thing a few times and I don’t see how you figure that. I just got a system and without the state rebates my payback would have been around 10 years. With the rebate of $10K and only a $2 fed tax credit I should break even between 6-7 years. If the 1st few months is any indication I may break even sooner. The federal tax credit was increased during the $700billion bailout. Now homeowners can get a 30% federal tax credit on the installed price on top of any state or local rebates. My systems price was $26K, so I would have had an additional $5,800 tax credit. I live a typical middle class life, and we were able to easily afford the $16K out of pocket, that was less than 1/2 the average cost of a car and they will last 25 years which is twice the life expectancy of the average car. They also cost less than the average built in pool and many middle class families find ways to pay for them. It’s a matter of perception. I will be getting free electricity for aobut 18 years, how can that not be affordable.