Making the Commitment: Solar Makes Math Cents
By Joseph Vaughn-Perling, Specialist, Design, Development and Consultancy, BT Americas
As an efficiency enthusiast, the economics of it were very compelling. As it turned out, the solar panels paid for them self in the first month after installation.
In my situation it was a perfect storm. I had some roof work to do, needed to refinance my home loan to take advantage of better interest rates and have a high energy bill in California (ever since the shenanigans a few years ago, its been pretty bad).
After rebates and by financing the panels and installation into my new home loan, the cost of the incremental addition for all costs including interest and principal repayment is a lower cost than my monthly savings on the electricity bill.
Add that to the fact that the electricity cost is rising yearly and the tax benefits and it was extremely compelling financially. Oh, and it also drastically lowers my carbon profile, if you care about such things.
As an Electric Vehicle hobbyist and driver, this additionally provides freedom from the effects of the spikes in gasoline prices.