Investing today in a solar power system is not only an excellent financial strategy but demonstrates your commitment to a greener Earth. In addition to saving approximately 45% on the cost of a system based on incentive and rebate programs, consider some of these quick facts:
- A properly designed and installed system can pay for itself in as little as 5 to 10 years depending on utility rates.
- Net Present Values (NPV) for a typical system range from $3,000 to $10,000 depending on the size of your system and your electrical bill.
- A recent study from the Appraisal Institute suggested that the selling price of homes increases by $20.73 for every $1 decrease in annual electric bills. This means a residential solar system that saves about $1,000 in annual energy bills would increase the value of your home by over $20,000.
- A typical household in California that uses about $70 per month in electricity usually sees pre-tax rates of return (IRR) of approximately 9%. And homes that use more electricity will generally see IRRs greater than 9% due to tiered-rate pricing by utilities
- Solar systems can be financed, and in most cases, the sum of your monthly loan payments and your new electricity bills will still be less than your previous electric bill. This means you can save money immediately with minimal to no out-of-pocket expense. The team here at SunGreen can help you determine the best method to finance your investment in solar power. Click here to learn more about financing options.
Environmental Benefits
Installing a solar system will also generate substantial environmental benefits. For instance, installation of the smaller 3.2-kilowatt system would generate the following offsets over 25 years:
- 178,827 lbs of CO2, the major greenhouse gas
- 574 lbs of NOx, which creates smog
- 519 lbs of SO2, which causes acid rain
- 35 lbs of asthma-causing particulates
- 290,969 miles driven in an average car
