Going solar is a huge decision and a significant investment for homeowners. Therefore, it's insightful and comforting to hear stories from people who installed solar panels years ago when seeking to understand the financial and environmental impacts.
One solar owner who's also been in the industry for over 14 years shared her experience after installing panels on her family home four years ago.
The scoop
Solartime with Martyna (@solartimeusa) thoroughly broke down the production numbers to determine whether solar energy makes financial sense for her family.
In her video, Martyna explains that the cash price for her solar system when purchased in 2020 was $60,000. However, thanks to a 30% tax credit, that cost came down to $42,000.
She divides that amount by the annual production value per year ($6,500). This means that the return on investment is around 6.5 years.
Since the system has been in place for four years, there are just a couple more years to go before it has entirely paid for itself.
Martyna concludes by sharing that people living in areas with higher rates may get their returns on solar investments even faster than 6.5 years.
How it's helping
Martyna's honest assessment of her solar investment is helpful because it gives potential solar customers an idea of how much they will spend and how much energy they can generate.
There's no denying that you will have to commit some upfront cash and wait a few years to see the true benefits of a new solar system. But solar is definitely the way to go if you plan to stay in your home for a while and care about reducing your long-term energy bills and planet-overheating pollution.
🗣️ What's the biggest factor stopping you from investing in solar panels?
🔘 The cost 💰
🔘 The technology ☀️
🔘 I'm a renter 🏢
🔘 I'm already invested 😎
🗳️ Click your choice to see results and speak your mind
Being a well-informed shopper can also help you save money significantly on your solar investment.
For example, EnergySage offers free tools that provide quick solar estimates and the ability to compare quotes without obligations or pushy salespeople. You'll have some guidance about who to trust with your local panel installation and get the best deal in your area.
In her video, Martyna mentioned the 30% tax credit she received. President-elect Donald Trump has publicly talked about eliminating these tax credits, so be mindful that they might not be available much longer.
Therefore, now may be the time to cash in on your government incentives in case a future act of Congress is passed to reduce your potential savings on money-saving upgrades like installing solar panels, weatherizing your home, or making smart home upgrades.
What everyone's saying
Martyna's YouTube followers appreciated her detailed video and shared their personal expenses with solar panel returns on investments.
One person commented: "Thorough, honest, no BS. Love real data, not just predictions based on software."
"My total savings per year wiping out the propane and electric bills was $3,600 a year, so pay back in 2 years!" a YouTuber shared.
Someone else commented, "Couldn't be happier with the results and 6 dollars electric bill during our triple-digit heat."
Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
Cool Picks
