The Cost of Solar is lower than it has ever been
As you produce energy, your home consumes that energy just as it does with your power company's provided electricity.
Any power you produce, but don't use, is sent back to the grid as a credit. This is called net-metering. In other words, your meter spins backwards when you're over producing energy.
At the end of the year, you receive a 30% tax credit on your federal tax returns, effectively improving your ROI even more.
With a solar power panel installation, you are purchasing the power plant, not paying for the power. Even if you borrow the money to pay for the installation, you are only paying on the loan for a short period of time. On average, solar panels produce maintenance free power for 20 to 30 years.
Home solar panels save homeowners money on energy bills and provide a level of energy independence. In the United States, there are over One million rooftop solar installations. That number is growing rapidly. Residential solar has become the smart financial and environmental choice.
Wave Energy, located in Satellite Beach Florida is leading efforts to ensure that our local central Florida residents take advantage of this technology and begin saving money today.
Cost of Solar Calculator
Wave Energy will be providing a cost of solar calculator soon, but to give you a basic idea of how much solar will cost you lets look at a typical example and do some simple solar calculations:
Typical household spends $200.00 a month on their electric. $2400.00 Annually. That is about 20,000 kWh consumed annually based on $0.12 per kWh costs.
On the ideal home, with South facing roof at about 20 Degree angle, we would need a 13 kW DC solar array to meet your annual demand. We typically target 95% of total annual demand (Explained in Net-Metering 101)
At a typical cost of $2.40 p/Watt, your installation would cost $31,200.
If you financed this solar installation at $0.00 down, for 10 years at 4% your monthly payment would be $316.00 a month.
But wait... That's more than your current electric bill right? How does that benefit you? In 10 years, you are making money! Your electric bill is virtually $0.00 a month and you no longer have a loan payment. The life of the panels is typically 25 years. And we arent done!
You also receive a 30% Federal Tax Credit at the end of the year. You will receive $9360.00 in CASH. Use it to pay down the loan faster, re-amortize the loan for a lower payment (Your now making money in 6-7 years!), pay off other higher interest debt (An even better ROI), or just take a real nice vacation! You earned it by going solar in my book.
It makes financial 'cents' to go solar. Even if you use other variables, higher interest rates, longer loan terms, etc, it still benefits you. The production calculations used were also conservative. Many of our solar installations over-perform by 5-10%
Why Lease Power when you can own your own power plant?
Are you a business?
There are additional benefits to going solar as a business property owner. Learn more about our commercial solar services and the benefits here.