Typically, Solar PV systems will take 3 to 5 years to pay off but adding solar batteries extends this period depending on the battery. To calculate how long they’ll take to pay themselves off you’ll need to consider the gross cost of the solar system, the value of up-front financial incentives such as Solar Rebates, your average monthly electricity usage and the estimated electricity generation your system is expected to output. There’s also how much extra energy you generate that is sent back into the grid, the rate they earn is called the solar feed in tariff (FiT) which is paid by your energy retailer, who on-sells that energy for a profit.
The financial benefits of getting solar power installed at your home or business are now well documented. Solar panels systems actually function as investments with strong rates of return in the long run. According to a 2015 report by the Lawrence Berkeley National Laboratory, installing solar panels on your home can even increase your property value.
With so many benefits and changing upfront costs from technological advancements lowering costs, rebates, tax incentives and the many leasing and payments options available; everyone’s time to have their solar power systems pay themselves off is going to change drastically. The best way to find how long your system will take and to see if it’d worth it for you is to contact the City to Surf Solar team to discuss the benefits and get a free, no obligation quote.