With advances in technology and manufacturing processes, solar panels are now relatively affordable compared to the steep price tags they carried 10-15 years ago. Although the up-front cost for panels remains somewhat high, these systems are ultimately a cheaper long-term option for electricity generation.
What is the Estimated Time to Payoff for a Solar Panel System?
How long will it take until your solar panels pay for themselves and start paying you back? The answer to this question depends on multiple factors. Those factors include how much your solar panels cost, how much energy they generate, and how much you receive in rebates and tax incentives. Although we don’t give tax advice, GVEC Solar Services will work with you to make sure you understand every rebate and credit on you qualify for on your solar purchase. In general, the less expensive the system and the more electricity it generates, the faster solar panels pay for themselves.
The Solar Panel Industry Has Made Huge Strides
Many people hesitate to invest in a solar panel system because they believe the payback period is too long. This is not uncommon. Ten to 15 years ago, when prices were far more expensive and the technology and quality not as good as today, this concern was valid. The state of the industry and products are different now. The solar panel industry has come a long way since the early days, and manufacturers and engineers continue working to improve the product.
The Bottom Line: How Long Does it Take for a Solar Panel System to Pay for Itself?
It’s important to remember that the purchase of a solar panel system is an investment and not a get-rich-quick scheme. Like many investments, it takes a little time to start seeing a return. The key is to have realistic expectations.
The average time to payback for GVEC Solar Services solar panel customers is between 8 and 10 years. This estimate includes the savings solar panel owners enjoy on their monthly electric bills and the fact they can sell unused solar energy back to GVEC Solar Services for bill credits. Every solar system we sell comes with a 25-year equipment warranty and a 10-year warranty on labor. That means our customers average between 15 and 17 years of payout on each system.
Contact us About GVEC Solar Services Today
If you’re interested in investing in solar panels, call us at 855.898.8807. We provide sales, installation and maintenance services throughout many areas in South Central Texas.