Think solar can’t pay for itself? With the right combination of State incentives and expensive electricity rates, a solar PV system can have a payback period of 10 years or less. Here are ten US States with a solar payback of 10 years or less.
1. Massachusetts – 4 years
2. Hawaii – 5 years
T-3. New Jersey – 7 years
T-3. Maryland – 7 years
T-3. Louisiana – 7 years
6. New York – 8 years
T-7. California – 9 years
T-7. Ohio – 9 years
T-7. Delaware – 9 years
10. Arizona – 10 years
If you want to know how much solar it could cost to go solar in your state? Check out the infographic below from 1BOG.org to see the average cost to go solar in your state. Then check out how much you can save each month, over 20 years, and the average payback time for solar.
Many people are under the false impression that you have to be an environmentalist to have interest in installing solar. Paying the upfront cost to install a solar electric system is something only a “green” person would do. Well, that’s not true anymore. Here are 5 financial reasons to go solar now!
1. Utility rebates are decreasing as more people decide to install solar.
The California Solar Initiative (CSI) program will provide more than $3 billion in incentives for solar-energy projects in California. However, the amount of the incentive is scheduled to decrease in 10 steps over the duration of the program. Pacific Gas and Electric (PG&E) and San Diego Gas & Electric (SDG&E) are already in step 5 for residential projects, while Southern California Edison (SCE) recently dropped into step 4.
The difference between step 4 and 5 for an average size, 4 kW, solar electric system, is approximately $1,000 in your pocket. The longer you wait, the more rebate money you lose!