(Again, your solar installer or utility provider might be able to help here.) Estimate your annual electricity bill savings with solar panels.Now you have the net cost of your solar system, after discounts.Then, subtract the value of any rebates, incentives or tax credits.(Be sure to consider interest and fees if you're taking out a loan.) Start with the total cost to install solar on your home.Keep in mind, you'll want to consult the experts (read: solar installers) to make sure you have accurate numbers here.
If you want to get a rough idea of your potential solar payback period, here's a way to do it. How to calculate your solar payback period "People are reluctant to say, 'Well here's the payback,' because the energy market has been so volatile," Haenggi said.
Like Jones-Albertus, she emphasized that it's a moving target. Haenggi from ADT Solar said an average payback period in the US is six to 12 years, with most households leaning closer to the latter. "There's a lot of factors that play into that for any given home or household," said Becca Jones-Albertus, director of the US Department of Energy Solar Energy Technologies Office. Solar payback periods can vary widely, and also depend on how you pay for the system in the first place. It's a key number - usually a matter of years - that tells you how long you'll wait to see a real return on your investment.
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