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The amount of people choosing to opt into solar panels continues hitting record highs. This growth has come on the back of increased environmental consciousness and the need to save money on ever-rising electricity bills.
To the latter of those two solar catalysts, since you’re reading this post, you’re likely wondering what the average solar panel ROI is. Let us tell you upfront that the return on investment for panels varies based on a variety of factors but there are still some numbers and tips you can leverage to get an idea of what you might save and how you can increase that amount.
Keep reading to learn more!
What Is the Average Solar Panel ROI?
While numbers vary, it’s thought that a home located in an overcast area like Oregon can expect to save about $35,000 over the course of a lifetime by using solar while one in a sunny place like California cold save $70,000 or more.
Take those numbers and subtract the cost of the solar panels you’re considering purchasing to understand the return you’ll get on your investment. For reference, the average cost of solar panels after tax credits is about $13,000.
How Can You Increase Your ROI?
Now that you know roughly what you can expect as far as returns go with your solar panel purchase, you may be wondering what factors most affect solar panel ROI. Below are three elements that can make or break the profit you collect from your purchase.
1. Where You Live
There is no factor more integral to solar panel ROI than where you live. If your location gets a lot of sun, your panels are going to produce more energy and save you more money. If you live somewhere where sunshine is seasonal, your panels won’t be able to provide as much value.
2. What You Pay for Panels
ROI is always affected by your original investment. In order to keep your margins, use resources like https://PoweredPortableSolar.com and other information aggregating sites to find panels that function well at a low price.
There are also panel providers that offer lease options which may make sense depending on where you live.
3. Keep Panels Clean and Adjusted
The sun moves throughout the year so you’ll want to make sure your panels are periodically adjusted to face the sun as directly as possible. You’ll also want to make sure that your panel’s UV receptors are clean to avoid energy losses during absorption.
So, Is Solar Panel ROI Worth It?
There’s no blanket answer as to whether or not solar panel ROI is worth your interest. At the end of the day, you’ll need to weigh factors like sunlight and local costs to determine if going through the trouble of getting panels installed will result in low, medium or high-profit windfalls.
If you’re interested in learning more about how you can cut down on your expenses in business and in life, consider browsing more of the content in our digital publication.