Saving Money with Solar Power
Solar provides an outstanding return on investment over the course of your system’s life. In fact, in most cases, your solar energy system can provide positive cash flow from the day it is installed. Your savings are likely to increase over time because energy rates are likely to go up. Most utility company’s rates have been increasing at a rate of 6.7% a year, with a jump of 30% in the last three years alone.
Additionally, your home’s value will increase by $20 for every dollar reduction in annual utility bills, according to the National Appraisal Institute. Despite the increase in your home value, your property tax will not increase at all.
|System Size (watts)||Average Electric Bill (monthly)||New Electric Bill||1st Year Savings|
Return On Investment
Your solar solution will yield a 15-20% return on investment based on the purchase price less rebates and tax credits. As an example a typical home in NJ might use a 8,000 KW system:
|- $2,000||SREC Income & Electric Savings|
|- $10,800||Federal Tax Credit|
|$23,200||Actual First Year Cost|
35% Recovery of First Year Investment
This is only an example as many factors influence these numbers.
To get a more accurate quote, contact us for a free site survey and estimate.