There are financial benefits related to solar panel systems that are now well known and documented. Solar panels have strong rates of return. Homeowners who opt for them will generate enough solar electricity that allows them to eliminate electricity bills from their monthly expenses and to avoid paying for high utility costs in general. According to reports, the installation of solar panels can also contribute to increasing the value of your home.
If you are looking at multiple price offers, there are plenty of indicators that can help you decide on the best solar option for you. However, statistics reveal that most buyers rely mainly on one indicator: the break-even period or how long it will take for a newly installed solar panel to pay for itself.
The payback period of your solar panel investment can be estimated by calculating how long it will take you to recover your investment. The typical payback time of solar energy investment in the US is about 8 years. If the cost of installing solar panels is $20,000, and your system will allow you to save $2,500 a year from the energy bills, the recovery period of solar panels, or the “point of return”, will be 8 years.
If you want to be sure that you make the correct calculations, talk to a respected Denver solar installation contractor for a professional estimate.