About Photovoltaic panel profit calculation
Let’s calculate a few different payback scenarios. Scenario #1: US national average electricity rates, installed by a contractor at $1/watt Let’s assume your household is “average” in every way, using 914 kWh per month billed at a rate of 12.95 cents per kWh. 914 kWh/mo. x 12 months = 10,968 kWh/yr A 6.9 kW system.
The other figure you’re probably interested in is how much money you stand to save over the life of your system. For that, we want to calculate the cost of ownership over the life of your panel.
Several factors can influence the ROI of your solar system. Here are some top contributors that affect the ROI of your solar investment: .
So, to answer the question, “are solar panels worth it?” In most cases, yes; especially if you can connect to the grid and reduce the burden of energy storage costs, or if you need to.Here’s how:Identify the upfront cost of the system. Have your solar installer help you figure out the gross cost of your solar panel system.Calculate the net of tax credits and rebates. Subtract net rebates/credits from up-front costs. Determine your overall payback total. .
Here’s how:Identify the upfront cost of the system. Have your solar installer help you figure out the gross cost of your solar panel system.Calculate the net of tax credits and rebates. Subtract net rebates/credits from up-front costs. Determine your overall payback total. .
It is calculated by taking the total cost to install the system, then subtracting solar incentives and/or rebates, and monthly electric bill savings until the total cost has been paid off.
To calculate your solar payback period, you simply divide the cost of installing your system by the amount of money you’ll save each year.
At its simplest, here’s how to calculate your return on investment into solar: Lifetime cost of electricity from utility – lifetime cost of solar = Solar ROI The lifetime cost of solar includes:.
Divide the net profit by the total cost of going solar to figure out your ROI: $30,001.75 / $10,983.60 = 273.15% ROI Solar Panel ROI for Professionally Installed System
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