Solar panels are a big investment for homeowners in Boise, Idaho, so it’s important to consider their return on investment. While the average ROI for solar panels in the United States is about 10%, your personal ROI can vary drastically. To determine your personal ROI on solar panels, you’ll need to consider several different factors to decide if it’s a smart choice for you.
Calculating the ROI of Solar Panels
There are numerous factors that will impact your return on investment for solar panels. These factors include both the cost and payout of solar panels on your home. You’ll want to consider the following:
- Cost of new solar panels – The overall cost of your solar panels will depend on the type and number of panels you get. This should be calculated based on your average energy usage and then weighed against your current energy costs. Additionally, you’ll want to factor in any tax incentives you may qualify for to determine the overall cost of investing in new solar panels.
- Solar output – The amount of solar energy you’ll be able to reap from your solar panels will depend on how much space you have on your roof and how much sunlight your roof gets. Your solar company should be able to help estimate this for you to ensure your solar panels will produce enough energy for your needs.
- Payback period – Another important consideration is the payback period. This is the amount of time it will take for your solar panels to pay for themselves. Generally, this should be around 10 years, and you can calculate this by looking at the cost of your panels as well as their estimated production on your home.
In addition to the financial ROI of solar panels, there are qualitative aspects to consider as well. Solar energy is a renewable resource and greener than gas or electricity. Additionally, solar panels can increase the value of your home, whether you plan to stay long-term or sell in the foreseeable future.
To determine the ROI of solar panels on your Boise, ID, home, turn to the professionals at Treasure Valley Exteriors. We can calculate the cost of new solar panels for your home energy usage needs and help determine your personal solar panel ROI. Contact us today for more information.