With the rising energy costs and the goal to move to a more sustainable environment, you may have been looking into solar panels. If you live in Nevada, you have noticed an increase in these panels in residential areas and down many streets.
There is an upfront cost to purchasing this system, which is why some residents may be weary of moving forward. If you have been on the fence about purchasing a solar panel for your home because of the cost, below is a breakdown of how the solar panel will pay for itself over time and continue to generate savings for your family.
How Long Do Solar Panels Take To Pay For Themselves in Nevada?
On average, solar panels in Nevada are paying for themselves within 9 to 12 years in Nevada. When you first purchase a solar panel system, you may feel like you are putting a lot of money into it up front, but over time, you will see your energy bill decrease, and the benefits of the solar panels will be more obvious.
What Are The Factors Behind The Payback Period?
Not everyone has the same time frame for a payback period from the solar panels, and that is because of several factors.
- The upfront cost of a solar panel system.
- The average cost of energy by the utility company.
- How much energy your home is using on average each month.
- Average monthly savings.
Your solar panel system’s upfront cost is the amount you pay upfront for equipment and installation. After you install the system, you will compare your energy bills from before and after to determine how much you are saving each month with solar panels.
Based on the amount of savings you gather, you can multiply that number by 12 to have an annual average. Divide your initial solar cost by that number, and you will see how many years it will take for the system to pay for itself.
Is This True Across The Area?
These savings and payback periods are found throughout the state of Nevada. Many residents in Nevada have done the math and know what they can expect over the lifespan of solar panels. Once the solar panels pay themselves back, the rest of the savings is yours. With a solar panel system’s average lifespan averaging 25 years with proper maintenance, you will be generating significant savings for years to come.
Calculating Your Solar Payback Period
The average payback period for solar panels in Nevada is between 9-12 years depending on the size of your system, your home, and other factors. Considering that the average solar pv system lasts about 25 years, that is a lot of money-saving potential!
For more information on solar panel systems and how they can benefit your home, contact us today. Our Energy Coordinators are standing by!
