If you’re thinking about getting solar panels installed, you may wonder about the return on investment. Installation can certainly be quite a big investment to make. While you probably know it will save money in the long run, it’s important to know how long this will take. When should you expect a return on your investment?
Finishing Paying Off
There is a big difference between the time you can get a little return and the time it will take for you to pay off the price of buying and installing new panels. Usually, panels last around 20 years. However, anywhere from the first six to 15 years will probably be spent simply paying off your panels. That is about the amount of time it will take to get a full return on investment.
Starting to Pay Back
Because the amount of time it takes solar panels to pay themselves off is so varied, you may only get an additional return on your investment for as little as five years before it is time to start over with new panels. However, if your panels last longer or the time to pay off is shorter, you will end up saving a significant amount of money on electricity.
Saving money is only one of several reasons you may want to switch to solar. Solar energy can also make a big difference in the health of the environment. If your first thought is saving money, you will have to be patient. Getting a real return on your investment may take a long time. With solar panels, you can make a long-term plan that will make a difference for the rest of your life.
Here at Gilmore Heating, Air and Solar, we not only offer services for installing and maintaining solar panels, but we also serve Placerville and many more areas with heating, AC, and plumbing services. Call us today to learn more about our professional services.