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Factors for Return on Investment with Solar Power

Factors for Return on Investment with Solar Power

The rising cost of energy and desire to conserve the environment pushes people to install solar systems in their properties. The good thing that solar power has a great return on investment. But for you to enjoy this ROI, you have to maximize the performance of your solar system.

The only way you can achieve this is to hire a professional solar system installer to take a look at your system and calculate the ROI for you. But what are the factors that you should consider when checking your solar system’s return on investment?

Factors Contributing to Your Solar Systems ROI

Energy Consumption Habits

Since the level of energy consumption is unique to individual homeowners, you need to critically consider how much energy you consume and when you use it. This is significant energy costs vary throughout the day. So, you need to know when you normally have to turn up your AC, dry your clothes, or cook food. These patterns determine the amount of power you need every day.

So, your solar power system installer needs to review these patterns to create a system that will work best for all your power consumption patterns in different seasons. This will also determine the number of solar panels your home needs, the cost of installation, and ultimately the return on investment.

Local Electricity Provider and Federal Tax Incentives

To encourage their clients to install solar systems in their homes, most electricity companies in the United States offer cash rebates for solar installation. These rebates reduce the cost of installing your solar system by up to 20 percent, thus giving you a great ROI. However, these cash rebates are determined by your local utility company.

Therefore, your solar system installer will consider the rates issued by your utility company when advising you on the kind of ROI to expect. They will also consider your state’s solar federal investment tax credits. Most states give back 26 percent of what you paid for your solar system on your taxes.

Roof Orientation

Your solar system installer will also consider whether your roof and the solar panel on it are shaded by other structures, trees, or tall mountains. They will also consider the direction that your roof faces. If your roof is facing south, your solar system will be most effective in the mid-afternoon, while a west-facing roof and solar system will be most effective in the late afternoon.

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