Get A Return On Your Investment From Putting Those Solar Panels To Work

So, you gave your buddy Steve 20$ to bet on the Seattle Seahawks last year to win the Superbowl. Well, guess what, no matter how much Russel Wilson scrambled, passed, and ran his legs off, their offensive line remained garbage.  You have better hopes for the future, and we all feel sorry for Russel.  Now, you know what you will be getting back from Steve. We all know Steve as a Philidelphia Eagles fan, so do you will at least get a smug smile when he walks into the pub later.  As for that 20$, you know your return will amount to zero.  

What Is ROI?

So, in the world of investment, we sometimes hear the acronym ROI thrown around.  This means, return on investment.  It's an important thing to consider each time we are going to put our money to something where there is a money back potential.  In the case of solar panel purchasing, there is an opportunity for ROI.  However,  discerning the solar panel expense of a solar installation is merely the first step. Next is reviewing the solar panels cost as an investment. What is your possible return on investment (ROI)?

How To Calculate ROI For Solar

You can determine ROI a few different ways. A conventional approach is by computing payback. What did the solar panel system installation cost you? And, how much will you save each pay period on your utility bill by using solar panels? All questions taken together, these two estimates show how quickly your savings will reach your initial expenses. Those calculations are interrelated and dependant on location. Electricity rates fluctuate by region, they’re higher in the different parts of the country, based on supply and demand. Solar tends to be more cost-effective where energy prices are high congruently.

Also, something to factor is that metering can also play a meaningful role in these calculations. In states where net metering is working, customers can sell the excess solar energy they generate back to their local utility. That reduces their electricity bill, reducing their payback period and increasing their expense savings.  

The good news is that there are plentiful web resources to assist customers with these calculations. And, to federal and state government sites, utilities, industry groups, and solar power businesses also possess useful online solar calculators.  Like ours here at HahaSmart.  Our pricing tool is beneficial for determining costs and how much you could save by making the switch to solar today!  Don't be the only neighbor in your neighborhood who isn't installing some great priced solar panels today!  There are many deals and government incentives to be found, we are here to help you!  Get in touch!