Should You Go Solar if You’re Older Than 55?

As solar becomes more and more mainstream, people in the older generations are questioning if solar is even for them. After all, it often seems like it’s targeted towards the hip, younger crowd. So, for our aging population, let's examine some ideas about going solar a touch later in life. Installing solar panels on your house can be a brilliant idea for several reasons. It can save you money on electricity bills, funding for itself in as little as 4 or 5 years in some places, and providing energy for up to 30 years after. A solar installation adds value to your house and reduces greenhouse gas emissions compared with burning fossil fuels. You’ll be saving money as you go into your retirement and stopping the effects of climate change so your grandchildren can experience the planet without the dangers of the greenhouse effect.

With all those benefits, solar is awesome for a lot of different kinds of people of all ages, and solar is great in a lot of places. But solar can be “not great” for some people, even in areas where it’s great for others. Right now, we’re going to explore the reasons solar may or may not be great for some of the coolest people around, our older Americans.

Housing data from older Americans.

For the remainder of this article, let’s consider you’re reading this because you are an older American, age 55 and above, and you’re taken by the idea that solar is right for your home. Before we get into the causes solar will or will not work for you, let’s look into some data:

People 55 and older make up 28% of the American populace. Nearly 80% of those people own their own houses. Older people are having longer lives than they ever have before, and 87% of them want to keep the homes they currently have for the rest of their life.

The average cost these folks spend on electricity is approximately $1,500 per year, and that number will likely increase by about 3.5% per year, which is the average annual rise in power prices in the USA. If those figures hold true for the next 25 years, a person who is currently 60 and intends to stay in their house for 25 years can expect to pay over $58,000 on electricity in that time.

So now we’ve discovered that older Americans intend to live in their houses for years after retirement, and their spending on electricity could represent a considerable chunk of change. But, as an older person, can you go solar and save a meaningful amount of money on that anticipated $58,000 expense? That is contingent on various factors.

How much solar older Americans need.

At a common cost of $.13 per kilowatt-hour (kWh), the ordinary senior consumes around 9,850 kWh per year for their $1,500. To produce enough electricity from solar power to decrease that electricity bill, you would need a 7-kW solar array, which would fetch around $25,000, give or take a couple of grand, ere incentives.

That’s approximately 20 high-end solar panels, each of which produces 350 watts under full sun. It will take up approximately 430 square feet of roof space on a south-facing roof. If you have space and the cash, this substantial solar set-up can offset almost all of your electricity usage for 25-30 years.

So, should I go solar?

Between the cost savings and the effects on the planet, there’s no reason that everyone shouldn’t go solar!

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