Why Solar Makes Cents
Many people lament over the prices of solar panels, believing that it would take decades to recoup the cost of this renewable energy. One man’s story says different: With his installed solar panels, he saves about $200 off his electric bill each month AND earns about $100 back from the grid. Read his full story here. A short snippet:
The close for me however, was to go back to my retirement income spreadsheet and realize that that meant that the solar panels would probably produce about $250-300 a month (between electric bill savings and the monthly SRECs). So in terms of my retirement income, this was like earning up to $3,600 a year. I checked my local CD rates and it would take me $200,000 in a five-year CD to earn that much income.
So now I observe the hard work that my solar panels are doing from the comfort of my hot tub. Buying that was my idea. After all, I’m an energy producer now.
Isn’t that heartwarming?
Many people forget they are entitled to tax breaks if they install renewable energy systems like solar. For this man he was able to recoup 30% of his costs. I know many still are waiting for the prices of solar panels to become even cheaper — let’s face it, so am I! — but if I had extra money lying around this sounds like the right way to go.