How we calculate Payback Period for residential solar projects
1. “Assume a solar system on your rooftop of about 8 kW in size. Cost to put up this system is approximately $27,500. After the rebates and federal state tax credits, your out of pocket expense is under $19,000.
2. Generation in Winter is approximately $200 during winter months, and $400 during Summer months.
3. Usage in Winter is approximately $250 per month, and during summer is $400 per month.
4. Old Bills were about $3900 per year. After the solar system installation, new bills will be $350 per year.
5. If you take equity loan for $17,500 with 5% interest rates, payments are $3000 per year.
6. Savings are $3550 per year, and your system is paid off in 6 years. If you do not take a loan, system is paid off within 5 years.
Call Aikyum Solar at 888-9898-SUN. Aikyum Solar is a professional solar panels company providing custom design, innovative financing, installation and monitoring for homes, businesses and non-profits.