Solar has grown by over 5,000% since 2008. While some early adopters and environmentally-minded businesses and homeowners are installing solar for altruistic reasons, the vast majority of that growth is due to the financial benefits of solar. The price has finally leveled off recently after 15 years of steady and sharp decline and property owners are enjoying some incredible savings.
Most articles out there today discuss the benefits of solar on a large scale. Articles talking about million-dollar investments made by businesses or hundred million, even billion-dollar investments made by utility providers. People hear things like “Large scale solar farms are cheaper than coal, natural gas, and nuclear”, but what about for the typical homeowner? How much can someone in Ohio expect to save on their electric bills? This question varies from project to project, property to property, and on the usage/consumption patterns of the purchaser. However, the short answer is that for the average homeowner, over a 25 year warranty period, an Ohio homeowner will save thousands or tens of thousands.
When talking about solar, you want to focus on ROI (Return on Investment). A typical homeowner can finance the project and experience a situation where the payment for the system is actually lower than what they offset in electric cost. This results in an infinite return and instant savings from day one! Property owners can also choose to pay for the array without financing, in which case they can expect over a 10% return, even if our utility rates don’t climb! With utility rates on the rise, the return will only continue to get better year in and year out. The typical American family can expect over $1,000 annually in saved electric costs, and Ohio homeowners are in the top 20 for solar savings.
The array will last well beyond the warranty period as well and those savings are considered “icing on the cake” for most savings calculations! The IRS actually lists solar panels as having a usable life span of 36 years. This, coupled with the virtually zero maintenance costs, has solar arrays saving Ohio homeowners tens of thousands of dollars. Ohio property owners need to ensure that their solar installer will help them realize their savings through a great upkeep program, fair production estimates, and excellent pricing.