Why Rooftop Solar Is Growing So Fast (And How to Get It)
As companies like SolarCity have made solar power accessible to everyone via flexible financing options, rooftop solar power is no longer just a solution for tech experts or committed hippies: For many families, it's a tool for saving money.
How expensive is solar; and how long can it take for it to pay for itself?
The first thing to know is that solar is becoming the cheapest form of energy in the world. In forty-two of the fifty largest cities in the United States, a fully financed solar PV system costs less than the energy purchased from a residential customer's local utility. There are different ways to buy solar. You can buy a solar system outright, or you can lease it from a provider like Sungevity or SolarCity. It's a bit like getting a new car: Buying outright costs less than leasing over the long-term, but leasing saves you a big initial outlay of cash. You need to get a personalized estimate from a solar provider to understand the savings and payback period from your home, as it is dependent on many factors----how you chose to finance the system, how many panels can be installed on your roof, the current rates you pay to your utility, etc. But to get a sense for the range, studies show that on average, solar panels typically return two to four times their cost in saved electricity bills, and pay for themselves completely within seven to fifteen years. If you live in a state with good incentives, that payback period can be as short as two to four years.
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