Solar Power Success Story: Yearly Return & Low Energy Costs
When Jim Camasto had money to spare a few years back, he made a wise decision to invest in something other than the stock market: solar power. Today, this decision yields him a 3 to 4% yearly return and security that other investments just don’t offer.
After having a solar thermal and solar electricity system installed on his roof, Camasto began to reap the benefits in lower monthly energy costs. How much exactly? A 50% reduction in gas costs and 70% reduction in energy costs. Better yet, he was then able to begin selling the extra power back to the electricity grid, as well as renewable energy credits to investors, who lend money to renewable energy projects.
Luckily, since the price of installing solar panels has been dropping steadily, other homeowners can soon follow in Camasto’s footsteps. Some states even offer tax incentives to cover up to 30% of the installation cost.
It may cost a pretty penny upfront, but solar energy panels offer a substantial return in the form of lower energy costs. Plus, they’re the perfect selling point for any homebuyers down the road.
Source: Portland Press Herald
Photo Credit via screengrabs on Naperville Television
Posted on July 15th in Going Solar by Kayla.
July 15th, 2010 at 5:33 pm
Great info!
July 15th, 2010 at 7:33 pm
[...] It may cost a pretty penny upfront, but solar energy panels offer a substantial return in the form of lower energy costs. Plus, they’re the perfect selling point for any homebuyers down the road. Solar Power Success Story: Yearly Return & Low Energy Costs [...]
July 16th, 2010 at 11:11 am
I believe that right now two things are apparent. One is that waiting on the government to make any difference for you with solar power is not going to happen. We need to take responsibility for our own power needs and then we will save money. As this post shows solar power systems are a good short term investment. But I believe they are even more important long term taking our future energy cost variable out of our budgets. That is a even bigger return long run when our incomes are lower. Fix all future energy cost now. Do not wait on the government to do it for you.
July 17th, 2010 at 11:26 am
Just turned on my solar 6/30/10. Have bought a grand total of 60 kWh since then and we have had a lot of rain/clouds this past week. My electric bill website says I have averaged over of 1000kWh per July in the past two years, so I am going to save approx 750kWh ($105 at current rates)in the first month. (Obviously not all year long)
I live in PA, so the approx $500 savings per year in electric usage, the approx 1500/yr in energy credits, and the state and federal incentives that I will get in the coming 9 months will allow me to pay the system off in 7.5 years, and that is WORST CASE SCENARIO. I expect better electric savings than the 500 estimate and as the rates go up in my area, my savings will only get better.
December 21st, 2010 at 12:16 am
Thanks for the gear info!
hopefully the decline on the price of solar panels continues a little but so that people like me who can’t afford it can aactually optin to this technology. Definitely exciting.
August 12th, 2011 at 12:07 pm
[...] have all but removed that obstacle. In addition, an average solar panel array will provide enough savings on monthly electric bills to pay for the system within 6 to 8 years. What’s more, a solar panel array typically comes with [...]