We are often asked about the cost of installing solar on someone’s home or business. For someone considering installing a solar power system on their home or business, the upfront cost can feel intimidating. Even with the federal tax credit of 30%, a homeowner might be looking at an investment of $15,000-$20,000 for a 10kW system.
But what is the cost of NOT going solar?
What many people don’t realize is that there is a REAL, non-zero cost of not installing solar on their home or business. And that cost is much larger than people realize. Someone with monthly electric bills of $140 is going to pay around $1,680 per year and $33,600 ($140 x 240 months) for 20 years for power. And those amounts don’t take into consideration the utility companies’ rate increases, which could bring that 20-year figure to as much as $50,000.
For example, Florida Power & Light is requesting from state regulators a rate increase of 24%, or $1.32 billion, over the next three years, despite profits that have soared from $802 million in 2006 to $1.52 billion in 2014. Duke Energy Florida has increased its rates by 48% from 2003 to 2014. The power companies have a monopoly over consumers in Florida … and have a strong influence over power policy in the Florida legislature. Do you really enjoy being at their mercy?
$50,000 – that is the cost of not going solar. Every month when you pay that electric bill, you have nothing to show for it. Why not reduce the monthly drain on your resources – and start paying yourself? Investing in solar is one of the few things you can do for your home that actually pays for itself. Unlike granite countertops and new bathrooms (both of which are wonderful, don’t get us wrong!), solar puts money in your pocket every day, and studies show that solar adds value to your home, often more than the cost of the solar itself.
With a good financing plan – like the home equity line of credit recommended by Brilliant Harvest – you can get your solar energy system with a ZERO DOWN PAYMENT. Plus, your monthly electricity savings may not only cover your monthly financing payments – they often exceed them. This means you literally would be getting paid to go solar.
Going solar is far more affordable now than just a few years ago and offers an excellent return on investment, with dramatic energy savings as soon as the system is activated. Plus, you are reducing your carbon footprint and increasing the value of your home when you install a solar power system.
Of course it’s wise to weigh the pros and cons of installing solar on your home or business. Asking yourself whether or not you can afford solar is perfectly reasonable. But we would challenge you to turn that question around and ask, instead, how can you afford NOT to go solar?