This often gets thrown around with the price of solar (which has fallen to its lowest levels). While solar looks to be a major expense at first glance, it’s too expensive to continue renting energy from utility monopolies. With the financing available today, the cost of a solar panel system that you own is usually lower than the monthly price of the energy bill that you currently pay. Most times, that entire system can be paid for in under 10 years at a fixed monthly rate that is already lower than what you currently pay (that means you're saving money from day 1). In addition, since that financing price is fixed, you no longer need to worry about the annual energy cost increases that traditional monopolies charge. In a good year, that might be as low as 4%, and in a terrible year, it could be much, much greater. Let’s break it down even further.
So, on an average Solar Proposal, you might save anywhere from $25 to $100 monthly. And while it might be difficult to get too excited about only saving $25 a month, that’s still $300 a year in your pocket that wasn’t there before. But that’s not the end. Let’s dive further into the genuine opportunity in transitioning to clean, renewable energy. Let’s look at this differently. Say your current electric bill is around $250 a month. So, if you take $250 x 12 months x 10 years, you will spend $30,000 to power your home and receive nothing for that. In addition, that’s in the magical world where your price doesn’t raise a penny, and we all know that's never the case.
Right now (2022), if you were to apply the current federal tax credit of 30%, it makes a solar system even cheaper. I would challenge you to name one other investment where you can receive a 100% guaranteed return on investment in 10 years. Solar is the only investment of its kind. At the end of your financing term, you own the panels outright, your home is worth significantly more value, and you no longer have to worry about automatic rate increases out of your control.
You can gamble with real estate, crypto, or the stock market, but as long as the sun rises in the east and sets in the west, you are getting a 100% return on your initial investment and infinite return on your investment after that!
So, there are really only two options
A: You can throw that $30,000 in the trash and continue to make a utility monopoly rich– a monopoly that continues to raise the rates on you every single year.
B: You can spend that same $30,000 and invest it in your family, home, and future.
In 10 years, you will spend that same money NO MATTER WHAT, the only choice is whether to throw that money in the trash or on the roof!