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Originally Posted by Investment Painting Contractors
I am 73yrs old my electric bill is roughly $1500 a year. What is the cost of the panels installation etc ? What is my savings per year? How long do I have to live to break even? Just curious. Len
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You need a professional to answer but for a ball part figure 30 to 35,000 (before Federal Tax credit) and a breakeven between 11 or maybe 13 years to 18 years. The 18 year payback assumes the need to remove the panels when a new roof is put on and maybe some repairs. If you consider buying bonds and using the interest to pay your electric bill the solar system will probably be cheaper. Consider this a "bond" investment. You will also avoid future electric rate increases. It all depends on how you want to look at the breakeven calculation. Professionals will lean toward the 11 year end of the range.