MarketWatch: Does going solar pay off for homeowners?
WASHINGTON (MarketWatch) — The race is on to install solar panels in American homes thanks to generous government incentives such as California's $3.2 billion solar initiative launched in January.
Despite the Analysts say they are still crunching the numbers when it comes to deciding whether residential solar systems, also referred to as photovoltaic or PV, make economic sense. The answer hinges on how much and how fast solar can cut a homeowner's utility bills and how long it takes to pay off the initial investment to add solar panels to a home.
Analysts say they are still crunching the numbers when it comes to deciding whether residential solar systems, also referred to as photovoltaic or PV, make economic sense. The answer hinges on how much and how fast solar can cut a homeowner's utility bills and how long it takes to pay off the initial investment to add solar panels to a home.
"When consumers contemplate the purchase of a [photovoltaic] system for their home, they approach it like any other financial investment and examine the set cash flows and expected return," according to a new report from CIBC World Markets on residential solar.
Like any large-scale purchase, consumers considering solar tend to initially focus on the upfront costs. Solar systems for homes begin around $25,000 but can easily go higher depending on the size of a house and the amount of power they generate, said Rhone Resch, president of the Solar Energy Industries Association. …
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