Going solar is often referred to more as an investment rather than just a simple addition to your home. With that being said, we here at California Solar Electric wanted to delve deeper into what your actual return on investment (ROI) will look like.
There are many factors that determine how much your investment is worth. These include the size of your installation, the location of your property, whether you qualify for solar incentives, and lastly, whether you purchase your system or lease it. All of these factors are important when considering your ROI.
However, perhaps the most important factor is the amount of electricity you generate. To state the obvious, the less expensive your solar system and the more expensive your electricity bill, the higher your ROI will be. There is also research out there that explains average ROI depending on factors like where you live and how high your electricity bill is. For example, many reports rank solar investments by state. Due to the obvious amount of sunlight, states like Hawaii and California are ranked among the top states to benefit from solar energy. As of 2013, California average electricity bill is roughly $83.00 give or take. More recently, studies have shown that Los Angeles consumers are paying an average of 37.8% percent more than the rest of the United States when it comes to electricity bills.
In the end, the easiest solution is to get a quote or an estimate from your local solar company. This way you can get a personalized presentation of how great of an investment solar is for you.