Doing my taxes today reminded me I would get a tax credit of up to $1,600 for installing solar panels on my roof. Not a huge amount, but not a bad start. So I looked up my energy usage for the last three years that I have been in my house. Average power bill is $60, excluding one month last june where I paid $210. Basic research on my area, and solar installation ranges $15,000-$18,000. I don't see myself moving out in the next 10 years, but also don't see myself staying much longer than that.
Basic math: I've spent less than $800 a year on energy. Even after the max tax credit I can qualify for, and assuming a system on the lower end, and assuming 100% reduction of my power bill from day one (which I haven't seen anyone promise), I'd be looking at over 15 years until I recoup the installation cost.
What am I overlooking?
Submitted March 13, 2022 at 01:53AM by AbIgnorantesBurros https://ift.tt/p4aECmg