Our Solar Panel Array: One Year Report

Last December, we installed solar panels on our home, and the results have been exciting! Our projections on payoff-breakeven- ($23,600 original investment) are on track. Three things contribute to reaching our breakeven point in a little over 10 years – $900 per year of electricity generated by the solar array, a 30% federal tax credit, and an annual payment each year for ten years from Xcel Energy. After we reach break-even, for the next 26 years of their expected life, the solar array will generate another $53,000 of electricity FOR FREE (factoring in the usual 3.5% annual rise for grid supplied electricity).

Our solar array is an outstanding asset for us, saving us money now and making us additional money when we sell, as they are an asset to a home sale.

Perhaps my favorite moments last year regarding this whole effort was getting my Xcel Energy bills for our gas and electric, which totaled $46 dollars in May and $49 in October. The graph here is from our Xcel Energy billing statement. The light blue is before solar panels, and the dark blue is after installation.

Renewable energy systems have become very competitive with other sources of energy. This year the deadline to file for “Made in Minnesota” incentives for installation during this year is February 28th. There is still time for you to explore and make plans to step into the future by going solar. Low interest home equity loans for 98% of the cost are available. Feel free to contact me for more information. By now I can be a pretty good resource for you!

You must be logged in to comment.