Will it really take over 30 years for a solar panel to pay itself off?
I'm looking into solar panels for my house. But when I run the figures, it would take forever to pay itself off.
Example: 224 watt solar panel X 4.73 hours/day (peak sunlight hours where I'm located) X 30 days/month X 12 months/year = 381,427.2 watt hours/year or 381.4 kWh/year. At $.0778/kWh (in my area), it would only save me $29.67/year. Since this particular solar panels cost $912, it would take over 30 years to pay itself off.
I know I must compensate for inflation and rising electricity costs.
Also, other components needed for installation (inverter, mounts, combiner box) must be considered.
Does the solar panel continue to produce electricity outside of the peak sunlight hours?
Can someone who knows more than me please help me make sense of all this? How many years will it really take to pay itself off? How much electricity will the solar panel actually produce in a year?
No. It will never pay off.
Yes, panel will produce outside peak hours. However, your output is too high. While you will get some off peak power, you aren't considering that you won't get peak power because of panel orientation, inclement days, dirt on the panels, etc. Plus, losses from the needed batteries, inverter, etc. You've done a good set of calcs tho, you are in the neighborhood. I expect you are lucky to get $20/year. The maintainance and replacment costs of the batteries alone will be more than that.
Solar is too expensive, that's why it is used so rarely. Better to spend your money on conservation. Use natural light. Improve insulation. More efficient heater/air conditioner when the old one dies. Deciduous trees near the house to shade in summer, let light through in winter. Drop thermostat in winter, raise in summer.
Good luck!
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