May 20, 2024
By the numbers: Paying for solar energy at a home or business

Green Trends

By the numbers: Paying for solar energy at a home or business

How long does it take to break even?

Lilly Rockwell | 11/4/2013

RESIDENTIAL
Solar-powered water heater (2,900-sq.-ft. home in St. Petersburg)

COST
» Purchase price: $4,750
» Federal tax credit: ($1,425)
» Duke Energy residential solar water heating program: ($550)
» Net cost: $2,940

SAVINGS
» Average utility bill savings per month: $80
» Months to break even: 37

Note: The more people in your home using hot water, the quicker your return on investment. The best ROI comes from four-person residences.
Source: Solar Energy Management

 

RESIDENTIAL
Photovoltaic solar roof (2,100-sq.-ft. home in St. Petersburg)

COST
» Purchase price: $34,000
» SunSense rebate: ($20,000)
» Federal tax credit: ($4,200)
» Net cost: $9,800

SAVINGS
» Average utility bill savings per month: $157*
» Months to break even: 45.6 (3.8 years)*

*Savings take into consideration energy bill inflation
Source: Solar Energy Management

 

COMMERCIAL
Photovoltaic solar roof (380-room beach hotel)

COST
» Purchase price: $500,000
» SunSense rebate: ($130,000)
» Federal tax credit: ($111,000)
» Net cost: $259,000
» Depreciation: ($147,528)
» Cost after depreciation: $111,472

SAVINGS
» Average utility bill savings per month: $3,623
» Months to break even: 38.4 3.2 years)*

*Savings take into consideration energy bill inflation
Source: Solar Energy Management

Tags: Energy & Utilities, Environment, Housing/Construction, Real Estate, Technology/Innovation, Green Trends

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