My electric bill is around $100 per month. I always thought that I should have solar panels on my roof to produce electricity. It’s green, therefore better for the environment. I could switch to a space heater to take advantage of the electricity generated by the solar panel. And I don’t need to depend on the power company for my electricity needs. The upfront cost could be high and I might not be able to recoup the initial investment quickly.
To help make the decision, Mr. Adventurer had a solar company do a quote. The price was $16,500 before a physical solar analysis and the 30% Federal income tax credit brings the price down to $11,550. And Solar Renewable Energy Credits (SREC’s) could possibly lower the price even more. Assuming the price is the same after the physical solar analysis and excluding maintenance and fixing charges, we will regain our money in about 10 years. I guess we’ll revisit this subject about 5 years later when solar panels are more popular.
10-31-2014 update: here’s a link to someone’s saga about getting solar panels installed on his roof. I’d definitely wait.