Why are so many individuals investing in solar in 2021?
So how should solar power be viewed as an investment? Well, we clearly cannot give financial advice, but let's start with that. On the same subject : Recurring steps on one of many largest solar + storage initiatives in California.
Let's say you take $ 10,000 to buy a high quality solar system, and let's say you put $ 10,000 on a bank deposit. The first $ 10,000 will earn you approximately $ 2,000 to $ 3,000, maybe even $ 3,500 per year for up to 30 years.
The $ 10,000 in the bank at today's time deposits will make you about $ 100 and a little each year until you withdraw it. Well, with the solar system you won't get your capital costs back, but you will break even in three, four or five years. So you are much better off and have your capital back afterwards.
The other thing a lot of people do is they take $ 10,000 or $ 20,000 to get a battery on their mortgage, and again, with mortgage rates of 2% or less, the savings from your solar system will add to the interest payments far outweigh your mortgage.
So, if you spend $ 20,000 on a solar and battery system at the end of the first year, you will actually be better off from a cash flow standpoint than if you hadn't.
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