After doing the research you probably have decided that solar power is a good investment now you probably are interested on how much time it will take to get the investment back. And another thought might occur which is risky is this investment? If you have some money set aside and thinking on what to invest in you have the following options: open a savings account, try the stock market, or invest in house improvements. Bank sees the safest one because you can get your money back any time when you want it to, but your interest will be small. The next one would be the stock market, with it you can fairly easily you will get the double amount of money from the bank, though there is a larger risk involved and the stocks might fall.
Now looking at home improvement as an investment and more particularly solar panels and solar energy. If we look at the data for the last decade the electrical power's price has increased on average by 2.2%. That is a total increase of 23% give or take. Now what are the risks involved? Well if you approach it as a "do it your self" project it might be a bit riskier than hiring professionals. Usually there is a 5 year warranty for these solar panels so during that time you do not have to pay any maintenance fees. And the average product has the life expectancy of 20 years.
Before you can get down to the numbers you have to have a house audit this can be done by your self or by professionals and you will know exactly which household equipment consumes the most energy. Let us say that your electrical bill on average is 150 $ and after the audit you find out that the electrical water heater is consuming the most energy 20%. Now if you cut it off from the grid completely and power it from solar powers you save 30 $ each and every month. Installing the whole thing costs around $ 2,000 and also do not forget to look up if you can take advantage of rebates and subsidies offered by the state. So if we are diving the initial investment with the monthly savings we are getting as an end result 67 months or 5.6 years. We made these calculations by setting the energy savings constant. Although you will get payback much faster if the energy prices keep going up and up.
All in all solar power is promoting and you can save a lot of money in the long run. Always do you calculations before you purchase it and do not forget with out risk there is no reward.