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How a Solar Energy System Pays for Itself - KOAM TV 7

How a Solar Energy System Pays for Itself

Installing a solar energy system can not only save you money on your monthly electric bills, it can pay for itself and, eventually, pay larger dividends than many financial investments. Here’s a basic example for a 9.44kW DC solar energy system that produces about 13,000 kWh/yr: The initial cost of a system of this size, including installation and all related costs, would be about $33,000. After receiving a $4,720 rebate from the electric provider, in this case Empire Electric, and a 30% tax credit equaling $9,900, your initial cost is actually only about $18,700.

In this case, the solar energy system would save the owner almost $1,700 in the first year. That’s a return of 9.09% on the initial investment in the first year. Assuming an average rate increase of 4.5% per year, this annual savings would rise every year. The entire initial investment of $18,700 would be recouped in only a little over 9 years. Over the course of 25 years, the solar energy system would save the homeowner over $70,000. That’s a solid investment. For more information call Home Pro, KOAM TV’s energy partner, at 417-782-4022 or click here.

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