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Solar Panel ROI: How to Calculate the Solar Payback Period

If you are considering solar for your home or business, you already know that solar power can help you save money on your residential or business energy bill. But how do you know exactly when your new solar panels will pay for themselves? We are always happy to help you with a free estimate from Solar Bear Tampa, but we also like our clients to feel empowered — we’re here to share our knowledge with you. 

To determine how soon you’ll start to see dollar signs from your solar panels, you’ll want to consider two things: payback period, and yearly ROI. The payback period refers to how long it will take for you to earn back your initial down payment on your solar panels. The annual ROI, or return on investment, calculates your additional profit from your solar panels every single year.

Here’s how to get accurate numbers for each of these calculations so that you can determine how soon your solar panels will start making money for themselves. 

First, you’ll need to know how much you currently spend on your monthly energy bill. You can find this information for the last twelve months by contacting your current utility provider. Use these statements to calculate your average monthly energy spending and write that number down. We’ll use it in a moment. 

Next, you should determine the total cost of your solar energy system. That number will take into account the price of solar panels, installation, hardware needed for installation, permits, and so forth. The best way to get this number is by asking your friends at Solar Bear Tampa for a personalized estimate. Your estimate will also provide the rough amount of electricity in kilowatt hours your solar panels generate. You’ll want to multiply the number of kilowatt hours generated by your solar panels by the cost per kilowatt hour and compare that number to your average monthly energy spending. This will give you the monthly amount saved by using solar. 

Once you have these numbers, you can calculate your payback period for your solar panels, as well as your yearly ROI number. Take the total cost of your solar energy system and divide it by the monthly amount saved by using solar, and that will give you your payback period, as well as your yearly ROI percentage. For instance, if your installed solar panel costs were $20,000 and your yearly benefit was $4,000, your payback period would be 5 years. A typical 5 kW solar PV system can easily see an ROI of 20% in the first year.

Pros & Cons of Ground Mounted Solar Panels vs. Roof Mounted Solar Panels

If you have just decided to add a solar system to your property, congratulations! Soon you will be harnessing energy from the sun to power up your home. What you may not be ready to decide is whether you should install ground-mounted or roof-mounted solar panels.

Not to worry! Our team at Solar Bear is here to help you decide.

Keep reading to learn the pros and cons of ground-mounted and roof-mounted solar panels so you can make the best decision for your home and energy needs.

Solar Panels

Once you have decided to install solar panels it is time to decide which mounting system is best for your property, living space, energy needs, and budget.

Ground Mounted Solar Panels

Ground-mounted solar panels are installed on a rack structure that is connected to the ground with metal posts. They can be installed in an open area such as your yard or an adjacent field, or even as a carport over a parking lot.

Ground mounts can be installed wherever there are optimal solar conditions and can be a great alternative for homeowners who either don’t have enough roof space or would rather install solar panels elsewhere than the roof.

When installing ground-mounted solar panels, consider the terrain of your property and your long-term plans for your home and land.

Pros of Ground-Mounted Solar Panels

• Ground mounts can face any direction, in any location.
• They can be installed at multiple angles for optimal energy production.
• They are easily accessed for maintenance.
• They can be installed as carports in existing parking lots to provide shading, lighting, and protection.

Cons of Ground-Mounted Solar Panels 

• Installation costs can be higher
• Can limit the use of the land
• Can take up large areas
• Easily accessed by unauthorized visitors
• Increased chance of damage from rocks or objects thrown by a lawnmower
• Requires mowing around multiple posts and low clearances
• May need to install a fence, adding to the overall cost.

Roof Mounted Solar Panels

Roof-mounted solar panels are the most common. Racking holds the solar panels in place and is installed directly on your roof. Generally, solar panels can be attached to flat and sloping metal, shingled, or composite roofs.

When installing a roof-mounted solar system, make sure to consider the age and condition of your roof— will it be able to withstand the extra weight of a solar system and any necessary modifications? Also, will installing solar impact your roof’s warranty?

Pros of a Roof Mounted Solar Panels 

• Roof mounts utilize roof space that otherwise isn’t used.
• Installation can be lower compared to ground-mounted systems
• Does not take up land
• Limits access to unauthorized visitors
• Panels can help protect the roof from the elements

Cons of Roof Mounted Solar Panels

• Roof modification and penetration is required to install on shingle roofs
• Could require a new roof depending on the age and condition of your current roof
• You may have to remove solar panels for roof repairs or when installing a new roof
• Adds extra weight to your roof and may require the installation of additional roof support

Bottom Line

Both roof-mounted and ground-mounted solar panel systems are great options to go solar. Ultimately, you will need to select the option the best meets your unique requirements

If you have plenty of unshaded roof space, then a roof mount is a great option—and cheaper. If you have limited roof space but want to take advantage of solar, a ground mount, or solar carport could be a great option for you.

Install Solar with Solar Bear

If you are ready to install a ground-mounted or a roof-mounted solar system, call our pros at Solar Bear! We offer free estimates on solar panel systems across Florida and can help you choose which solar system is best for your Florida property and energy needs.

Go solar with Solar Bear. Schedule a consultation today—407-904-7585!

How Long Do Solar Panels Last?

The cost of installing solar panels has fallen drastically since their first days in 1977, making solar energy accessible for more homeowners and businesses. They are still a large investment though, and we often get questions about how long they last and what can be done to increase their lifespan. 

Our pros at Solar Bear outline how long solar panels last, and how to make them last as long as possible. 

The Lifespan of Solar Panels 

Though their exact lifespan depends on many factors, such as the type of panel, how the system is installed, maintained, and the climate where you live, solar panels generally last 20-30 years. 

Solar Panel Degradation Rate 

On average, solar panels degrade and lose efficiency at 0.5% per year. This means that after a standard 25-year warranty is completed, your solar system will provide 87.5% of its factory output.

Which Solar Panels Last the Longest? 

Both polycrystalline and monocrystalline silicon solar panels can last for a long time—often longer than their 25-year warranties. 

• Monocrystalline silicon solar panels are the most efficient and have solar cells that are shaped like squares with cut-off corners. Their high efficiency isn’t cheap—they are typically more expensive. 
• Polycrystalline silicon solar panels are slightly less efficient and can be less expensive to install. 

What Makes Solar Panels Less Efficient? 

Heat

Heat can cause cracks and allow moisture to get inside your solar panels. Moisture is a big issue that can degrade your panes and reduce their energy output. 

In extreme heat, the panels can become discolored which also makes the entire system less efficient. 

Wind

Strong winds can cause the entire solar array to vibrate and loosen the fasteners that hold the system together. 

Rain

If your solar panels weren’t installed correctly, rain can cause corrosion that weakens the metal understructure and framing as well as reduce your system’s efficiency.

Ways to Make Your Solar Panels Last Longer  

To increase the lifespan of your solar panels, consider the following: 

Get Your Panels Checked and Maintained 

Some of the top issues that affect solar panels are broken glass, cracked panels, and loose connections. Proper maintenance is key to ensuring that your solar panels are efficient. 

Replace Inverters After 10 Years 

Faulty inverters can cause system failure and generally have a lifespan of 10-15 years, so within 10 years of installation, it is a good idea to replace them. 

Many homeowners choose to install highly efficient microinverters that can last up to 25 years—almost as long as the panels themselves. 

Maintain and Replace Batteries

If you have a large bank of solar batteries, make sure to rotate them periodically. This allows each battery to receive an equal amount of charge and extend its service life.

You can also improve battery charging by using larger battery cables which often carry lower resistance. 

Last, never leave your solar batteries uncharged for extended periods, as this can negatively impact their efficiency and capacity.

Keep Your Panels Free of Debris

While solar panels are strong enough to withstand high winds, heavy snow, and even hail, they still need to be kept clean to maximize their efficiency and increase their lifespan. 

If you regularly remove dust, pollen, bird droppings, and leaves from your solar panels, they will last longer. When you wash them off, make sure to do so in the morning before they heat up to ensure that they don’t crack. 

Work with a Trusted Solar Panel Installer 

The best thing that you can do to make your solar system last longer is to get them installed by a reliable installation company from the very beginning. Solar Bear is the highest-rated solar installation company in Florida and offers the longest warranties in the industry. 

Say Yes to Solar

As you can see, the lifespan of your solar panels depends on many factors. You need to watch out for extreme weather and clean them periodically to ensure they are efficient and performing properly. 

The best way to ensure that your solar panels last is to choose a company that offers a solid warranty like Solar Bear! Say yes to solar with Solar Bear today — (407) 904-7585!

Solar Installation in Florida – A Look at The Facts

Florida is called the Sunshine State for a reason and if you have been thinking about installing a solar panel system to harness the power of the sun for your Florida home, you could save thousands on energy costs. 

Before you install solar, look at these facts from our solar pros at Solar Bear!

The Benefits of Solar Power in Florida 

There are many benefits to installing a solar panel system in our great state including:

Zero Operating Costs 

Yes, there are installation costs, but operating your solar panel system in Florida costs you nothing. With our ample sunshine in Florida paired with affordable financing and incentives, you will begin to see savings from day one. 

Always On

When the sun is shining, your solar panel system will be generating energy—it’s that simple! 

Clean and Renewable

According to the EPA, electricity produces more greenhouse gas emissions than anything else. Solar power reduces dependence on fossil fuels and creates no air pollution, therefore your carbon footprint will be reduced when you install solar power on your property. 

When you go solar in Florida, you know that you are doing your part to protect the environment. 

Virtually Maintenance Free

Since we don’t get snow in Florida, solar panels are virtually maintenance-free. While you will need to get them cleaned and ensure that leaves are not obstructing their panels, solar panels are easily maintained and hassle-free. 

Flexible Financing

At Solar Bear, we offer a variety of flexible financing options for homeowners across Florida. When we come by for an in-house estimate, we help you find a financing option that works best for you. We can offer financing for our solar installations and our spray foam services through EnerBank ™ and Sunlight Financial ™.

Net Metering in Florida

Florida has a strong net metering program which is great if you want to install solar panels in the Sunshine State! Net metering allows you to offset all or most of your energy costs with your solar system. Any excess power that your solar system produces gets sent to the grid and many Florida utility companies credit their customers at the full retail rate for that power. 

This credit rolls over for 12 months, so when you are low on solar power, such as at night, you can pull power from the grid while your credit offsets any new consumption charges. 

In Orlando, the Orlando Utilities Commission pays its customers .05% for every Kw hour that their solar panels produce. P.s. This is in addition to the retail-rate net metering that they offer. Easy money! 

Solar Incentives for Floridians

Residents of Florida who install solar panels are eligible for the federal Renewable Energy Tax Credit which is equal to 30% of the cost of a PV solar system. Keep in mind this credit will decrease through 2022. 

Further, rooftop solar panel systems are exempt from Florida state sales tax which will save you hundreds upfront. Also, Florida offers a property tax exemption on the value of your entire solar system so no need to worry about your property taxes going up!

Top Five Reasons to Go Solar in Florida 

• Protect yourself against rising energy costs
• Increase your property value
• Reduce your carbon footprint
• Support your local community
• Gain energy independence

Install Solar in Florida with Solar Bear 

If you are interested in installing solar panels in Florida, there has never been a better time! Go solar today! Contact Solar Bear today for a solar installation quote and to discuss what incentives you may qualify for— 407-904-7585!