Now
that we know our annual savings, calculating our break-even point is
just a matter of knowing the cost of the solar system. As it stands
right now, my solar system budget is $3,500, and my annual savings is
about $165 per year as determined from the previous exercise.
Working the math, that means it will take me just over 21 years to
break even. But wait! Once we take into account the 30% federal tax rebate, we now break even in just under 15 years. See, who says the federal government doesn't give you anything? You should also Google for additional incentives at the state and even the local level. The State of Illinois has additional incentives, but what I'm finding is that the state funds are quickly used up each tax year.
For some of you, a 15 year return on investment might be too high. Over the following topics, I will review the hardware I chose to use and point out areas of potential cost savings. The potential cost savings is on the order of several hundred dollars, but I will also identify any potential downside by doing so.
