Is solar power really worth it? There are many companies offering $0 down and an elimination of your electric bill. But is there really such a thing as a “Free Lunch?” If you’re wondering, the answer is No.
What those companies are really doing is selling you loans which become part of your mortgage at a high rate along with all the additional fees hidden in the fine print. Basically, what you’ll be purchasing is a product that is marked up five times its actual worth and sold to you in the form of a loan attached to your mortgage. Miss one payment and the next thing you have is a lien on your house. Besides, nowadays in Southern California the most expensive utility is water. Finding ways to conserve water is more cost effective.
The point of all this is that if you have an extra $15k – $30k sitting somewhere earning 0.025% interest, an investment in a solar solution might be a better long term investment for you, especially if your house has a monthly electric bill of over $150. Considering it would cost about $20k for a solar solution, it would take approximately 11 years to get your money back and thereafter you will have pure savings. Keep in mind, however, that at that point in the future your solar panels will be 11 years old and an average solar panel has a 20 year warranty. By that time, power usage efficiency will have increased significantly as well.
Now ask yourself, is solar power really worth it?