Of course, one of the primary benefits of solar rooftops is cost-savings. “You can think of a solar rooftop as a low-risk long-term investment that generally provides a high return on investment (ROI),” said Joshua M. Pearce, PhD, Professor of Materials Science & Engineering in the Department of Electrical & Computer Engineering, and Director of the Michigan Tech Open Sustainability Technology (MOST) Lab at Michigan Technological University.
“Solar photovoltaics (PV) produce electricity silently, last 25 years under warranty and require almost zero maintenance – and building integrated solar even eliminates the need for a roof.”
And since the cost has come down so much, almost everyone will save money compared to the normal charges for grid electricity – and some households will do really well.
“On my home system, my ROI is greater than 10%, and if you live somewhere sunnier you could do even better.” Pearce has even done a study on this for his state.
Homeowners can also get federal tax credit dollars, and among those that do, Wiegard said the system tends to pay for itself in about 11-14 years (depending on space available and energy use patterns).
And when you sell your home, you’ll likely get a boost. “In general, the value of the home is slightly higher with solar panels,” said Rosquette. “Depending on the study the percent changes but it hovers around 3% premium when compared to a similar home without solar.”