I’m looking into solar panels for my house. But when I run the figures, it would take forever to pay itself off.
Example: 224 watt solar panel X 4.73 hours/day (peak sunlight hours where I’m located) X 30 days/month X 12 months/year = 381,427.2 watt hours/year or 381.4 kWh/year. At $ .0778/kWh (in my area), it would only save me $ 29.67/year. Since this particular solar panels cost $ 912, it would take over 30 years to pay itself off.
I know I must compensate for inflation and rising electricity costs.
Also, other components needed for installation (inverter, mounts, combiner box) must be considered.
Does the solar panel continue to produce electricity outside of the peak sunlight hours?
Can someone who knows more than me please help me make sense of all this? How many years will it really take to pay itself off? How much electricity will the solar panel actually produce in a year?
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