Solar Monthly Payment
To ensure your solar payment is correct, be aware of how the federal tax credit can affect them. If you know that you won't receive the generous 30% deduction or add it back into your loan, make sure to input the full monthly price. Knowing if you will receive the federal solar tax credit is extremely important because it can dramatically change the total solar cost. Also, adjust if you qualify for local incentives.
Average monthly electric bill
To get the most accurate estimate of your electric bill, we suggest taking all 12 months' worth of expenses and dividing that number by 12. This gives you a reliable average cost. Many electric companies hide costs when contacted directly–especially utility delivery fees and connection fees which can really add up. Some consumers even have miscellaneous fees!
US Electric Inflation per year: 4%
Since 1958, the average cost of electricity has risen steadily due to inflation. In order to more accurately predict long-term costs associated with a solar panel installation loan, we've used data from Trading Economics that shows an annual increase of a little over 4% on average—though this can vary widely depending on global events and circumstances.
Additional Inflation per year
To account for regional variations in the cost of living, we have implemented a feature that allows you to adjust the inflation rate depending on your location. This helps ensure our calculator is as specific and up-to-date as possible while accounting for areas with higher electricity prices due to different economic factors.
Solar Loan Duration in Years
By using this calculator, you can gain an insightful and detailed understanding of the long-term costs associated with electricity versus owning your own solar panel system through a loan. It takes into account inflationary effects over a set period of time (loan duration) to give you an informed evaluation.
Volatility and Disclaimer
Trying to make sense of energy costs in the future can be tricky, but our calculator provides data from the past that allows you to get a better handle on your decisions. Although exact figures may differ depending on factors such as utility connection fees or net metering regulations, our tool empowers you with an informed look into how changes could affect your wallet.
