Are solar panels worth it in Hawaii? In all seriousness, we just showed yesterday (when looking at how much solar power costs) that solar power is basically “worth it” for people all across the country. In some places, the average 20-year savings from going solar are $10,000, while in other places, the average savings are over $40,000. Solar panels are worth it for Americans all across the country.
But let’s look at the situation in Hawaii, one of the hottest solar markets in the world right now. If you’re a Hawaiian noticing that some of your neighbors are going solar, but not all of them, you might really be wondering if solar panels are worth it in Hawaii. Take a look at this infographic and see what you find out:
As you can see, due to Hawaii’s relatively high electricity prices, the recent fall in the cost of solar power, and solar power incentives in Hawaii and the US as a whole, if you buy solar panels in Hawaii, within 3–5 years, you’re likely to get the money you spent on them back. After that, you are essentially making money on your investment… for decades! Tens of thousands of dollars.
Not only that, but that money you “make” is essentially from electricity bill savings that aren’t taxed. So, those are tax-free earnings! Try beating that on the stock market or anywhere else — more likely than not, you wouldn’t come close.
So, are solar panels worth it in Hawaii? Heck yeah!
Infographic Credit: AlternateEnergy