As many people have pointed out, solar panels aren’t like household appliances, they are more like financial investments. So, the key point many people want to know is, what’s my solar ROI (return on investment). The report summarized below shows the average solar ROI for states across the US, which is pretty cool and interesting. But to get even more specific, you can simply get a solar quote right now that projects you cost of going solar, solar electricity savings, and solar ROI. Check that out, and get in touch with our team to get an even more narrowed down, personalized quote.
Now that you’ve done that, check out the state solar ROI rankings below, preceded by some expert commentary from yours truly.
Shocker #1: Homeowners, on average, can get a better ROI from going solar than from the S&P 500 stock index (considered a very good investment) in over 25% of states now! Yep, solar beats the S&P 500 for millions of people.
Shocker #2: In ⅔ of states, solar offers a better average ROI than 30-year treasury bonds.
Shocker #3: In 86% of states, your likely solar ROI beats a 5-year CD (certificate of deposit).
Shocker #4: In only one state, a solar investment won’t earn you money (based on the assumptions used in the 2013 Geostellar Solar Index). That state? Believe it or not, it’s a southern state, Mississippi. The 25-year return on investment there is projected to equal -0.1%.
Something to keep in mind: Solar panels have actually been shown to produce electricity for over 30 years, so even the average Mississippi homeowner would make money on solar in the long run.
The Bottom Line: Solar power beats many other “good” and highly recommended investment options — stocks, bonds, and CDs. If you want to invest for a better retirement, college money for your kids, or simply to make the most of your money… for whatever future use you find most enticing, you should really be considering solar.
Like a broken record: By the way, in case you haven’t been following our blog, the facts presented here just pile on top of what other studies have found:
- Solar panels cost less than grid electricity for many of us.
- Solar panels are likely to save you tens of thousands of dollars.
- In Hawaii, the average savings are up above $60,000.
- In 3 of the 4 most populous states in the country, the average savings are up above $30,000.
- Not going solar is more or less a sign of insanity.
Now that I’ve typed your eyes off, here’s the full ranking from the 2013 Geostellar Solar Index: