Evergreen Energy - How long will it take for solar panels to pay for themselves?


How Long Before Solar Panels Pay for Themselves? This is probably the most common question that we get asked by people who are considering installing solar panels, "How long will it take for these panels to pay for themselves?". Well it's a good question, but always the answer is not strighht forward because it really depends on what you normally use to heat your hot water due to the different prices for differing types of energy. In this example we are going to use electricity as the main source of energy for heating hot water. How Much do You Spend Now? The amount of hot water varies greatly depending on how much your family needs, so it is speaking to obvious to say that the more family mmebers the more money that you will spend on hot water.
Details	Family of 3	Family of 5	Family of 7	Family of 9
Cost per Unit	EUR 0.18614	EUR 0.18614	EUR 0.18614	EUR 0.18614
Standing Order Charge	EUR 8.70	EUR 8.70	EUR 8.70	EUR 8.70
Avg Cost per kW	EUR .2177	EUR 0.2060	EUR 0.2007	EUR 0.1976
Immersion on hrs/day	2.5	3.5	5	6
Immersion Power Use	3.5 kW/hr	3.5 kW/hr	3.5 kW/hr	3.5 kW/hr
Cost per day	EUR 1.90	EUR 2.52	EUR 3.51	EUR 4.15
Cost per month	EUR 57.94	EUR 76.78	EUR 106.83	EUR 126.22
Cost per year	EUR 695.33	EUR 921.34	EUR 1281.91	EUR 1514.61
How Much Does an Installation Cost? Again, this really depends on what size of a family you have because it will directly relate to the size of system needed. Also the type of system installed will have an effect on the price.
Details	Family of 3	Family of 5	Family of 7	Family of 9
Type of System	Flat Plate	Flat Plate	Flat Plate	Flat Plate
Area of System	4.8 m²	7.2 m²	9.6 m²	12.0 m²
Estimated Cost	EUR 5000	EUR 5500	EUR 6250	EUR 7000

Type of System	Evacuated Tube	Evacuated Tube	Evacuated Tube	Evacuated Tube
Area of System	3.5 m²	5.8 m²	6.9 m²	9.2 m²
Estimated Cost	EUR 5600	EUR 7470	EUR 8400	EUR 9900
How Long Will it Take to Pay That Back? Flate plate systems and evacuated tube systems have differing levels of efficiency so the amount of heat that you get from the different system varies. Also, some houses can claim an installation grant and others cannot so this also has an effect on the length of time to pay for a system.
Details	Family of 3	Family of 5	Family of 7	Family of 9
Type of System	Flate Plate	Flate Plate	Flate Plate	Flate Plate
Grant Available	EUR 1200	EUR 1500	EUR 1500	EUR 1500
% Hot Water	70%	70%	70%	70%
Savings per Year	EUR 487	EUR 645	EUR 898	EUR 1061
Payback With Grant	7.80 years	6.20 years	5.28 years	5.18 years
Payback Without Grant	10.26 years	8.53 years	6.96 years	6.59 years

Type of System	Evacuated Tube	Evacuated Tube	Evacuated Tube	Evacuated Tube
Grant Available	EUR 1050	EUR 1740	EUR 1800	EUR 1800
% Hot Water	80%	80%	80%	80%
Savings per Year	EUR 556	EUR 737	EUR 1024	EUR 1211
Payback With Grant	8.18 years	7.77 years	6.45 years	6.68 years
Payback Without Grant	10.07 years	10.13 years	8.20 years	8.17 years
In the examples above the installation costs include the supply of a relevant sized, enamelled, dual coil solar cylinder. If you are using cheaper forms of fuel such as oil or solid fuel then the payback periods will be longer than the examples above.

How Long Before Solar Panels Pay for Themselves?

How Much do You Spend Now?

How Much Does an Installation Cost?

How Long Will it Take to Pay That Back?