Should I wait for solar power prices to
The question is best answered by comparing the two graphs below. The first one shows what the increase in electric prices has been in the United States over 45 years. The cost is going up and the increase will likely never stop.
Graph Number 2, shows the cost trend for solar photovoltaic (PV) energy since 1980. It has been constantly going down and it has almost reached the bottom. It is doubtful it will go lower than it is right now. But if it does, it won’t be more than a few percent.
Here’s the problem with waiting:
Today’s Florida electric rates are around 13 cents/kilowatt-hour. An 8.4 kilowatt solar power system (28, 300 watt solar panels) can produce/save about $1,600 worth of electricity per year. At a 2018 installed system price of $29,400. After subtracting a 30% tax credit of $8,820, the cost of the system is $20,580. With the value of the electricity produced ($1,600) divided by the net cost of the system, the value of the power is 8% of the system cost. ($1,600/($29,400 − $8,820)) = 8%. That means, the solar electricity production you lose by waiting a year is worth more than the potential price savings for waiting a year.
The Bottom Line?…. the sooner you buy a solar power system and start saving, the better off you’ll be financially.