Now if you have to borrow the money it may not be a wise choice for some. But I expect the return at current electric rates will be about 3 to 4 percent which is more than any savings account I know of. So far we are happy with our decision.
From what I understand, there are two types of setups - the way you are set up works fine - in fact, I am considering a similar set up.
You are able use the electricity you generate from your panels directly, and thereby reduce the amount you draw from the power company. With this setup, you are getting 100% of the benefit of whatever you generate, with which to cover your investment, and earn a positive return beyond that.
Since you have a battery backup for any surplus you generate - that’s even better, but the battery backup also adds to your investment - so mileage may vary.
There’s another set up that a lot of people have l opted for where the electricity generated by the panels goes right back into the grid and the homeowner earns credits. Here, the power company subsidizes a portion of the investment outlay, but they also share in the benefit of any power generated by your panels. You are at the mercy of what the power company will pay you in credits, which changes with the market.
This is the setup where many people have been disappointed when their ROI fell way short of initial projections - in many cases, a negative return.
Question: how much did the battery backup part of your system cost, and since you said it depletes fairly quickly, do you think you would have been better off with just the panels? The reason I ask, is that I’ve heard the battery backup system adds so significantly to the outlay, and depletes so quickly, that you’re better off without it. Interested to hear your thoughts.