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​Initial Cost of Solar System | $38,000 |
​Tax Incentive (30%) | ​ -$11,400 |
​Net Cost | ​$26,600 |
Annual Energy Savings | $3,000 |
Payback Period | 7.95 Years |
Lifetime Savings | $90,000 |
Lifetime Return on Investment | 239% |
Investing in a 10 kW solar system can provide significant energy savings, but the initial cost can be a deterrent for some homeowners and businesses. However, with a 30% tax incentive and a system cost of $38,000, the returns on investment can be maximized.
Assuming an initial cost of $38,000, the 30% tax incentive would reduce the cost by $11,400, leaving a net cost of $26,600. With an annual energy savings of $3,000, the payback period would be 7.95 years. Over the lifetime of the system, the savings would reach $90,000, resulting in a lifetime return on investment of 239%.
Investing in solar energy can not only reduce energy costs but also contribute to a more sustainable future. With the right incentives and calculations, the returns on investment can be maximized.
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