Why Solar Panels Are The Most Patient Investment Most Homeowners Ever Make
A lot of products are measured on a time scale of months. For instance, the cost of a renovation of your house needs to be recouped before the next property appraisal, otherwise the investment in that renovation is worthless. Savings accounts and bank products are also measured on a time scale of months, because people need to be convinced that keeping money with the bank is a good idea within a short period of time.
Even when it comes to investments, most products are measured on a time scale of years, rather than decades. The modern investment culture has a very short attention span. The products that can survive this culture are the ones that can deliver results within a period that a human being can comfortably hold in their head.
Solar panels, on the other hand, work on a completely different time scale. The payback period for a solar panel system is the time scale at which the energy savings have recouped the costs of the installation. This payback period is somewhere between 7 and 12 years, depending on the size of the solar panel system, the energy consumption of the household, the orientation of the solar panels, and what happens to the electricity prices in the meantime. For Dorset Solar Panels, visit https://solarpanelsdorset.co.uk/solar-panels
This is a very long period of time to wait for an investment to break even. It is longer than most people keep a car, it is longer than most people keep a mortgage fixed, and it is longer than most people are willing to hold on to an investment for. And yet, most solar panel systems come with a twenty-five-year performance warranty, which is the confidence of the manufacturer that the solar panel system will still be generating useful amounts of electricity twenty-five years after the installation.
