One of the criteria to determine whether it is cost-effective for a household to install solar panels is whether the average monthly electric bill, if used as the monthly payment for an installment plan, can purchase more electricity.

So, let’s use a $150 monthly electric bill as an example to do the calculations.

With the current loan interest rate at 7%, a monthly payment of $150 corresponds to a loan amount of $21,223 for 25 years and $22,546 for 30 years.

This means if you borrow $21,223 from the bank to be repaid over 25 years, your monthly repayment would be $150.

Considering the federal government offers a 30% tax credit for solar panel systems (guaranteed effective before the end of this year), the $21,223 you borrow can correspond to a $30,000 solar panel system.

Now we can make a comparison:

For a San Diego household with an electric bill around $150, the corresponding electricity usage is about 300 kWh.

The $30,000 solar panel system (including batteries) provided by Green Future for San Diego residents generates an average of 900 kWh per month (this varies slightly depending on the roof orientation of different households).

This means, the electricity bill you are currently paying can now purchase a solar panel system that generates three times your current electricity usage!

What are you waiting for?