Curious to know what an investment in solar looks like?
Google’s Project Sunroof – an online solar estimator – can give you an estimate of the cost to install a system and years until payback. Estimates provided by Google’s Project Sunroof are based on current electric rates. Future changes in rates will impact the estimated net savings and payback. Project Sunroof is not functional for all of Idaho Power’s service area, so we’ve provided three Project Sunroof examples of a typical home below.
Note: On Oct. 11, 2019, Idaho Power and the Staff of the Idaho Public Utilities Commission (IPUC) filed a settlement agreement with the IPUC requesting changes to the compensation structure for residential and small general service customers with on-site generation. Learn more about this case on the IPUC website.
|The Jones’ House||The Zhang’s House||The Jackson’s House|
|Average monthly electric use:||500 kWh||1,000 kWh||1,950 kWh|
|Average monthly bill:||$45||$90||$175|
|Solar system size needed:||3.75 kW||8 kW||15.75 kW|
|Estimated upfront cost:||$13,300 ($3.55 per watt)||$26,700 ($3.33 per watt)||$51,000 ($3.23 per watt)|
|Net cost after tax credit:||$8,400||$16,700||$31,900|
|Purchasing with a loan|
|Estimated breakeven point:||Beyond 20 years||Beyond 20 years||Beyond 20 years|
|Total savings after 20 years (Simple Savings):||-$6,300 (loss)||-$9,900 (loss)||-$15,000 (loss)|
|Total savings after 20 years (Net Present Value):||-$4,200 (loss)||-$6,500 (loss)||-$9,700 (loss)|
1Why does Project Sunroof provide two different 20-year values?
Simple savings, or the payback method, and net present value are different ways of looking at the long-term value of a purchase. Payback tells you how long it takes to recoup your money. Net present value determines if it is a good financial investment compared to other things you could do with your money—like earning interest in your bank account or investing in stocks and bonds.