I keep getting solar sales pitches but my electricity bill averages about $150/month. Most calculators show a 10+ year payback. Is it still worth installing panels or does it only make sense for higher bills? We're in North Carolina.
At $150/month in NC, solar can still make sense but the math is tighter. With the 30% federal tax credit, a 6kW system might cost you around $12K after credits. At $150/month savings you're looking at about 7-8 year payback, then 17+ years of essentially free electricity. The key variable is your utility's net metering policy and future rate increases — NC utilities have been raising rates 3-4% annually.
We're in Raleigh with a similar bill. Went solar 2 years ago. Our system cost $18K before credits ($12.6K after). Electric bill went from $150 to about $15/month (grid connection fee). We'll break even around year 7. The real kicker is our home value went up — appraiser said the panels added about $15K to the home.
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