Solar + Storage: What’s the Real ROI for Homeowners and Businesses?

Over the past years, solar panels systems have become all the more efficient. But they still have one obvious downside: when the power produced isn’t enough or there is limited sun exposure, you may have to still rely on the grid. This can be an issue if you live in a remote area, are after an off-grid lifestyle, or simply wish to keep your home or business working during a power outage. Here’s where solar-plus-storage systems come in. But are they worth it? 

In this guide, we’ll cover the costs of these systems, the ROI that they can generate, and some benefits that you may not have thought of. Let’s get started.

Solar Storage ROI: What You Need to Know

If you are looking to make a solar investment or wishing to upgrade your current solar system, you may consider adding an energy storage solution. What can you expect in terms of costs and ROI? 

Cost of Solar Plus Storage

The installation of solar panels coupled with a storage system typically ranges from $30,000 to $45,000 in the U.S. Let’s look at a breakdown based on figures: 

These are average estimations. Of course, the solar panels and home battery cost can vary based on a wide range of factors, including:

• How large your solar system is
• Your electricity needs
• Your local climate
• The amount of sun your home receives
• The structure of your home
• The type of panels you choose

There are also additional costs to factor in, including getting the right permits, solar panel attachments, and necessary roof work. 

Incentives That Optimize Costs

Homeowners and businesses can reduce the costs of solar panels and batteries through federal and state incentives. For instance, the federal Investment Tax Credit (ITC) or Residential Energy Credit allows you to lower costs by 30% tax credit. Using this incentive, a 10 kW system, which would cost between $30,000 and $42,000, can now cost only $21,000 and $29,400. While this initiative is only valid until 2032, other options are available at your local government. 

ROI

The ROI for solar plus storage systems typically spans 8 to 16 years, slightly longer than solar-only systems. This is due to higher initial costs, but a lot depends on your energy usage and specific needs. 

Additionally, the ability to store and use energy during peak rates and outages can boost advantages and savings! Let’s see how below. 

The Benefits of Solar Energy Storage

Solar panels and storage solutions can offer powerful residential and commercial energy savings. They can help you reduce overhead costs, such as utility bills, while also providing a long-lasting asset for your premises. Plus, these systems can offer financial advantages in other ways! Let’s see how below:

Boosting Property Value

Installing solar panels, especially when integrated with a storage system, can increase a property’s market value. According to a study conducted by Zillow, a home with installed solar panels sells for 4.1% more than those without them. This can be for many reasons, including:

• Buyers recognize the lasting investment of complete solar systems
• Storage solutions provide added security in the face of today’s environmental risks 
• Solar + storage solutions attract top buyers, including those interested in sustainable or off-grid living.

And, these cost benefits are only to be added to the savings in electricity costs, which can add to thousands per year, depending on your electricity use! 

Ensuring Power During Outages

Solar storage offers peace of mind during power outages, especially as these events also occur alongside periods of extreme weather, which is when your solar panels may not be working well enough to supply your home with electricity. 

With stored solar energy, homes and businesses can maintain safety and operational efficiency without interruption. This is a financial benefit not to overlook. When your payment systems continue working, you can continue to receive payments and carry out operations, reducing the losses associated with downtime. In residential homes, a continuous power supply can prevent food waste and allow you to continue working from home. 

Selling Excess Energy

Last but not least, solar and storage systems enable homeowners and businesses to sell excess energy back to the grid, creating an additional revenue stream. Be sure to look into the available net metering programs, which have been established across many states allowing for credits on utility bills. This way, you can accelerate the returns on your investment!

Improving Your Property’s Safety and Energy Efficiency With Solar + Storage Systems

Solar-plus-storage systems can benefit your home or business in many ways. They can boost safety and security, while also enhancing energy efficiency, lowering utility bills, and increasing your property value. Consult an expert to find out whether these systems are right for your needs!