A DIY Solar Kit Can Save Me HOW MUCH Money? Posted on 13 Jul 09:00
A DIY solar kit can provide an exceptional return on investment, even more than a professionally installed photovoltaic system.
If you aren’t familiar with the do-it-yourself approach to solar energy, or if you think you aren’t handy enough to pull it off, maybe some math will change your mind.
Soft Costs for Photovoltaic Systems
According to the latest U.S. Solar Market Insight Report from the Solar Energy Industry Association (SEIA), residential photovoltaic component costs fell by over 16 percent in 2015.
But soft costs — the non-hardware expenses involved in going solar — actually rose by 7 percent in the last year.
What does this mean? Consumers are paying less for hardware like photovoltaic panels and inverters (the main components in a DIY solar power kit) and more for anything not hardware-related, like labor costs.
And these soft costs are exactly what you stand to save when you handle the PV panel installation yourself.
DIY Solar Kits Save Big on Soft Costs
The U.S. Department of Energy (DOE) breaks down how much the average customer pays in soft costs for photovoltaic energy systems installed by a contractor. By choosing a DIY solar kit approach, you’ll avoid many of these costs, including the installation (about 20 percent of total cost).
And that’s just the beginning of the cost savings you’ll enjoy as a solar DIYer.
Payback with a DIY Solar Kit
According to the DOE, soft costs can account for as much as 64 percent of the cost of a professionally installed photovoltaic system. That’s $12,800 for a $20,000 system.
Mind you, even as a solar DIYer, you will still be responsible for some of these soft costs.
For example, you’ll still have to pay permitting fees and sales taxes. But by doing the installation yourself, you’ll save on many expenses. When all is said and done, you’ll have saved thousands of dollars, cutting your total cost for adopting photovoltaic energy by almost half.
The more you save when installing your solar kit, the faster you’ll reach the point where your system has paid for itself. And the sooner you reach the payback point, the greater your lifetime return on investment will be. If you save 50 percent of the overall costs, that essentially cuts your payback period in half!
For all of your do-it-yourself needs, check out Solar GOODs, the DIY solar superstore. As a subsidiary of one of the nation’s largest and most respected solar installation contractors, we offer our customers the benefit of our bulk purchasing discounts. With Solar GOODs, you’ll find everything you need to design your own cost-saving DIY solar kit.