The two tables below come from Energy Trust of Oregon. They outline what the costs and earnings would be for a typical solar electricity system (photovoltaic system) in Lake County, Oregon for Pacific Power customers. As Pacific Power is a public utility it is mandated to provide financial assistance for the renewable energy purchases of its customers.
The assumptions used to form the tables below are: the household is a Pacific Power customer, the home is located in Lakeview, Oregon, the solar system size is 3,000 Watt-dc, and the costs per Watt is $4.50.
As the tables show, the total costs of a photovoltaic system could be as low as $1,875 and it could earn $410 a year, that’s a 21% annual return on investment. Considering, the stock market rarely achieves a 10% annual return on investment, photovoltaic panels could make a lot of sense for both your home and your bank account.
|Costs and Earnings of a Typical Solar Electric System in Lake County, Oregon|
|System Size||3,000 Watt-dc|
|Percentage of total power use provided by solar system:||37%|
|Price Tag @ $4.50 per Watt||$13,500|
|Energy Trust of Oregon||$2,250|
|OR Tax Credit (take over 4 years, up to $1,500 per year)||$6,000|
|Federal Tax Credit||$5,175|
|Year 1 Net Cost (including only first year of OR Tax Credit)||$6,375|
|Total Net Cost|
|System Cost after Incentives (using remaining 3 years of the OR Tax Credit)||$1,875|
|Monthly & Annual Earnings: Solar Electric Panels; Lake County, Oregon|
|Without Solar||With Solar||Solar Earnings|