Many CHELCO members are interested in installing solar arrays at their homes or their businesses as a way of reducing energy bills and to produce power with less environmental impact.
To help members understand the potential savings and payback, CHELCO gathered metering data from its 5-kilowatt (KW) solar array in front of our Operations Center and obtained a current price to install a rooftop solar unit of that size.
In slightly rounded numbers, the array produced about $600 worth of electricity in one year. The current cost to install a 5 KW array is $8,000, after a 30 percent federal tax credit.
This means the payback to recoup the cost of the array is almost 13.5 years. This may vary depending upon rates, installation costs and how the power is used. But the practical range will be 12 to 14 years to payback the investment.
If you would like to look at the assumptions, the variables and three different scenarios, you can download our flyer.