Isaksen Solar Blog

How Installing Solar Panels Will Make Me Over $60,000

Article originally published on

It’s been 17 months since I had solar panels installed on my home and I thought I’d review how it has gone since.

Fall River-based Isaksen Solar installed panels onto my home in mid-September, 2020 (turned on in October) and I could not be happier thanks to having no electric bill (they actually pay me now), the tax benefits, and positive environmental impact.

My solar panels have generated 14.4 MWh of energy or $3,447 dollars since I installed them

While it’s amazing not having an electric bill, it’s even better having the electric company purchase back the excess energy I generate in the form of bankable credits. The credits build up and I can cash them out in the future. I haven’t had an electric bill that didn’t say “$0 owed” since a full month of having solar panels, even in the winter months. My bill before solar was around $150/month.

Here is my most recent credit from National Grid for Feb, 2022 – as you can see it it was almost $30 (28 days in the winter):

Here’s my September bill that shows that I received almost a $50 credit for the month of August in 2021:

I receive about $500 a year ($45/month) in credits from National Grid. My bill used to be about $150 a month on average, so my net gain has been about $190/month.

After filing my taxes, the federal government reimbursed me $7,946.49 (roughly 1/3 the cost of the system) for installing the solar panel system:

When factoring in the federal tax credit($7,946.49), payments from the Commonwealth of Massachusetts SMART Program (about $50/month for 8 years), the savings on my electric bill ($150/month), and the credits I’m building up from National Grid ($45/month), it will take me about 4 1/2 years to pay off the solar panel system. The system should last me 25-30 years (warranty for 25 years), so I could easily net 25 years of no electric bill and about $13,500 in credits ($45/month x 25 years). At the $1,800 yearly electric cost rate, I’ll be saving $45,000 over 25 years – add on the $13,500 in credits, and that’s a $58,500 net gain without factoring in inflation with the cost of electricity. As you can see, add in the rising cost of electricity and if my system lasts 30 years, I’ll have a net gain of well over $60,000.

Positive environmental impact

A major reason to consider installing solar panels is to reduce your carbon footprint. The smartphone application that allows you to track your solar energy production, also allows you to see how much CO2 emission you’ve reduced and the equivalent trees planted:

There are several reasons to get solar panels installed on your home; you may be able to get rid of your phone bill completely while generating bankable credits and significantly reducing your carbon footprint.

If you have questions about if solar is a fit for your home, give us a call or start your free quote today!



Should I Get Solar Panels?: A Quick Guide To Buying Solar Panels For Your Home

Benefits of Purchasing Solar Panels

  • Monthly Savings On Your Electricity Bills 
    • The biggest motivator for homeowners to switch to solar is seeing an immediate savings in their next monthly electricity bill once they are installed. Across the country electricity prices continue to rise at historic rates. This is why solar in Massachusetts has become so popular. As of Feburary 2022, Massachusetts has the 4th highest electricity rates in the country. Rhode Island solar panels are also popular as they have the 5th highest electricity rates. Homeowners looking for ways to save money have found solar panels are an efficient solution that creates long-term savings. Instead of paying the local electricity company for your energy supply you are supplying your own energy from your roof or ground mount solar panels. Your solar panel installation will create enough energy to cover your monthly electricity usage so you no longer need to pay your energy provider for their energy. This means the constantly increasing electricity bill you have will now be delivered with ‘No Payment Due’ and in some cases adding credits to your account for overproduction! 
  • Lifetime Of Financial and Environmental Savings 
    • With solar panels those monthly savings turn into lifetime savings and a meaningful contribution to helping the environment. By creating your own energy through purchasing solar panels, you avoid paying rising electricity rates that change with the price of natural gas. In most cases, you pay a locked-in rate or loan fee for the lifetime of your solar panels. In 2022, the average price of electricity rose 7.5% from 2021, which meant more expensive electricity bills. With solar in Massachusetts, everytime the price increase that is additional savings for your household since your price stays the same. Once your solar panels are paid off, your electricity is completely free. Over the 25 year lifetime of solar panels that could equal $60,000 in savings. The additional benefit to buying solar panels is the reduction of CO2 emissions since you no longer rely on natural gas. One solar panel can offset have the same CO2 offset as planting 10 mature trees. For the average home that produces 7,000 Watts of solar power, this is the same as planting 180 trees a year. For this reason solar panels is the most significant way to decrease your carbon footprint without disrupting your current way of life. 
  • Option To Lease Solar Panels or Purchase Solar Panels 
    • How much money you will save on your solar panels depends on your choice to lease or buy solar panels. If you lease your solar panels then you will not have any upfront cost. Instead of paying a large sum upfront, you get panels on your roof and a locked in monthly payment. This monthly payment will be less than your current electricity bill. However, leasing solar panels can open the door for increased payments in the future if your lease agreement forces you to pay for increases in electiricty rates as the price of energy increases. 
    • When you purchase solar panels there is an upfront cost which is usually paid for with a loan or cash. However, the total cost of solar will be offset by solar incentives. There are both federal solar tax credits and Massachusetts solar incentives available. These programs will decrease the total cost of solar panels and increase your savings each month and over the lifetime of your solar panels. When leasing solar panels, homeowners do not qualify for these incentives or the ability to create credits which adds up to a lot of added money over the lifetime of your solar panel installation. 
  • How Much Do Solar Panels Cost? 
    • Every home solar panel installation is unique. There are a lot of factors that go into determining how much solar panels will cost you. The key factors are how much energy you use, how many panels your home can support, whether you lease vs buy solar panels and what solar incentives you qualify for. The only way to know the price you will pay to install solar panels will be to get a solar quote. At Isaksen Solar, we quote solar for your home at your consultation free of charge. 
  • Truth About Solar Panels
    • We understand buying solar panels can be a major decision for homeowners. That is why the most important part of installing solar panels should be to find the best solar companies in MA and RI. A search of “solar companies near me” is a good starting point. The goal for every homeowner should be to find a solar company they trust. Whether its MA solar or RI solar panels, where to buy solar panels is an important question to answer. At Isaksen Solar, we aim to make the home solar panels process as simple as possible and answer all your questions.