Loan Approval Calculator

by
.solar-calc-container { font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen-Sans, Ubuntu, Cantarell, "Helvetica Neue", sans-serif; max-width: 800px; margin: 20px auto; padding: 25px; border: 1px solid #e0e0e0; border-radius: 12px; background-color: #ffffff; box-shadow: 0 4px 20px rgba(0,0,0,0.05); color: #333; } .solar-calc-header { text-align: center; margin-bottom: 30px; } .solar-calc-header h2 { color: #2c3e50; margin-bottom: 10px; } .solar-calc-grid { display: grid; grid-template-columns: 1fr 1fr; gap: 20px; margin-bottom: 25px; } @media (max-width: 600px) { .solar-calc-grid { grid-template-columns: 1fr; } } .solar-input-group { display: flex; flex-direction: column; } .solar-input-group label { font-weight: 600; margin-bottom: 8px; font-size: 14px; color: #555; } .solar-input-group input { padding: 12px; border: 2px solid #ddd; border-radius: 6px; font-size: 16px; transition: border-color 0.3s; } .solar-input-group input:focus { border-color: #27ae60; outline: none; } .solar-calc-btn { background-color: #27ae60; color: white; border: none; padding: 15px 30px; font-size: 18px; font-weight: bold; border-radius: 6px; cursor: pointer; width: 100%; transition: background-color 0.3s; } .solar-calc-btn:hover { background-color: #219150; } .solar-results { margin-top: 30px; padding: 20px; background-color: #f9f9f9; border-radius: 8px; display: none; } .solar-results-grid { display: grid; grid-template-columns: repeat(3, 1fr); gap: 15px; text-align: center; } .solar-res-box { padding: 15px; background: white; border: 1px solid #eee; border-radius: 8px; } .solar-res-box span { display: block; font-size: 24px; font-weight: bold; color: #27ae60; } .solar-res-box label { font-size: 12px; color: #777; text-transform: uppercase; letter-spacing: 1px; } .solar-article { margin-top: 40px; line-height: 1.6; color: #444; } .solar-article h2 { color: #2c3e50; border-bottom: 2px solid #27ae60; padding-bottom: 10px; } .solar-article h3 { color: #2c3e50; margin-top: 25px; } .solar-article p { margin-bottom: 15px; } .solar-article ul { margin-bottom: 15px; padding-left: 20px; }

Solar Panel ROI & Savings Calculator

Estimate your potential savings and system payback period instantly.

$0
0 Years
$0

How to Calculate Your Solar Panel Return on Investment

Switching to solar energy is a significant financial decision. Understanding the "Payback Period"—the time it takes for your electricity savings to cover the initial cost of the system—is crucial for determining if solar is right for your home.

The Solar ROI Formula

To calculate your savings, we look at several key variables:

  • Daily Energy Production: This is calculated as (System Size in kW) × (Daily Sun Hours) × (0.78 Efficiency Factor). Solar panels rarely operate at 100% efficiency due to heat, wiring losses, and inverter conversion.
  • Annual Savings: We take the total kWh produced per year and multiply it by your current utility rate.
  • Payback Period: The Net Cost (after tax credits) divided by your Annual Savings.

Real-World Example

Imagine you live in a sunny state like Arizona with the following stats:

  • System Size: 7 kW
  • Avg. Sun Hours: 6 hours/day
  • Electricity Rate: $0.15/kWh
  • Installation Cost: $18,000 (after incentives)

In this scenario, your system would produce approximately 11,957 kWh per year, saving you roughly $1,793 annually. Your payback period would be approximately 10 years, leaving you with 15+ years of virtually free electricity over the life of the system.

Factors That Affect Your Savings

While this calculator provides a high-level estimate, several factors can shift the numbers:

1. Federal Tax Credit (ITC): In the United States, the federal government offers a 30% tax credit on the total cost of solar installation. If your gross cost is $20,000, you could receive a $6,000 credit, drastically reducing your payback period.

2. Net Metering: This is a billing mechanism that credits solar energy system owners for the electricity they add to the grid. If your state has strong net metering laws, your ROI will be significantly higher.

3. Roof Orientation: South-facing roofs in the northern hemisphere capture the most sunlight. If your panels face East or West, production may be 15-20% lower.

function calculateSolarROI() { var bill = parseFloat(document.getElementById('billAmount').value); var rate = parseFloat(document.getElementById('elecRate').value); var size = parseFloat(document.getElementById('systemSize').value); var hours = parseFloat(document.getElementById('sunHours').value); var cost = parseFloat(document.getElementById('installCost').value); if (isNaN(bill) || isNaN(rate) || isNaN(size) || isNaN(hours) || isNaN(cost) || cost <= 0) { alert("Please enter valid positive numbers for all fields."); return; } // Constants var efficiency = 0.78; // Standard derating factor var daysInYear = 365.25; // Calculations // Daily kWh = kW * hours * efficiency var dailyProduction = size * hours * efficiency; var annualProduction = dailyProduction * daysInYear; // Annual Savings = Annual kWh * (Rate in dollars) var annualSavings = annualProduction * (rate / 100); // Payback Period = Net Cost / Annual Savings var paybackYears = cost / annualSavings; // 25-Year Profit = (Annual Savings * 25) – Net Cost var profit25 = (annualSavings * 25) – cost; // Display Results document.getElementById('solarResults').style.display = 'block'; document.getElementById('annualSavingText').innerHTML = '$' + annualSavings.toLocaleString(undefined, {minimumFractionDigits: 0, maximumFractionDigits: 0}); document.getElementById('paybackText').innerHTML = paybackYears.toFixed(1) + ' Years'; document.getElementById('profitText').innerHTML = '$' + profit25.toLocaleString(undefined, {minimumFractionDigits: 0, maximumFractionDigits: 0}); // Smooth scroll to results document.getElementById('solarResults').scrollIntoView({ behavior: 'smooth', block: 'nearest' }); }

Leave a Comment