{"id":10252,"date":"2022-12-14T20:24:53","date_gmt":"2022-12-14T20:24:53","guid":{"rendered":"https:\/\/www.solar.com\/learn\/?p=10252"},"modified":"2023-01-20T00:01:53","modified_gmt":"2023-01-20T00:01:53","slug":"is-it-worth-going-solar-in-your-golden-years","status":"publish","type":"post","link":"https:\/\/www.solar.com\/learn\/is-it-worth-going-solar-in-your-golden-years\/","title":{"rendered":"Is It Worth Going Solar in Your Golden Years? A Retired NASA Scientist Weighs In"},"content":{"rendered":"

For many homeowners, solar panels are a long-term investment in energy cost savings. On average, it takes between 7-10 years to break-even, leaving decades to accumulate savings.<\/p>\n

But what if you\u2019re not sure if you\u2019ll be in your home for 7-10 years?<\/p>\n

Going solar in your golden years can be daunting, but it can also be a way to free up fixed income, increase your home value, and add to your legacy.<\/p>\n

In this article, we\u2019ll explore the benefits and road bumps of going solar later in life, and recount the experience of retired NASA scientist Lenny Pfister, who recently went solar at 72 years young.<\/p>\n

Is it worth going solar in your 70\u2019s?<\/h2>\n

For most homeowners, the measure of whether it\u2019s \u201cworth it\u201d to go solar is how much money they will save in electricity costs. That\u2019s especially true for retired homeowners living on fixed income.<\/p>\n

Rising electricity prices pose a serious problem to people living on fixed income. Typically, the cost of electricity rises 3-5% per year. However, in October 2022, the average US electricity price increased nearly <\/em>17% year-over-year<\/em><\/a> \u2013 the largest one-year increase since 1981.<\/p>\n

Here\u2019s how this one-year increase translates into monthly costs:<\/p>\n\n\n\n\n\n\n\n
Electricity source<\/strong><\/td>\nRate in September 2021 (cents\/kWh)<\/strong><\/td>\nCost per month in 2021 (833 kWh)<\/strong><\/td>\nRate in September 2022 (cents\/kWh)<\/strong><\/td>\nCost per month in 2022 (833 kWh)<\/strong><\/td>\nYear-over-year bill change<\/strong><\/td>\n<\/tr>\n
Grid – US average<\/td>\n14.14<\/td>\n$118<\/td>\n16.32<\/td>\n$136<\/td>\n$18<\/strong><\/td>\n<\/tr>\n
Grid – California<\/td>\n23.49<\/td>\n$196<\/td>\n26.6<\/td>\n$221<\/td>\n$25<\/strong><\/td>\n<\/tr>\n
Grid – New York State<\/td>\n20.66<\/td>\n$172<\/td>\n23.97<\/td>\n$200<\/td>\n$28<\/strong><\/td>\n<\/tr>\n
Grid – Florida<\/td>\n12.34<\/td>\n$103<\/td>\n14.59<\/td>\n$122<\/td>\n$19<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Based on grid electricity prices and average monthly consumption figures from the <\/em>US Energy Information Agency<\/em><\/a>.<\/em><\/p>\n

Over the course of a year, this adds up to an extra $216-336. Younger homeowners still in the workforce may be able to keep up as their income increases, but that\u2019s typically not an option for retirees and older adults.<\/p>\n

It\u2019s also worth mentioning that utility bills vary from month-to-month, which can make it very hard to budget a fixed income<\/p>\n

Going solar is a way of locking in a lower, fixed monthly payment for your electricity.<\/strong> In fact, designing a system to your needs and selecting a financing option puts you <\/em>control of price you pay for electricity — not the utility.<\/p>\n

Related reading:<\/strong> The Pros and Cons of Going Solar<\/a><\/p>\n

\u201cI better have solar because electricity is very expensive\u201d<\/h3>\n

Rising electricity prices is what drove Lenny Pfister, a retired NASA scientist of over 40 years, to put a solar system on his home at the age of 72.<\/p>\n

Pfister said the 1960\u2019s homes in his area of Northern California historically haven\u2019t had air conditioning. However, living standards have changed and so has the climate, bringing more instances of hot weather.<\/p>\n

\u201cSo, I decided to get AC and, I thought, ‘If I really want to go green, I should be using electric heat with a heat pump, too,’\u201d Pfister said. \u201cSo, I knew my electricity usage would increase. And if I\u2019m going to do that at a reasonable rate, I better have solar because electricity is very expensive in this state.\u201d<\/p>\n

Pfister was also motivated by the changing net metering policy in California, know as NEM 3.0, which will be less favorable to solar owners in the future. Learn more about the new policy here<\/a> and how to be grandfathered into the current one here.<\/p>\n

What about solar scams?<\/h3>\n

We will be the first to admit that the solar industry is plagued with scams and sleazy installers. And to be frank, those dirty rascals tend to target older homeowners.<\/p>\n

So how can you tell a reputable installer from a scam?<\/strong><\/p>\n

Well, Electrum \u2013 the parent company of Solar.com \u2013 was founded for the exact purpose of weeding out scammy solar companies. We rigorously vet installers before allowing them to join our network and won\u2019t even consider them if they don\u2019t have:<\/p>\n