We can't afford to go solar - but I keep thinking of my neighbor up the road who built his house from the ground up - off the grid. He heats with a wood boiler and has radiant floor heating. He has a passive hot water system for the times he does not have his boiler going. He has a backup generator if he needs to recharge his batteries. He has all of the modern electric facilities - but there is no electric service running to his house, no telephone line either. He is semi retired and works as a maintenance person in the schools. The technology is there, but the how-to knowledge on the part of builders is not that widespread. We have a local solar contractor in the area- whose services he made use of.
He was determined to have nothing to do with the local utility.
It all depends:
You can finance it. Interest rates are low. If you get a second mortgage the interest is tax deductible. Then invest the Federal 30% and State alternative energy tax breaks to index fund or whatever you are comfortable with.
Return on investment depends on several factors:
1.) If you are able to install new breaker and outlet you can most likely install solar system. Saves lot of money. DIY can be installed for about $1.5/W (after tax rebate).
2.) Does your utility offer Net metering and/or PV subsidy? If they offer Net metering size your system to about your yearly electric energy consumption. Your energy bill will be zero. There still might be some fixed charge.
3.) PV system will shield you from electricity rate increases. Typical increase is in average 2%/year but might accelerate in the future.
Example:
1.) 10kW peak DC power.
2.) Cost $15000 (after tax rebates).
3.) Produces about 14500 kWh/year or $1450 Assuming electricity cost 10 cent/kWh/ will result in saving $120/month of energy charge.
4.) 10 year loan of $21400 at 5% interest will have $227 payment.
5.) $6400 tax break invested in Index fund will gain (assuming 8% historical gain) $512/year or 42/month.
6.) Mortgage interest (1st year, assuming 20% tax bracket) $1020 year or 85/month.
In other words you break even.
Most states offer financial incentives not included in the example above. Iowa offers interest free loan for 50% of the investment and 30% tax rebate up to maximum $3000.