It really depends on a number of factors. What type of panels, where you live, current electricity usage, etc...Solar panels won't pay off in 1-2 years, your looking at about 5 years to turn around completely...

http://www.trustyguides.com/solar-panels3.html
"There are two factors that influence the amount of money solar panels will save you on your electricity bills: 1) the amount of money you spend on your current electric bill, and 2) the amount of electricity your solar panels will be providing. Using these these factors, you can determine how much solar panels with reduce your electricity bill. For example, if you currently use 1000KWH per month and it costs you $200, installing solar panels that provide 250KWH each month will take $50 off your bill."

If you aren't one of the cities listed, you can calculate your savings here:
http://rredc.nrel.gov/solar/calculators/PVWATTS/

As far as purchasing, there are a number of online sites if your a do-it-yourselfer. However, if you don't have much remodeling experience(and especially experience with electricity), then you really should get a contractor to do it. While this does up the expense, your less likely to screw something up and wreck the panel...or even wreck YOURSELF. You might want to start with your local electric company, they normally have a ton of information on alternative energy, contractors who install in your area, and how to hook into the grid.
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If solar panels were cost effective, they would be used more often. Consider a company like Wal-Mart. I think we can all agree that Wal-Mart would go to almost any length to make money. However, even with all their roof space which would be perfect for solar panels, they don't install them.

The reasons for this is that its usually not cost effective to install solar panels. nativenerd did a great job of explaining how they will affect your electricity bill. But when you factor in installation and purchasing costs, and that solar panels have a lot of maintenance issues, and that they degrade over time, they aren't very cost effective.

Environmental concerns may make solar panels seem like a good idea, but its possible that production and disposal of solar panels may do more harm than good. I am not sure about this so you may want to do your own research.

To be honest, it is probably more effective to just make your home more energy efficient. Doing things like checking your appliances, windows, and insulation for ways to save energy will reduce your energy consumption without some of the problems that go along with solar panels.
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I did an analysis on my house and realized that going totally solar would pay off in 15 to 20 years. Now, that is if oil averages about $100 and if Maui continues to use oil to generate electricity. If the wind farms that are being planned for Maui come to fruition, it would take me a lot longer.
I think that this is a potential problem. What if the country completely embraces alternative forms of energy? Will that lessen the economic impact that home solar panels would have made? Will Maui Electric pay me less for the energy I generate if they are getting cheap energy from wind, biofuels and other alternate energy sources?
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Currently the technology that is used to create photovoltaic solar cells is very costly and still less then 10% efficent. Although in most townships you can actually get paid something like 41 cents per kilowatt hour for solar electricity. If you happen to be in an area where you can install one, a wind turbine would be your best optioN. There are several vertial turbines that are extremy efficent and have a small foot print. Hope that helps. (Pardon my spelling, I'm typing on my iPhone with terrible corrective and predictive text)
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There are so many tax credits for enviromentally conscious home improvements, so check with your tax advisor.
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