Chapter 8 · Payback and ROI
8.6 State-by-state payback (cash purchase, 2026 pricing)
| State | Avg retail rate | NEM policy | State incentives | Typical payback |
|---|---|---|---|---|
| California | $0.32–0.45 | NEM 3.0 | SGIP (low-income) | 6–8 years |
| Hawaii | $0.40+ | CSS / Smart Export | — | 5–7 years |
| Massachusetts | $0.30+ | Full NEM + SMART | SMART | 5–7 years |
| New York | $0.22 | VDER | NY-Sun | 7–9 years |
| New Jersey | $0.18 | Full NEM | SREC-II | 6–8 years |
| Maryland | $0.16 | Full NEM | SREC | 7–9 years |
| Arizona | $0.14 | Avoided Cost | — | 9–12 years |
| Texas | $0.13 | Depends on REP | — | 8–14 years |
| Florida | $0.15 | Full NEM (≤2MW) | — | 7–10 years |
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8.7 Cash vs Loan vs PPA — three payment paths compared
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