5-59. In southern California a photovoltaic (PV) system for a certain home costs $28,000 for parts and

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5-59. In southern California a photovoltaic (PV) system for a certain home costs $28,000 for parts and installation. This 6.1 kW system requires 350 ft2 of rooftop space and has an estimated life of 20 years.

a. If this PV system saves $200 each month in electricity expenses, what is the simple payback period in months? (5.8)

b. If the market value of the PV system is negligible, what is the system’s IRR? (5.6)

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