VI EN JA Finance & Life

How My Family Installed Solar Panels in Tokyo for "Almost Free"

Sharing the investment journey and actual figures from our home in Tokyo (operating from 09/2025 to 06/2026) following the installation of a rooftop solar panel system with a large battery storage unit. We hope this serves as a practical and realistic reference for you.

Note: The numbers presented here are based on the subsidies and rates in our specific residential area at the time of installation. Subsidies vary depending on the location and timing of your project.


1. System Specifications & Net Capex

  • Solar capacity: 5.5 kW
  • Battery capacity: 12.7 kWh
  • Total Capex (Original Cost): 3,311,000 JPY (331.1 万円)
  • Bank Loan: Fixed rate 2.7%/year for 180 months (15 years)
  • Actual Monthly Loan Repayment: 22,390 JPY
  • Total Subsidies & Gifts Received: 3,120,600 JPY (94.2% of original cost)
  • Actual Net Capex: Only 190,400 JPY (19.04 万円)
Category Amount (JPY) Percentage (%)
Total Capex (Original Cost) 3,311,000 100%
Tokyo Subsidy (Battery) -1,624,000 49.0%
Tokyo Subsidy (Solar) -797,000 24.1%
DR Subsidy -479,600 14.5%
City Subsidy (Shi/Ku) -120,000 3.6%
JTB Nice Gift Card -100,000 3.0%
Actual Net Capex 190,400 5.8%

2. Electricity Savings & Actual Sales Benefits

Actual performance of the first 10 months (09/2025 - 06/2026):

  • Old electricity bill (Baseline same period): 97,745 JPY
  • New electricity bill paid to TEPCO: 31,517 JPY
  • Self-consumption savings: +66,228 JPY
  • TEPCO electricity sales revenue: +24,315 JPY
  • Total actual financial benefit: 90,543 JPY
  • Average monthly benefit: ~9,054 JPY/month

3. Return on Investment (ROI) & Payback Period

  • First-year ROI: 57.06%/year (First-year benefit 108,652 JPY ÷ Net Capex 190,400 JPY)
  • Payback period: 1.75 years (21 months) (Net Capex 190,400 JPY ÷ Monthly benefit 9,054.3 JPY)
  • Long-term benefit: Receive 100% net savings starting from year 3
57.06%
First-year ROI
1.75 years
Payback period
94.2%
Subsidy rate / Capex
~9,054 JPY
Avg Monthly Benefit

4. Financial Strategy: Pay Off Loan Early vs. Invest in S&P 500?

Comparison after receiving 302.06 万円 in cash subsidies:

  • Scenario A (Pay off early, No investment): Clear the loan in month 16 (Dec 2026). Then, accumulate the remaining monthly savings of 2.24 万円/month in cash (0% interest) instead of investing.
    * Assets = Cash balance after paying off debt + Accumulated utility savings = 127.16 万円.
  • Scenario B (Pay off early + Invest): Clear the loan in month 16 (Dec 2026). Then, regularly invest the remaining 2.24 万円/month into S&P 500 (expected annualized return 10.09%) for the next 165 months.
    * Assets = S&P 500 portfolio reaches 757.23 万円 − 15-year cash flow deficit of 240.04 万円 = 517.19 万円.
  • Scenario C (Invest in S&P 500 immediately): Pay monthly loan installments (2.7% rate), and invest the entire 302.06 万円 cash subsidy in S&P 500 (10.09%/year) from day one (accumulating for ~170 months).
    * Assets = S&P 500 portfolio reaches 1,187.81 万円 − 15-year cash flow deficit of 240.04 万円 = 947.77 万円.

Asset Scenarios After 15 Years (September 2040)

  • Invest in S&P 500 immediately: 947.77 万円 (The path our family chose)
  • Pay off early + Invest: 517.19 万円 (Average optimization)
  • Pay off early (No investment): 127.16 万円 (Safe, cash accumulation)
  • Without Solar: -136.00 万円 (Deficit in electricity costs)

Our Family’s Choice: Thanks to a stable income to pay the monthly loan installments regularly, our family chose to Invest in S&P 500 immediately to maximize the power of long-term compound interest. This optimizes our net assets by an additional 430.57 万円 compared to early payoff + investment, and 820.61 万円 compared to just paying off early and keeping cash.

Core Financial Principles

  1. Arbitrage (Leveraging Rate Differentials): The expected annualized return of the S&P 500 (10.09%) is significantly higher than the fixed interest rate of the loan (2.7%).
  2. Power of Compound Interest: Investing a lump sum of 302.06 万円 from day one for 15 years yields compound interest returns that far outpace the tiny interest savings of early bank loan repayment combined with slow, monthly investments of 2.24 万円/month.

Risk Factors

  • Volatility Risk: The historical average annualized return of the S&P 500 from 1928 to Q3 2026 is 10.09%/year (refer to official data on Investopedia). However, in the short term, the market can experience sharp downturns (20-30%), which poses a risk of loss if you liquidate early.
  • Cash Flow Risk: You are obligated to make fixed monthly payments of 2.24 万円/month to the bank for 15 years. If you experience an income shock (job loss, pay cut) while your assets are locked in the stock market, you could face significant liquidity pressure.
  • Currency Risk: The debt is denominated in JPY, whereas the S&P 500 assets are valued in USD. Fluctuations in the USD/JPY exchange rate will directly affect the net asset value in JPY upon conversion.

General Conclusion

Investing in S&P 500 immediately is the most optimal asset growth strategy by combining the large subsidies from Tokyo with low-interest leverage.

However, this strategy requires a stable source of income to service the monthly bank loan installments and a strong mental discipline to withstand short-term stock market fluctuations in the long run.

* Disclaimer: All analyses and simulated figures in this article are based entirely on our family's personal experience and are for reference only. This is not official financial advice or investment recommendations. Please do your own research carefully before making personal financial decisions.

Services & Connections

Tokyo Solar Consultation

Interested in installing solar panels in Tokyo with subsidies up to 94% of the original cost? Contact me to receive free real-world experience and advice.

Email hi@thophan.com

Sign Up for Rakuten SIM

Sign up for a Rakuten SIM card directly via the official referral link to get maximum reward points from the carrier, or get detailed guidance from my wife (who is a Rakuten employee).

Register Directly Here

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