Installing maintenance-free solar panels on the rooftop

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Looking to generate some additional income from the restaurant building you own, you explore the idea of installing maintenance-free solar panels on the rooftop. The utility company agrees to pay you $6,200 per year forever (with each payment received at the end of the year) for the power produced on your rooftop. There are no on-going costs to the solar panels.

If you find a company who will install the solar panels (material and labor) for $54,000, what will the Internal Rate of Return on this project be? Show your work.

Reference no: EM13897002

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