Solar Panels, good or bad idea ? (leases, credit, home equity loan)

beer belly · 11-12-2018, 06:28 AM

My neighbor mentioned he was likely going to put Solar Panels on his house, and that got the Wife thinking (not me, totally against it), according to her, we pay something like $75 for a delivery charge to Eversource, which is more than what we pay for usage. So, she thought that if we went with Solar, we should owe zero to Eversource, but I believe that as long as there is a line to our house, there will be some sort of charge. Not to mention, I'm not buying into the "Solar Panels are free of charge" deal.....nothing is free. Opinions and experiences welcomed.

JayCT · 11-12-2018, 07:39 AM

A group of friends (5) recently had this discussion and the conclusion was that it kind of depends on your situation. Most solar installations are leases where a company comes in and installs the equipment and you just benefit from the use of your roof space. Your home needs to have full southern sun exposure for them to work properly and you MUST have a relatively new roof since moving the equipment to replace a roof gets very expensive. In my group of friends, only one decided it was worth it. The other four (including me) decided against it. One of the friends is very financial savy and he did not go for it so I sided with him. When he decides to do it, I then may consider it. Jay

Stylo · 11-12-2018, 08:19 AM

The leases seem scammy. Buying it outright seems to be the best option, but it can take years to recoup. It's better if you consider your current home your "forever home".

Brian26 · 11-12-2018, 08:24 AM

Quote:

Originally Posted by beer belly

My neighbor mentioned he was likely going to put Solar Panels on his house, and that got the Wife thinking (not me, totally against it), according to her, we pay something like $75 for a delivery charge to Eversource, which is more than what we pay for usage. So, she thought that if we went with Solar, we should owe zero to Eversource, but I believe that as long as there is a line to our house, there will be some sort of charge. Not to mention, I'm not buying into the "Solar Panels are free of charge" deal.....nothing is free. Opinions and experiences welcomed.

I have had then since May 2017. I bought mine outright for about 18k but after the 3k state incentive and 30% federal they ended up being 10k. Best investment I ever made. My electric bill is $9.21 every month. They will have paid for themselves in 5 years.

Do your research. DO NOT lease them or do a ppa. Those are the so called free panels. You dont save much ans they own the panels on your roof. They also put a lien on your house and most buyers will not want to accept the usual terrible terms on the ppa or lease if you go to sell.

If you dont have the outright cash consider a home equity loan or the CT greenbank has low interest loans.

You dont have much time left. CT passed a law this year that is removing net metering next year which will pretty much kill solar here.

Brian26 · 11-12-2018, 08:34 AM

You really need to have excellent southern exposure with no trees. Google has an excellent site that can analyze your roof.

https://www.google.com/get/sunroof#p=0

Here is my roof. Notice how much ite glowing. I get full sun all day.

beer belly · 11-12-2018, 08:59 AM

Wow, a lot of useful info here. We only plan on staying in the house 3 more years max, so the return on the dollar will not be there, and the Lease idea will likely squash resell, because as stated, the new owners do not want the Lien / expense. The link will not work for my address, but I do know we get a lot of sun. Thanks

JayCT · 11-12-2018, 11:06 AM

Quote:

Originally Posted by beer belly

Wow, a lot of useful info here. We only plan on staying in the house 3 more years max, so the return on the dollar will not be there, and the Lease idea will likely squash resell, because as stated, the new owners do not want the Lien / expense. The link will not work for my address, but I do know we get a lot of sun. Thanks

If you are only planning to remain in your home for three years then it definitely does not make sense for you to install them. Many of these require you to be obligated personally for the system so if the buyers do not want it, you must pay to remove it and/or find a new place for it. That means that if you move out of state you could have an issue. Anyway it sounds like you understand that. Jay

East of the River · 11-12-2018, 11:54 AM

That site to look at your roof is cool. My house with trees and small roofs fasting mostly east and west not so much a good deal. My pay back would be close to 20 years. Now my neighbor with no trees is better but their roof faces the same directions and still get a 13 year payback. Took a look at a relatives house that faces almost due south that got it under 10 years.
I have a relative in MA that bought a large array for their rural property (ground mounted) they said the MA incentives and way they handle energy credits should get them a 3-4 year payoff.

Cambium · 11-12-2018, 12:27 PM

3 yrs? No. No sense. Unless you can take the panels with you.

Thank you Brian for that post. Too many people have no idea how its worth the investment.

Dont forget to talk about selling power back to power company. Solar is a win win....if you stay in home more than 5yrs.

Stylo · 11-12-2018, 01:09 PM

The new Solarcity roof is super cool. But $$$$