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Not sure i understand your first point.....my roof is just sitting there....not doing much anyways lol
How is me putting solar panels on my roof, and using the generated green electricity and in the process 'buying less electricity from dominion energy' helping the utilities companies?
To your second point about saying at this house long term, yes, you're right. I don't anticipate living at this house for even 25 years...so i'm not too worried about it though.... The other estimates i've seen and received all were in the $30k range and the next family will likely not have an electric car, meaning that their 'offset' will be very close to 100% which is very attractive....So i'm hoping to be able to recoup some, if not most of the $16k investment when i sell the house.
It's pretty easy math, why would you spend $$ on panels when they don't really add value to a house, you're also helping utilities generate power since it's unlikely anyone uses more power than they generated. Then the excess power is used by others and adds to their profits. They pay you very little back for the excess power you generatied not enough to pay for the panels.
In 5 more years, the prices of hte panels are likely to drop by more than 50% once the price of solar shingles take over and anyone should be able to find a decent $10k package with installation included without subsidies.
It's pretty easy math, why would you spend $$ on panels when they don't really add value to a house, you're also helping utilities generate power since it's unlikely anyone uses more power than they generated. Then the excess power is used by others and adds to their profits. They pay you very little back for the excess power you generatied not enough to pay for the panels.
In 5 more years, the prices of hte panels are likely to drop by more than 50% once the price of solar shingles take over and anyone should be able to find a decent $10k package with installation included without subsidies.
It's clear to me you're a bit confused and in more ways than one, don't know what you're talking about. so i'll say a few words and leave it at that, and let you argue back and forth with yourself hehe
"why would you spend $$ on panels when they don't really add value to a house". False statement. The value of the house will indeed go up, simply due to the fact that the next person who buys the house will have a near zero utility bill.
"you're also helping utilities generate power since it's unlikely anyone uses more power than they generated"False again. I use 14000kwh of electricity without my electric car and use 19000 kwh including the car. The system will be generating 12000kwh a year...meaning that it's not producing all of the power i need anyways, and thus no 'wasted' electrons. Plus, there's this thing called 'net metering' where excess electricity is stored for free at the utility company and used later when you're producing less than your usage (ie. in colder months...)
"they pay you very little back for the excess power you generatied not enough to pay for the panels."False yet again. as shown above by DCforever, dominion energey pays 15 cents per kwh, and they charge 11.5cents if you purchase it from them...so there's a 3.5 cent profit selling to the company....but even if you don't, refer to 'net metering' above, and the fact that i won't be needing to sell or give away anything because i'm producing less than 100% of my home's demand.
"In 5 more years, the prices of the panels are likely to drop by more than 50%" That % is debatable but sure, that's possible. I think the price i'm paying is relatively low enough to provide some buffer for that drop in price....but yes, i will most certainly be able to get a better deal if i wait 5 years....but i don't think i want to wait 5 years.
Let me add two things. How old is your roof? If you need a new roof replacement of the panels can be done but they will charge a take down and reset fee for that. Secondly, and in my mind the far more important one, have you consulted with your local fire department? Reason being, it adds an impediment to a firefighter in the event of a fire that necessitates venting of the roof. Just like if there is a problem that needs the gas shut off there is electricity in the lines and it needs discharge before venting. My former community while not forbidding solar were not in favor of it for this reason.
Thanks. Looks interesting....have to wait and see what happens after the june expiration date i guess....
After maxing my 401k and IRA (for both wife and I), i invest the rest of my left over funds in stocks and ETFs.
Currently 90+% of my money in my 401k is in S&P 500, totaling about $425k
about $75k in IRA money is also in S&P500 at about 80%, with the rest in Tesla stocks.
I paid off the mortgage on the 600k house about 3 years ago because i wanted the peace of mind of not having a mortgage and even though i definitely lost out on some mad returns over the past 2-3 years, i'm happy with my choice. It was a calculated risk i took based on my risk tolerance.
The rest of my money ~$400k is in the market in brokerage accounts, mostly in VOO (S&P500 ETF), but also some cash and other stocks.
The ~20k is just sitting there...collecting dust in a MMK. much rather put that to some good use....because i think i have enough cash and liquid assets through the brokerage accounts, credit cards, and two HELOCs that i can tap into in case of an emergency. Also, being 36, i think i have the time and can afford to ride the market with most of my money in the market as you suggested.
The question of why leave money in a MMK is valid. Where to move it is the question.
Let me add two things. How old is your roof? If you need a new roof replacement of the panels can be done but they will charge a take down and reset fee for that. Secondly, and in my mind the far more important one, have you consulted with your local fire department? Reason being, it adds an impediment to a firefighter in the event of a fire that necessitates venting of the roof. Just like if there is a problem that needs the gas shut off there is electricity in the lines and it needs discharge before venting. My former community while not forbidding solar were not in favor of it for this reason.
Great question. Hadnt thought of that, but will look into it. I do have to get approval from the hoa too but that wont be an issue.
Also, the roof is in excellent condition. Redone back in 2008.
Quote:
Originally Posted by DCforever
The question of why leave money in a MMK is valid. Where to move it is the question.
Bottomline is you're helping the utilities companies more by offering your rooftop and helping them generate power. It takes a long time to break even and avg homeowner don't stay more than 15 years on a property.
And can't sell the house if the buyers aren't interested in solar panels on the roof.
We made certain to avoid solar houses when we bought last yr. I'm not interested in assuming someone else's liens.
And can't sell the house if the buyers aren't interested in solar panels on the roof.
We made certain to avoid solar houses when we bought last yr. I'm not interested in assuming someone else's liens.
One day the technology might work, not today.
Im paying for the system in cash...so there wont be any leins. Also, the system and all its components are 100% under warranty for 25 years.
c) After 25 yrs, you'll have to replace the solar system, draining your capital once again.
Why?
That makes no sense.
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