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I looked at adding solar about 5 years ago, but the payoff was over 11 years. The payoff might be less now, as panels have gotten cheaper. I also found that I have decreased my electricity use in the last few years by replacing my fridge, A/C, TVs and light bulbs.
This is it for me. Right now I'm looking at a 20+ year payoff. If the price drops significantly as a result of new technologies I'd be more interested, but as of right now we increased the efficiency of the house to the point where we're not using enough electricity to make it worth our while. It's a huge outlay and we'd need to depend on someone buying our extra solar for years at the current rates to make it work.
This is actually not a horrible deal at 3.83 per watt installed before tax credit. The 20 year interest is the problem.
Total cost of the panels $17,235
Watts = 4500
Cost per watt installed = $3.83.
The going rate is closer to $3 I bet (I paid about $3.50 a little while ago) but it's a small system in NJ so $3.83 seems reasonable.
Where are the panels made (should not be Chinese panels for this price) and what kind of inverter? SolarEdge is good stuff and SolarCity is probably using them.
The problem is your 20 year loan to do this ends up making the price more than 60% more expensive!
Last edited by joe moving; 05-22-2017 at 06:11 PM..
It's all ponzi schemes to get you to sign up for loans and rebates and the installer pay themselves 1st. They get some shady loan company to write the loan terms and it's about as bad a leasing a car for 20 years.
If you run the numbers, why not just just go get a 2nd mortgage instead even if it's a secured loan the numbers are better to buy your own and have the install done.
I see folks bragging about what it cost on their monthly utilities, that's only during peak generation months. You can't go off the grid, those 6+ months in the winter you're paying the grid.
One guy I know has a complete electrical home with no gas at all, he's got the panels. He said he used to spend $800/month on electricity, now his bill is only $200 in the summer with Central Air but he hasn't told me how much he spends heating the home on electricity.
I have $0 yearly bill. Heat is mostly electric. Electric dryer and hot water heater.
House is all electric except my propane stove and backup heat in the basement.
So about $500 in propane a year (propane is expensive compared to NG)
Electric $0
Heat set at 72F in Vermont in the winter.
Nothing held back really.
I have a south facing roof in VT , cost $17k to put up the panels. Generates 8000 KWH a year worth about $1700, so payback is 10 years although that is not including opportunity cost on the 17k.
Last edited by joe moving; 05-22-2017 at 06:10 PM..
It's also a depreciating asset. The newer solar shingles will be out and these bulky panels will drop in prices. Wouldn't pay more until the industry get the prices down without all the subsides needed. PCs used to cost $15,000 now you can get one for $299
I have no need to committ additional debt load just to fund something that doesn't generate money.
I totally forgot about the interest and principal. But that 5k would help there are also no penalties for paying more a month.
Do not pay for these for more than 10 years. They should pay for themselves in 10. If they don't then there is a problem. Forget their 4% for 20 years, that is a bad idea.
Are SRECs still a thing in NJ? Those are supposed to have some value. Your 5000 KWH a year should be worth another $1250 in SRECs. Is Solar City getting rights to your SRECs?
These solar panels need to cost you less than your yearly power bill including your interest and SREC sales and get paid off in 10 years for it to make any sense.
Do not pay for these for more than 10 years. They should pay for themselves in 10. If they don't then there is a problem. Forget their 4% for 20 years, that is a bad idea.
Are SRECs still a thing in NJ? Those are supposed to have some value. Your 5000 KWH a year should be worth another $1250 in SRECs. Is Solar City getting rights to your SRECs?
These solar panels need to cost you less than your yearly power bill including your interest and SREC sales and get paid off in 10 years for it to make any sense.
I do not know about that. I do know state will give me about that much. Plus if you do not use the electricity you get paid every two years for unused electricity.
Solar panels are a technology product and the industry is about to go super nova with growth. Next gen panels will work better, look better and cost less. Those solar shingles are just the beginning wait until you see what is available in 10 years( about the time you are breaking even on that $17k outlay) . I'm jumping on the solar train but not until innovation plateaus.
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