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Old 04-04-2015, 09:44 PM
 
3,819 posts, read 11,895,682 times
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The example I gave was already taking into considering the financing costs of the loan. The way solar loans work is an 18 month same as cash on 30% of the system cost and then a 20 year on the remaining 70%. The 18 month SAC is for the tax credit...idea is that you will pay that 30% when you get your tax credit. The interest rate on the 70% portion is 5.99% with a 700+ credit score and it can be paid off early with no penalty if you can find a more favorable loan elsewhere.
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Old 04-04-2015, 10:01 PM
 
Location: Amongst the AZ Cactus
7,068 posts, read 6,425,267 times
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Quote:
Originally Posted by HX_Guy View Post
The example I gave was already taking into considering the financing costs of the loan. The way solar loans work is an 18 month same as cash on 30% of the system cost and then a 20 year on the remaining 70%. The 18 month SAC is for the tax credit...idea is that you will pay that 30% when you get your tax credit. The interest rate on the 70% portion is 5.99% with a 700+ credit score and it can be paid off early with no penalty if you can find a more favorable loan elsewhere.
Got ya. Thanks for the details!
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Old 04-04-2015, 10:11 PM
 
Location: Arizona!
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Quote:
Originally Posted by Zathras View Post
It would be great if solar were a competitive product WITHOUT government subsidies (ie, our grandkids' taxes) paying for a third of it.

I also wonder if the flood of government money that pours into the solar industry to make it even with the other technologies actually works to disincentivize cost reductions that would normally be brought about by natural market forces.
Quote:
Originally Posted by HX_Guy View Post
How about the environmental benefits for those grandkids? No value to that?
No, I don't think the environmental benefit from each solar system is worth the cost. Make em cheaper, sure, but not at the current cost. And the current cost will never come down with the government throwing so much cash at these companies.

I think it would be more responsible to stop funding today's economy with our grandkids' money. Let them spend it as they see fit, rather than our government giving it away to help keep companies afloat that otherwise would have to innovate and reduce costs to make it competitive.
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Old 04-04-2015, 10:47 PM
 
Location: Denver
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I also doubt the cost of electricity will go down in the future. So that could accelerate the break even date. How many KWh do you use in the summer cooling months?
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Old 04-05-2015, 09:04 AM
 
Location: Valley of the Sun
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As to what HX guy mentioned as well, you will gain on-peak credits in the early part of the year in Feb-April when you aren't running your AC much during the 12-7 hours and that's when the solar is generating the most energy. Since those credits carryover to the next month, when the high temps in June-August hit you can run you AC pretty much whenever you want during the day and not be at risk of being charged on peak energy use as you'll just be using credits from the previous month. It's a pretty sweet benefit as well and one's that's over-looked.
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Old 04-05-2015, 09:09 AM
 
3,819 posts, read 11,895,682 times
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I switched to the Standard plan so I have no Time-of-Use anymore...do laundry whenever, cook whenever...the freedom is great!

If your solar system is big enough, that's what's recommended...if it's smaller, aka a peak shaver system, then you normally stay on the TOU plan.
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Old 04-05-2015, 11:44 AM
 
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HX_Guy, Do you get the same tax credits and lease/purchase options for installing solar on an investment property?
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Old 04-05-2015, 01:12 PM
 
Location: Valley of the Sun
2,618 posts, read 2,306,093 times
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Quote:
Originally Posted by HX_Guy View Post
I switched to the Standard plan so I have no Time-of-Use anymore...do laundry whenever, cook whenever...the freedom is great!

If your solar system is big enough, that's what's recommended...if it's smaller, aka a peak shaver system, then you normally stay on the TOU plan.
Yea ours isn't as big as I would have done for a house our size and we aren't home during the day as we work full-time outside of the house. TOU is the best bang for our buck so we only really end up paying for electricity used off-peak since our system won't cover our total electricity use during the hot months.

You are home during the day and your system is much bigger so I see why standard plan makes sense.
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Old 04-05-2015, 01:34 PM
 
3,819 posts, read 11,895,682 times
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Quote:
Originally Posted by Austinpoolguy View Post
HX_Guy, Do you get the same tax credits and lease/purchase options for installing solar on an investment property?
With a lease, if you own the home, then yes the same options are available as if it were your main home. That is because the 30% actually goes back to the lease company to lower the cost of the system/monthly payment.

With a loan or cash purchase, where you would file the 30% credit paperwork yourself, it has to be on your main residence. Rental and other investment properties do not qualify.
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Old 04-05-2015, 04:50 PM
 
Location: Buckeye
550 posts, read 1,118,190 times
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Quote:
Originally Posted by HX_Guy View Post
I switched to the Standard plan so I have no Time-of-Use anymore...do laundry whenever, cook whenever...the freedom is great!

If your solar system is big enough, that's what's recommended...if it's smaller, aka a peak shaver system, then you normally stay on the TOU plan.
After they started paying less for the surplus that's what we did.
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