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I am considering purchasing a 5 KW PV grid system for my home. Am currious of how their efficiency is here in NC with all the clouds, pollen, hail and other weather issues that can affect them.
I've priced out a 5.2kW PV system...the studies indicate that, for my roof here in North Raleigh, it would generate around 6,356 kWh per year. Go look at your power bill and see what your usage is on a yearly basis, then compare to that number.
We pay 10.1 cents/kWh and I can sell every bit of power I generate back to the SRECs and power company at a combined total of 26.2 cents/kWh, so if I installed a 5.2kW system, I would be able to cover either 1/3 of my energy usage (if I used every bit that I generated) or 2/3 of my COST (by selling back everything I generate and then paying for what I use).
I've priced out a 5.2kW PV system...the studies indicate that, for my roof here in North Raleigh, it would generate around 6,356 kWh per year. Go look at your power bill and see what your usage is on a yearly basis, then compare to that number.
We pay 10.1 cents/kWh and I can sell every bit of power I generate back to the SRECs and power company at a combined total of 26.2 cents/kWh, so if I installed a 5.2kW system, I would be able to cover either 1/3 of my energy usage (if I used every bit that I generated) or 2/3 of my COST (by selling back everything I generate and then paying for what I use).
What was the total cost, and reduced cost after incentives, that you got?
What was the total cost, and reduced cost after incentives, that you got?
Thanks!
$29,700 out of pocket, then you get the federal and state tax credits. State is taken over 5 years and federal can be all at once. Federal is reduced by the amount of the state credit so you can't just use the straight % for your calculations.
Also, the buy-back from the SREC is a 5-year contract. For a conservative estimate you'd need to assume no buy-back after that time and of course that will increase your payback period quite a bit.
You can also do it as a commercial expense (if you have a home business - check with your accountant as I am not one) and the buyback period goes way down, due mostly to being able to depreciate the cost of the panels quickly.
So, is my math right that you'd get a 30% tax credit from the US ($8910) and a 35% tax credit from NC (10395), dropping the cost to $10495?
That gets us in a doable ballpark, interesting.
Yes, but as I mentioned above, the part you write off on NC taxes can not also be written off on federal taxes (i.e. the amount of the credit comes off the taxes for federal) so it's somewhat less than 35% straight across - but it's close.
Also you have to pay the full $30K up front and wait until you get your taxes done to get the credits. Federal is full credit on the first year and NC is total credit but divided by 5 and takes 5 years to get it back in full, so there is some lost opportunity cost of the money there too.
Approximately what square footage of panels are you talking about for a 5kw system?
I have a rear garage and the roof on it has a side that faces directly south, but my house roofs all face due east or west, so I can fill the garage roof up with panels, but I doubt the house would be worth doing, so my total SF is limited.
Approximately what square footage of panels are you talking about for a 5kw system?
I have a rear garage and the roof on it has a side that faces directly south, but my house roofs all face due east or west, so I can fill the garage roof up with panels, but I doubt the house would be worth doing, so my total SF is limited.
The panels he quoted me are 40" x 65" (just larger than 3'x5'). To do my 5.2kW system would require 22 panels.
What happens when you need to re-shingle your roof? I've done no research but I'm assuming they screw on top of (over) your existing roof using some sort of waterproofed screws of some sort.
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