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I have a 9 K solar system and a geothermal system - which I love. As the geothermal is electric the solar helps offset the cost of running it.
Before I put in the solar I saved $4000 the first winter in heating costs alone, using geo over the oil I had been using. It only cost me $1000 to heat my house that winter versus the $5 - 6000 it had cost to heat it in the past.
The solar went in two stages as I could afford it. The first section was 6K and covered my historic use of electric. The second set which brought it up to 9k helps to offset the cost of heat and a/c with geothermal.
It was expensive to put in, but I got help from an incentive from LIPA - which went directly to my installer Green Logic, New York State in the form of a tax credit and the Federal Stimulus package in the form of a tax credit.
I believe ROI should be in about six years. The panels are supposed to last 25 years.
I suggest doing a lot of research before picking an experienced installer and being SURE you are comparing apples to apples when it comes to panels being offered. Some companies wrote bids with different powered panels than others. Get 225 or above for the most power generation.
I have a 10k system I had installed 2.5 years ago. I was paying about $330 per month balanced on electric. Now i am at about $150 in the winter and months and $0 in the summer months. I have a hot tub which uses a lot of electric and is a killer. The pay back was really instant.... Here is why. System cost me out of pocket $15,000 I took a 401K loan so interest is paid directly to myself. My the differences of the $330 a month I was paying before to the amount I am paying now goes to the loan- So day 1 I did not loose a penny. 5 Years I am in a sense making a $2,500 profit a year.
please PM me what company u used, what system you got, and how you effected the 401k loan. sounds like a plan i would like to do myself. thanks!!
I have a 10k system I had installed 2.5 years ago. I was paying about $330 per month balanced on electric. Now i am at about $150 in the winter and months and $0 in the summer months. I have a hot tub which uses a lot of electric and is a killer. The pay back was really instant.... Here is why. System cost me out of pocket $15,000 I took a 401K loan so interest is paid directly to myself. My the differences of the $330 a month I was paying before to the amount I am paying now goes to the loan- So day 1 I did not loose a penny. 5 Years I am in a sense making a $2,500 profit a year.
One thing (among several) to remember/figure into your calcs is that the $15k you took out of your 401k would've been generating some very nice gains as the market climbed significantly over the last 2.5 years or so (notwithstanding last year's Wall St. clunker). People ignore opportunity cost all the time, but you would need to put that into the equation to give yourself a more accurate picture of what this solar installation actually cost you/will cost you in the long run.
I signed with Green Logic. I had 5 solar contractors come out and learned alot by doing so.
The five companies I got quotes from were:
SunNation
Majestic
Go Solar
Mercury
GreenLogic
Green Logic offered a free site survey where they measure your roof and do a shade analysis to verify the usable space (shading can throw off the whole system when not using micro-inverters), they were also the least pressuring and the most knowledgeable.
Everyone came with a Satellite image showing what would fit, but all stated they wouldn't know for sure without the site survey. If I had a huge roof, it wouldn't matter because I could have gone low-efficiency to save money, and still have roof space to add in the future (we are only 2 people, my fiancee and myself and plan to have kids in the future)
My roof is kinda small and I wanted to make sure I could add panels in the future, most of the other companies had lower wattage panels that would have used all my roof space, and when asking them would I be able to add more in the future, they were all quick to say yes, without really knowing what would fit. The only way I could add more panels in the future is by going with High Efficiency panels. Green Logic showed me I had room for up to 18 high effeciency panels, but only needed 14 to cover my full bill at this time (LIPA will not give you a rebate if you exceed your bill, the max is 105% of your last 12 months of usage).
The guy was giving me tons of tips to save energy through my home like cleaning out the underside of your fridge or blowing out baseboard heating or replacing your fridge every 10 years.
Their price was the cheapest of all of them (which wasn't even the deciding factor for me).
I am currently in contract and the panels should be installed in a few months.
With this idea of solar panels, what happens if you need new shingles on your roof?
I asked this same question as my parents are interested as well, and their roof is 6 years old. They told me around 8 years is the cut off time for installing solar panels. If your roof is older than 8 years, they will recommend getting a new roof first - they will even sub-contract the work for you - and although I didn't ask this question, I bet getting your roof replaced as a by product of getting solar panels would be cheaper than going with a roofing contractor alone.
Solar Panels are generally warrantied for 20-25 years, the inverter usually about 10 years. The panels will probably last 30-40 years since there are no moving parts. Some contractors told me that they have serviced panels that were 50 years old!
If your roof goes before the panels go, its very costly to have the panels removed and put back up again - that is why they recommend having the roof replaced.
To me, it seems logical to think that your roof will be protected from the sun (at least partially) from the solar panels - but beings that he did say 8 years its probably not as protected as it seems.
In my case I have 45 year architectural shingles that are 6 years old - with 39 years of life left, I'm good to go. My parents are also below the 8 year cut off, so most likely they are getting them as well (have an appointment tomorrow).
Also - I was just informed the LIPA rebate for residential is changing soon - so if you are considering doing solar, now might be the time to get some quotes.
Solar is probably one of the best investments you can make. Its like a 17% yearly return on your investment. Based on the math, my panels are going to save me $70,000 over the next 30 years - and that's at today's rates. LIPA almost ALWAYS raises their rates, so that 70K could very well become 100K.
To put it in perspective, Bernard Madoff promised his investors a 10% return on their money - and look at how many people invested with him. 17% is unheard of!
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