So far I have been approached weekly to install solar panels on my home. My next door neighbors have them. They say it is an investment to pay the solar company loan at a fixed rate of 4.99% for 25 years instead of the power company more money for power every year.
The solar loan is transferrable to the new owners if we decide to sell the house, and the value added to the house is around $32K. There is a 30% federal tax credit on the cost of the loan which you can extend up to five years.
They try not to over-engineer the solar energy produced and you are selling back to the POCO in the form of energy credits. This Net Metering, essentially spins the meter backward when you are producing power. At night, and on overcast days you are using these credits. Also, at the end of the year, the installing company looks at our electric bill and writes us a check for any electricity bill we had to pay over what we didn't produce. If the solar company under-engineers the system, they will add panels as necessary to get to the equilibrium point at no cost to me. The tier 1 panels are guaranteed for 25 years from the manufacturer, and then an additional 25 years from the installing company. So a 50-year free replacement parts and labor? What's not to like?
Of course, we still have the electric bill hook-up charge per month, and the probability the electric bill is going to go up at least 30% in the next couple of years. I have a great big southern exposure with no trees to contend with so that is not an issue.
This last company even wants to add 20 inches of attic insulation at no additional cost. The salesman said this before even asking what insulation we had. He said that is just part of their way of doing business. I know I'm paying for it in the loan but DAMN, that is nice, because we have been thinking about it anyway.
The total monthly loan payment is $50 less than our level pay which you know is going up. Essentially, I'm locked in at that payment for 25 years and no penalty for early payoff. You can even take the tax credits and apply them to the loan.
My wifey is dragging her feet because
1) We own our home with no payments and she hates payments.
2) We do not know anything about solar panels, or solar panel manufacturing companies, or the installing company, (which has an A+ rating with the BBB).
We have been scammed before with an in-ground tornado shelter that was installed and immediately inverted itself when it rained pushing back out of the ground.
The company went out of business and $1,500 later, we had a tornado dog house instead of an underground shelter.
School me please. What are the pros and cons of home solar?
The solar loan is transferrable to the new owners if we decide to sell the house, and the value added to the house is around $32K. There is a 30% federal tax credit on the cost of the loan which you can extend up to five years.
They try not to over-engineer the solar energy produced and you are selling back to the POCO in the form of energy credits. This Net Metering, essentially spins the meter backward when you are producing power. At night, and on overcast days you are using these credits. Also, at the end of the year, the installing company looks at our electric bill and writes us a check for any electricity bill we had to pay over what we didn't produce. If the solar company under-engineers the system, they will add panels as necessary to get to the equilibrium point at no cost to me. The tier 1 panels are guaranteed for 25 years from the manufacturer, and then an additional 25 years from the installing company. So a 50-year free replacement parts and labor? What's not to like?
Of course, we still have the electric bill hook-up charge per month, and the probability the electric bill is going to go up at least 30% in the next couple of years. I have a great big southern exposure with no trees to contend with so that is not an issue.
This last company even wants to add 20 inches of attic insulation at no additional cost. The salesman said this before even asking what insulation we had. He said that is just part of their way of doing business. I know I'm paying for it in the loan but DAMN, that is nice, because we have been thinking about it anyway.
The total monthly loan payment is $50 less than our level pay which you know is going up. Essentially, I'm locked in at that payment for 25 years and no penalty for early payoff. You can even take the tax credits and apply them to the loan.
My wifey is dragging her feet because
1) We own our home with no payments and she hates payments.
2) We do not know anything about solar panels, or solar panel manufacturing companies, or the installing company, (which has an A+ rating with the BBB).
We have been scammed before with an in-ground tornado shelter that was installed and immediately inverted itself when it rained pushing back out of the ground.
The company went out of business and $1,500 later, we had a tornado dog house instead of an underground shelter.
School me please. What are the pros and cons of home solar?
