Sounds ridiculous, but make sure your insurance company will still cover you. There are companies in Florida that will not insure your home if you have solar panels.
Are you in Texas? I saw some posters say it's a green decision and not a financial decision, but it really depends on where you are and what the prevailing utility cost is. In Texas, solar is still a hard financial proposition because our electricity is pretty cheap. In places like Hawaii, California, or New York, it's a pretty easy value prop to make because the grid is expensive. Also states that decided to subsidize, like Cali or New Jersey, make it easy. Also surprised to hear it could cover all your usage. I had a guy quote me before, and the panels would only cover up to half my peak load. Maybe, it's on the assumption that the time you're selling back to the grid will make up for a capacity shortfall? Solar panels have very low maintenance requirements. They last a long time, with a depreciation schedule usually around 20 years. They do degrade slowly over time, but after 20 years, you'll still have more than half its capacity working. Depending a little on where you are, I agree with this. Batteries will be important to our energy future, but it's very hard for a residential customer to make the investment case for them unless you're tolerance for power outages is zero (even then, a backup generator is probably cheaper). If you're in the competitive part of Texas, there is no mandated net metering, but some companies have been making deals to buy back electricity as part of the bundle. Some just take it for free. Glad you got a net metering agreement, but consider this: you have a 10 year break-even, but the net metering is part of your electricity contract for 1 to 2 years at a time. What if they change the compensation for net metering on you later? Also, recognize that you will still have distribution costs. I'm hoping when you say that you'll offset your energy bill, you're thinking about both supply and distribution charges. But even so, you're going to have distribution costs. Those are mostly volumetric now (so you'd only be billed for the hours where you're consumption exceeds your production), but there is an idea called "decoupling" in the utility industry that it makes more sense to charge customers a flat fee to be connected to the grid instead of something based on their consumption (mostly because of solar customers). Not saying you're going to see that happen in your lifetime, but its a possibility and it'd ruin the economics of this decision.
In my novice view, it boils down to two things: (1) conservatively estimating the buy-back / pay-off period, and (2) the future cost of energy on the grid (which nobody can really predict very well, if you ask me). Given our low electricity consumption for our house (and relatively small roof), we had a pay-off period of like 18 years, and we were like GTFO, no way. 18 years to break even assuming no big maintenance costs (probably not a good assumption). Now, if energy costs skyrocket for some reason (?), then we will maybe wish we had done it. EDIT: There is a social pressure in my neighborhood, kind of unstated, for you to get solar panels, so I extra enjoy not having them. We're literally like the only people on our block not to have them. California and San Francisco in particular always bring out my inner gun rack at some point.
Nuclear power is just as clean if done right. It's not like you'll have a Chernobyl in your back yard or something.
Very interesting info, so thanks to the OP and the others that chimed in, but the rest of you need to work on your comedy routines. ;-) Our house is paid for and we intend to stay in it until we’re carted off, hopefully not for 20 years or so (at least for her). The place is situated perfectly for solar, with the back having the morning sun (but a ton of oaks, so not ideal), and the front blasted in the afternoon, which would be the best place to put them. We could make our neighbors jealous or piss them off (flip a coin - this is Texas, after all). There are a few in the neighborhood, but very few, and not for blocks around. To be honest, since we replaced the heat/ac, our water bill (including garbage/recycling pickup and a small fee for frequent street cleaning) is more than our electric bill. I wish I was kidding. Electricity is through an electric co-op since we were out of the Austin city limits when we built our house, and it’s cheaper than the city’s utility, but we have Austin water/waste water, which is crazy expensive. We’ve been lucky with rain so far this year, but most years recently, we’ve been experiencing droughts, some quite severe. The cost of water went up a lot and never went down. While I think solar might make sense for us since we’ll be here so long, I also think that the cost of solar panels, etc., have a lot of room to decrease in price, and that they will. So will batteries for electric storage, which is a newer tech than the panels. I’ll revisit this in 5 years. Assuming the country doesn’t go to Hell in a hand basket, not impossible at all, the way things look in DC right now, it could be a more sensible investment for us then. Very interesting discussion, folks.
I'll install some on my roof once these stupid tariffs end and the next President brings back the incentives for them.
Well, I can't really help you because I live in California. I have solar panels and my electric bill is usually around $17 every two months. Prior to this, it was around $320 every two months. I also have to pay $56 for leasing the panels and equipment. I know some companies have charged others $700 lease for theirs, so that meant that it really depended on what kind of company the lease came from. I have zero problems with having enough energy. My house is set to 72-73 degrees year round. I love it. If I had to pay a higher lease the panels wouldn't be worth it.
Checking back in on this and see how you like the installation? I am still on the fence, but considering building a Solar CARPORT in front of my garage if the HOA says ok. DD
What happens to your phone if you take its 5v usb charging cable and plug it into a 220v industrial socket? Probably the same thing.
My new home's back roof is perfect facing for solar so I am considering it. Also, Massachusetts, where I am at, has one of the best returns for Solar because of the rebates, as well as Net metering at a really good rate, and solar energy renewable certificates which is worth $$ in my account. I can sell my excess production during the day at over 90% rate of what I would buy. Which also means, I dont need a battery pack or a Tesla Powerwall. The only use would be backup power/generator but our power is reliable. In terms of cost, Tesla Solar panels are cheapest than anything I have been quoted. However, two issues with Tesla. 1) Their panels are mediocre and not exception. 2) Their service if things go wrong can be a pain. Local companies have better and more efficient panels and will be there for you should you need service. However, they are significantly more expensive. 20-30% more expensive than Tesla. Here is my other reason for considering solar. 26% tax incentive. No not just for the solar but did you know that you get 26% on any work on that work order? So take my case as an example. The previous power of my house was content with 100amp panel. Most of the things in this house run on gas other than washer/dryer, so he didnt need more than 100amp. However, I need more. I want to install two level 2 car chargers and will make additions later on. Going from 100amp to 200amp panel generally is not that expensive. About 2k+. However in my case its going to be significantly more (maybe 6-8k). The reason being that my neighborhood has underground lines and the power supply is on the other side of the road. Which means underground cable has to be brought into my house, which mean excavation etc. If I were to do this upgrade on a standalone basis, I would pay the full cost of the upgrade. However, if I do this upgrade on the same work order as my solar installation, the panel upgrade and its cost qualifies for 26% tax incentive as well! If if your panel upgrade would be a simpler job and say just 2k, it would also qualify for 26% incentive. My return on investment with the tax incentive, net metering, and SRECs, is between 6-7 years which is really good. However, I have not pulled the trigger yet. The reason being that Biden's Green Act, is it passes, would bump the 26% tax incentive to 30%. Waiting to see where that goes.
Yes there are some. Or at least there were. I believe they still exist. I feel like I turn that info into the accountant every year.
25% I think here in Texas, but it is a tax credit, does that mean if I pay 20k I get $5,000 off my taxes.....so essentially I get that back and am only out of pocket $15,000? Thanks, DD
The OP ought to chime in and let us know how it's working out. How's it going, @RunninRaven? Is the sun shining on your investment?
