Residential solar panels - do they make financial sense?

SteveT

Phil Edwards status
Apr 11, 2005
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The going rate for panels + install is $30-$60k+ around here. So if you save $300 a month on your electric bill, your break even point on the low end is 100 months, on the higher end 200+. Some cannot be removed, so when the roof needs to be redone you lose your investment.
Interesting. The company we got our panels from said they would remove panels when we need to replace roof, (which is soon) for a $1000 and, re-install.
We have no complaints at this point
 

2surf

Duke status
Apr 12, 2004
15,343
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California USA
www.allcare.com
I leased mine 10 years ago. Had the house tented for termites before the installation. Nothing down, $130 a month but I still pay for gas to heat the pool. Every year I get a guy to climb up and pressure wash them. I’m happy with the Tesla lease, what could go wrong? They have collected about $13k. I’ve saved $26k+ in electric bills, and the solar panels were free.
 
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SurfFuerteventura

Rabbitt Bartholomew status
Sep 20, 2014
8,450
4,636
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Ribbit
No roof replacement here, it's made of cement, like the rest of our "mud house" structure.

Also, what cost us 12k last year, would have run us 24k 20 years ago.

Me thinks the citizens of the USofA may be getting duped on the price of solar?

:shrug::computer::porcorn:
 

Random Guy

Duke status
Jan 16, 2002
32,182
6,359
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Very tough numbers based on meeting with a sales rep today
25k to install 15 panels
5k rebate from New York state
30 percent off federal taxs
Around 13k
Which at my current electricity bill rate will take less than 8 years to recoop

25 year warranty
We have a new roof but if needed, it can be taken off, stored and replaced for.

other than being skeptical of every number I’ve heard from the rep, I’m not sure of the downside

but I’ll see if I can get a recommendation from someone local and compare
 

SteveT

Phil Edwards status
Apr 11, 2005
5,913
2,548
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No roof replacement here, it's made of cement, like the rest of our "mud house" structure.

Also, what cost us 12k last year, would have run us 24k 20 years ago.

Me thinks the citizens of the USofA may be getting duped on the price of solar?

:shrug::computer::porcorn:
Ummmm....
Not seeing that here.
We are saving about 25% a month savings, and, getting a small check in dividends at the end of the year od around $200-300
 

Random Guy

Duke status
Jan 16, 2002
32,182
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What this guy is telling me is that solar will generate enough to run my house
So if I take the cost at 13k and the current yearly electric at 1700 it’s about 8 years
Totally tough ballpark numbers

And I do t know how believable it is that I’d generate enough to power the house
No batteries involved. I’d still be on the grid and using net metering.

sounds too good to be true so I’ve got more homework to do
 

ElOgro

Duke status
Dec 3, 2010
32,209
12,183
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What this guy is telling me is that solar will generate enough to run my house
So if I take the cost at 13k and the current yearly electric at 1700 it’s about 8 years
Totally tough ballpark numbers

And I do t know how believable it is that I’d generate enough to power the house
No batteries involved. I’d still be on the grid and using net metering.

sounds too good to be true so I’ve got more homework to do
Don't worry about the math, I don't know what it is but there's a pretty simple formula to size the system. Look at some different jobs that they've done and if possible talk to the people. Lookup reviews for the major components they are proposing.

How's your screen door?
 
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ghostshaper

Phil Edwards status
Jan 22, 2005
6,265
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They base the size of your system on how many kwh you use monthly. We use about 1000 kwh/month (2 EVs), but our bill was still under $200 b/c of our time of use plan. Now rates have gone up quite a bit (SDGE), so our bill is over $200 the last few months.

We bought 23 panels, which should make us future proof. Our kids are leaving the nest in 3 years, too.

W/o incentives, our whole system was about $43k, including $10k for the roof. They threw in the electrical panel, which was $3k. So about $30k w/o the extras for 23 panels, 25 yr warranty.
 

Rlacey111

Nep status
Feb 14, 2021
650
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What this guy is telling me is that solar will generate enough to run my house
So if I take the cost at 13k and the current yearly electric at 1700 it’s about 8 years
Totally tough ballpark numbers

And I do t know how believable it is that I’d generate enough to power the house
No batteries involved. I’d still be on the grid and using net metering.

sounds too good to be true so I’ve got more homework to do
How many panels? And what’s your average kWh per month?
 

Rlacey111

Nep status
Feb 14, 2021
650
458
63
The sales guy said 15 panels, but that was just a sales guy. I’m not sure we can fit 15

Ballpark 20kwh per month
15 panels would be roughly a 6kw system. Did they say it would 100% offset your UB?

15 panels on a Long Island roof would best case produce(1.45 x 1panel) 21.75 kWh per day x 30 days = 652.5 kWh per month x 12 months = 7830 kWh per year. Based off of your current UB, do these numbers at add up to this ballpark?

Did they show you rough design/ quote?
 

Random Guy

Duke status
Jan 16, 2002
32,182
6,359
113
Don't worry about the math, I don't know what it is but there's a pretty simple formula to size the system. Look at some different jobs that they've done and if possible talk to the people. Lookup reviews for the major components they are proposing.

How's your screen door?
It broke again yesterday
I fixed my screen door again today
 

ULUSURFER

Gerry Lopez status
Jan 2, 2007
1,200
661
113
Australia
Visit site
I plan to put a solar with battery system on my house in PR when its done. Not for cost savings but for the outages that happen often. without the battery they cut you from the grid.

Dont want to have to deal with a diesel generator although I will have one as a backup
 
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SurfFuerteventura

Rabbitt Bartholomew status
Sep 20, 2014
8,450
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Ribbit
I plan to put a solar with battery system on my house in PR when its done. Not for cost savings but for the outages that happen often. without the battery they cut you from the grid.

Dont want to have to deal with a diesel generator although I will have one as a backup
Make sure the installer gives you the password for the app that monitors your system which enables you to switch to off grid mode at the flip of a switch. Otherwise, hybrid systems connected to the grid will "black out" when the grid does. Learned this the hard way, and we actually had to hack the app as the installer didn't want to budge on the password.