My SOLAR Panel Installation
- Thread starter ricwilli
- Start date
- Tagged users None
Holy Cow! That's my kind of power bill. From what I understand, the startup costs are fairly large, but with the energy savings, you are able to break even very quickly. And I believe it's a hefty tax writeoff for you next year as well. Good for you man - would love to hear more about it as well!
luke33
2500 Club Member
I thought about this a year ago. Solar power is getting more advanced each year. It was pretty expensive to start. I remember it was around 30k but things may have changed. If you want it to be worth your while you need to stay in the home for quite a while and the only questions i had for you is what happens if you need a new roof, how long do the panels last? Very cool!
OP
OP
ricwilli
Active Member
Sorry everyone for the late response. I forgot about this post.
One of the biggest reasons why people don't do this is cause of the initial cost. I'm going to give you the break down of my installation.
- It is a 9.9kW system
- Panels have 25 year warrenty
- My Initial Cost = $56,925
- Insentive = 30% Federal Tax Credit (subtract this from the Initial Cost)
- Insentive = For every 1000kW that my system generates, I receive an SREC (Solar Renewable Energy Credits)
- AS OF TODAY, each SREC is worth $665 (I have generated 5 SREC so far. One per month) You sell the SREC to other companies
- Loan will be PAID OFF with SRECS in 5-6 years. NO MONEY OUT OF POCKET.........
- So....... I'm lowering my Electric bill and getting paid for it. It doesn't get any better than this.
On the roof situation. They do advise that if your roof is old, than it should be replaced. If you have more questions, please ask.
One of the biggest reasons why people don't do this is cause of the initial cost. I'm going to give you the break down of my installation.
- It is a 9.9kW system
- Panels have 25 year warrenty
- My Initial Cost = $56,925
- Insentive = 30% Federal Tax Credit (subtract this from the Initial Cost)
- Insentive = For every 1000kW that my system generates, I receive an SREC (Solar Renewable Energy Credits)
- AS OF TODAY, each SREC is worth $665 (I have generated 5 SREC so far. One per month) You sell the SREC to other companies
- Loan will be PAID OFF with SRECS in 5-6 years. NO MONEY OUT OF POCKET.........
- So....... I'm lowering my Electric bill and getting paid for it. It doesn't get any better than this.
On the roof situation. They do advise that if your roof is old, than it should be replaced. If you have more questions, please ask.
ReeferRob
Give me your Brains!
That is amazing.
How much was labor to install? Looks to be part DIY part Professional? Unless you were the professional doing the DIY?!
Are you concerned at all that by the time the equipment has payed for itself it will be out dated and need to be replaced starting the vicious cycle all over again?
Does your home insurance cover damages if a panel or any part of the equipment is damaged and needs to be replaced?
How much was labor to install? Looks to be part DIY part Professional? Unless you were the professional doing the DIY?!
Are you concerned at all that by the time the equipment has payed for itself it will be out dated and need to be replaced starting the vicious cycle all over again?
Does your home insurance cover damages if a panel or any part of the equipment is damaged and needs to be replaced?
OP
OP
ricwilli
Active Member
It sure is. I'm so happy about this thing, that I look like that smiley face. LOL
No DIY. All professionally installed. I believe that in about 25 years, the panels will be generating approx. 90%. My home insurance went up $30 a year. Its all covered.
Similar threads
