Quote:
Originally Posted by Chatbrat
Saw a person in our neighborhood was having a solar panels installed on their roof as an alternative power source--checked it out online--I have to live 30 years for break even
What am I missing ?
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Congrats to your neighbor for installing solar panels. I recently moved to TV and installed them on my Courtyard Villa last year.
This is my second installation as my first was in Maryland where they had state incentives.
Of course, here in Florida, where the sun is much stronger due to the the lower latitude, the only incentives are Federal (30% in my case) and you must purchase the panels to get the incentive.
The math was a straight forward calculation for me. I did not assume the investment in a S&P 500 fund as they always say, 'past performance is no guarantee of future results'.
I had 18 months of previous SECO bills. The year used 10,535 kwh/yr at a price of $1491. SECO also had a Hot Bucks PCA rebate (not guaranteed) of $210.
So using conservative low energy costs and the Hot Bucks incentive, the annual energy bill was $1281.
My panels cost $13,188 after the 30% federal tax credit and provide 9,797 kWh/yr or 93% of my current energy needs. $13,188 divided by an adjusted $1191 (93%) equals a payback of 11 years.
The LONGI Solar Panels have been determined to degrade an average of 1% over the first 3 years but they continue to produce energy for over 30 years!
I also went with what I believe to be the BEST solar installer in the area, Solar Energy World based in Tampa as I used them in Maryland. You don't want to take a chance with sub contractors installing your solar panels.
BOTTOM LINE: Emotion is definitely a part of it but it is backed up by sound fiscal calculations.