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Originally Posted by PresqueIsle1-52
Does anyone have any information on this. When something sounds to good to be true it usually is. Can’t help but wonder after the initial purchase and installation how many years would it take to start saving money?
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I purchased solar panels 6 years ago, paying $3.00 per KW. with Jack's solar. A very reputable contractor, he comes for any reason free to help with the panels (only small issues at the time of the first year.) He has told me he will remove and replace the panels if the roof needs replacement at no cost. I kept very detailed records of before and after and have the following thoughts.
1. The nine year pay back is real, so if you are not going to live nine years, or own the house for nine years, it is a net loss. In three more years I will have free power and I plan to live in my house for at least 20 more. The panels are getting more efficient and cheaper, so costs might be less than they used to be.
2. One benefit that no one has mentioned is you will have to replace your electric meter with a digital bidirectional meter. SECO will do this. I found the digital meter recorded half of the power usage than the replaced mechanical meter, meaning the mechanical meter being old, was not accurate and overcharged me.
2. This is NOT an investment, it is a way to pay for electricity that you would otherwise pay a utility company. If you get past the nine years it is actually cheaper.
3. The companies that market rental and lease options all have the issue of trying to transfer the lease at selling the house. If you have the money, buying it outright is good, most buyers see the panels as a benefit to buying. I also think paid for panels will actually increase the sale ability of my home. Leases however scare people and it becomes an issue.
4. The benefit to the environment cannot be overstated. I believe in making decisions that I am proud to say makes a difference to my neighbors and my children.