No cost solar power coming to tv

[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?

[retiredguy123]

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?
There are many other threads on this topic with detailed information. Do a search, but your second sentence says it all.

[Arctic Fox]

Can’t help but wonder after the initial purchase and installation how many years would it take to start saving money?

Today's panels are considerably cheaper (and slightly more efficient) than those of even a few years ago, so make sure any "past" calculations you look at are not too old.

Also, the company offering this is obviously out to make money, so why not cut them out the loop and just have your own solar panels installed?

[Stu from NYC]

It takes too many years to get you a payback and not sure if we have that many years so we passed on doing it.

BTW when your roof goes the panels must come off and might be an added cost.

[villagetinker]

Definitely check out the company with BBB and Seniors against crime, then ask for local references and talk to them. Make sure this company did not file a lien against the house. Also, be very careful of any firm that takes over payment of your electric bill in exchange of the installation of solar panels. As noted above, if you are serious about installing solar, find a well know reliable company, and have the panels etc., installed with you paying for the installation. From everything I have seen this is the lowest cost option. I have not priced anything recently, but I still think the break even is over a decade. When you do your calculations (or review theirs), be sure to consider lost opportunity costs (you took money out of your investments for this), removal and re-installation when your roof has to be replaced, maintenance costs, especially if you get battery backup, impact on house insurance, etc.
Hope this helps.

[Stu from NYC]

Definitely check out the company with BBB and Seniors against crime, then ask for local references and talk to them. Make sure this company did not file a lien against the house. Also, be very careful of any firm that takes over payment of your electric bill in exchange of the installation of solar panels. As noted above, if you are serious about installing solar, find a well know reliable company, and have the panels etc., installed with you paying for the installation. From everything I have seen this is the lowest cost option. I have not priced anything recently, but I still think the break even is over a decade. When you do your calculations (or review theirs), be sure to consider lost opportunity costs (you took money out of your investments for this), removal and re-installation when your roof has to be replaced, maintenance costs, especially if you get battery backup, impact on house insurance, etc.
Hope this helps.

We have an all electric house and surprised that electric cost was lower than we thought in the 5 months we have lived here.

Our next door neighbor has solar panels for about 10 years or so and he thinks he just about broke even at this point.

[EdFNJ]

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? Free? You get what you pay for. ;) If it's anything like "free solar" was in New Jersey .... stay away. It wasn't a scam but it was worthless especially when you sold your home because the people buying had to continue paying for the "free solar."

"Free Solar Panels" Are a Bad Deal. Here's Why. | Wholesale Solar (https://www.wholesalesolar.com/blog/free-solar-panels-buyer-beware)
ARE FREE SOLAR PANELS A SCAM? The Simple Truth (https://www.solarenergyworld.com/the-truth-about-free-solar-panels/)
Free Solar Panels: Are They Really Free in 2020? | EnergySage (https://news.energysage.com/free-solar-panels-really-free/)

[retiredguy123]

We had our solar system installed a year ago and we are very satisfied. Our system cost us $11,000 minus the 30% tax credit which brings the cost down to $9000. Our electric bill is under $20 month. The monthly payments is $57 until the system is paid off. Prior to solar our monthly bill was btw $85 and 120.
$11,000 minus 30 percent would bring cost down to $7,700.

[rlcooper70]

My understanding is that the company "lends" you the money for the installation and then you can "save" as much as this monthly cost (or a little more) each month. It is incremental.

Do what makes you feel good ... the money isn't going to be significant.

[Pedrocarrasco01@yahoo.com]

It takes too many years to get you a payback and not sure if we have that many years so we passed on doing it.

BTW when your
roof goes the panels must come off and might be an added cost.
My roof is only 5 years old so I had the slick tongue people gave me a quote, at the time we had a $7,500.00 Government funded incentive, the cost was amortized over 20 years (I am 75) the payments were more than savings, you will never get no bill, when you are generating more power than you need the smart meter will run backwards, but you have maintenance issues and also failures of panels and equipment. We decided not to do it payback is way too long since we are up in age plus the other factors. By the way when you sell the home you only get back about 10% of the cost.

[Rosie1950]

My daughter had solar put on in CT. Very reputable company installed the panels.
Within a month every time it rains she has leaking from the roof all over her home. The roof was 2 years old at the time the panels were installed. They called the roofer and found out the panels were causing the damages. When they called the solar people, they were informed “we’re not roofers”, and would NOT remove the panels so the repair work could be done UNLESS my kids agreed to pay a charge. The kids expected the solar company to be responsible for the damages to the new roof. NOT.
I myself would have put in a claim with my insurance and let them sort it out.
If they just have the panels removed and be done with it, They STILL have to pay the solar people even though they don’t have solar any longer.
Boy that’s the business I want to own. Take no responsibility ever and continue to get paid.
Sounds like a weather man.

[retiredguy123]

My understanding is that the company "lends" you the money for the installation and then you can "save" as much as this monthly cost (or a little more) each month. It is incremental.

Do what makes you feel good ... the money isn't going to be significant.
When you borrow money or lease the solar system, what happens to the contract if you sell the house? I don't think the buyer is going to want anything to do with paying for the system. I wouldn't even buy a house that has solar panels on it.

[joseppe]

We had our solar system installed a year ago and we are very satisfied. Our system cost us $11,000 minus the 30% tax credit which brings the cost down to $9000. Our electric bill is under $20 month. The monthly payments is $57 until the system is paid off. Prior to solar our monthly bill was btw $85 and 120.

At those figures you'll break even in about 18 or 19 years!

[dewilson58]

$11,000 minus 30 percent would bring cost down to $7,700.




:bigbow:

[retiredguy123]

Many of these solar contractors will provide a 20-25 year parts and labor warranty for the system they install. That should be a red flag that they are not trustworthy. I don't know any contractor who can honestly expect to satisfy all of their customers over that period of time without substantially prefunding or insuring the warranties they sell.

[Stu from NYC]

At those figures you'll break even in about 18 or 19 years!

Does not seem like much of an investment to me. And might make it harder to sell your house down the road

[Stu from NYC]

My daughter had solar put on in CT. Very reputable company installed the panels.
Within a month every time it rains she has leaking from the roof all over her home. The roof was 2 years old at the time the panels were installed. They called the roofer and found out the panels were causing the damages. When they called the solar people, they were informed “we’re not roofers”, and would NOT remove the panels so the repair work could be done UNLESS my kids agreed to pay a charge. The kids expected the solar company to be responsible for the damages to the new roof. NOT.
I myself would have put in a claim with my insurance and let them sort it out.
If they just have the panels removed and be done with it, They STILL have to pay the solar people even though they don’t have solar any longer.
Boy that’s the business I want to own. Take no responsibility ever and continue to get paid.
Sounds like a weather man.

Would think she could have sued the company for damages.

[mamamia.thebern@gmail.com]

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?
Yes we have solar from SunPro make sure they don’t put a lien against your house to pay for the panels we found out 1 year later when we went to Refi our house at lower rate this year. Buyer beware

[1couple]

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?
It’s basically a scam it’s very little power and the maintenance cost is extremely expensive you will loose money in the long run

[popbaby2]

In a small way, you are helping to save the planet......

[graciegirl]

In a small way, you are helping to save the planet......

A very expensive small way. Almost all thinking people want to help save the planet and the issue is how and whether to spend money with little or no effect to be on the "band wagon".

[OrangeBlossomBaby]

No such thing as a free lunch.

That said, our electric costs here in Florida are very low. Savings - even if there were any - aren't a very practical reason to get solar down here. But if you're more concerned with ecology than you are with finances, it's a good investment in the planet even if it's not a good one in your house.

[Reedpanos@gmail.com]

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?

:ho: 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.

[retiredguy123]

A very expensive small way. Almost all thinking people want to help save the planet and the issue is how and whether to spend money with little or no effect to be on the "band wagon".
The problem is that, for every person who is willing to buy a solar system to "save the planet", there are probably at least 20 people who buy a system because a contractor lied to them about the financial benefits. The solar panel industry and their marketing claims are a scam.

[retiredguy123]

:ho: 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.
In your nine year payback calculation, did you include the lost investment potential for the initial cost to buy the system? If so, what potential investment return did you use? In my experience, most payback calculations do not consider any investment potential. But, when it is included, the payback period will appoximately double.

[Stu from NYC]

In your nine year payback calculation, did you include the lost investment potential for the initial cost to buy the system? If so, what potential investment return did you use? In my experience, most payback calculations do not consider any investment potential. But, when it is included, the payback period will appoximately double.

Good point about opportunity cost. You sound like one of my economics professors from way back when.

[zendog3]

Several months ago I had solar panels installed on my house. I now pay almost nothing to the electric company but I pay about what I used to to the bank to pay of the loan on the panels. It will be paid for when I am 105 years old. But it is nothing out-of-pocked and I am not responsible for releasing thousands of tons of carbon into the atmosphere. If you care about global warming, you should look into it.

When I sell my house, the new owner will have to pay off the loan, but he will be buying a house with no utility bill for electricity.

No leaky roof. I suppose it could happen with a fly-by-night contractor but I used Momentem Solar.

II would definitely do it again, but I actually believe global warming is a threat to humanity and if I can to something to stop it without dipping into my pocket, I'm all in.

[Stu from NYC]

Several months ago I had solar panels installed on my house. I now pay almost nothing to the electric company but I pay about what I used to to the bank to pay of the loan on the panels. It will be paid for when I am 105 years old. But it is nothing out-of-pocked and I am not responsible for releasing thousands of tons of carbon into the atmosphere. If you care about global warming, you should look into it.

When I sell my house, the new owner will have to pay off the loan, but he will be buying a house with no utility bill for electricity.

No leaky roof. I suppose it could happen with a fly-by-night contractor but I used Momentem Solar.

II would definitely do it again, but I actually believe global warming is a threat to humanity and if I can to something to stop it without dipping into my pocket, I'm all in.

You did it for a nice reason but you are not responsible for releasing thousands of tons of carbon into the atmosphere. Lots and lots of other entities are supplying the vast majority of it

[Dilligas]

At those figures you'll break even in about 18 or 19 years!
18 or 19 years excluding what you could have earned on your $9000 investment. You need to take all factors in to account.

[retiredguy123]

18 or 19 years excluding what you could have earned on your $9000 investment. You need to take all factors in to account.
The cost of $9,000 is very low compared to the average cost in The Villages. A more typical cost would be about $15,000 for a 1200 SF house. Here is how I evaluated the financial benefits of a solar panel system for my house.

Scenario No. 1: I buy a solar panel system for a cash price of $15,000. 20 years later, the system has probably reached its useful life and is worth nothing. In any case, I will still need to replace the roof and need to remove the solar panels, which I doubt will be worth reinstalling 20 year old panels.

Scenario No. 2: I don’t buy a solar panel system and, instead, I invest $15,000 in a diversified stock and bond portfolio and assume an annual total return of 5 percent per year. 20 years later, I have $40,000 in my account.

$40,000 / 20 years = $2,000

$2,000 / 12 months = $166

$166 per month is about two times my current monthly electric bill.

Conclusion: A solar panel system is not worth buying.

[SnowflakeinDeLaVista]

Many of the solar tax and energy benefits have been rolled back. I’d be careful in my research before committing to anything.

[Blackie]

The cost of $9,000 is very low compared to the average cost in The Villages. A more typical cost would be about $15,000 for a 1200 SF house. Here is how I evaluated the financial benefits of a solar panel system for my house.

Scenario No. 1: I buy a solar panel system for a cash price of $15,000. 20 years later, the system has probably reached its useful life and is worth nothing. In any case, I will still need to replace the roof and need to remove the solar panels, which I doubt will be worth reinstalling 20 year old panels.

Scenario No. 2: I don’t buy a solar panel system and, instead, I invest $15,000 in a diversified stock and bond portfolio and assume an annual total return of 5 percent per year. 20 years later, I have $40,000 in my account.

$40,000 / 20 years = $2,000

$2,000 / 12 months = $166

$166 per month is about two times my current monthly electric bill.

Conclusion: A solar panel system is not worth buying.


You can’t wait 20 years before you pay your bill to get your $166.

If you put your $15,000 into this account @ 5% and starting paying your electric from it (say a $100/month bill) and you pay 10% income tax on the returns then you will have zero left in the account in 18 years.

[retiredguy123]

You can’t wait 20 years before you pay your bill to get your $166.

If you put your $15,000 into this account @ 5% and starting paying your electric from it (say a $100/month bill) and you pay 10% income tax on the returns then you will have zero left in the account in 18 years.
Even using your numbers, I have paid for all my electric bills for 18 years. I didn't need to put any money at risk, by buying a $15,000 solar panel system. And, the only way I would break even, would be if the solar panels provided 18 years of free electricity with no maintenance or other costs. After 18 years, I think the solar panel system will be obsolete and worth practically nothing, and will need to be removed to replace the roof. So, where is the financial benefit? In my opinion, it is not a good investment.

[villagetinker]

Be very careful of any company that tells you the lease or loan has to be taken over by the buyer if you sell your house, i have seen reports where people could NOT sell their house because the potential buyers were not interested in taking over the lease or loan and the solar company WOULD NOT CANCEL IT.

[Stu from NYC]

Be very careful of any company that tells you the lease or loan has to be taken over by the buyer if you sell your house, i have seen reports where people could NOT sell their house because the potential buyers were not interested in taking over the lease or loan and the solar company WOULD NOT CANCEL IT.

Agreed. Why would any solar company agree to cancel a lease? They are making money so why give up the cash stream.

[retiredguy123]

Agreed. Why would any solar company agree to cancel a lease? They are making money so why give up the cash stream.
Yes, and they have a lien on your house, which makes it difficult to refinance the house, and impossible to sell it unless you or the buyer pays if off.