Contemplating having solar panels installed
 

Hello-
We are fairly new to the Villages and are thinking about installing solar panels on our roof.
We want to know if it is worth it….monetarily.
We really want to know how much you save on your monthly electric bill here in the villages and what the total cost was to install.

Thanks very much

It would be better to ask a company that provides that service. They have all that information. Here you will get lots of opinions disguised as "fact".

There are several other threads on this topic. Do a search. But, basically, the payback period for a solar system is too long to make the system worth the cost.

True in SOME cases, not true in ALL cases. That is why I suggested talking with a professional so they could evaluate their lifestyle, home and come up with a number.

You will definitely not get the facts from a solar contractor who is trying to sell you a solar system.

And consider what happens if you need a new roof and panels must be taken down and reinstalled.

Agreed lots of threads on this. We thought about it and too many negatives.

OP, when evaluating the monetary aspects of a solar system, make sure that anyone who does an analysis includes the time value of money. If the system costs $20,000 to install, you will lose the investment income from that money, and when the system reaches it's useful life span, you will lose the entire $20,000 investment because the system will be worth nothing. In my case, a solar system would cost about $20,000. My conservative diversified portfolio of stocks, bonds, and cash earns an income of about 6 percent per year, and will always maintain the $20,000 principal. So, for my house, if I buy a $20,000 solar system, I would lose $1,200 per year in income, and I would lose the $20,000. That is about the same amount as my entire annual electric bill. So, even if the solar system reduces my electric bill to zero, I would not benefit at all financially from buying the system.

Many solar contractors and other proponents of solar systems, will give you a payback analysis that totally ignores the time value of money. And, they ignore the fact that, over time, the system will depreciate in value to zero. Also, when you replace your roof in about 15 years, you will incur a large expense to remove and replace the solar panels. Another point is that some solar contractors will give you a 20-25 year parts and labor warranty on the system, which is totally unrealistic. No contractor can expect to honor that type of warranty on any equipment installed on your house.

As you investigate the pros and cons be sure to include understanding how they attach the hardware to the roof.

Every hole they make to attach the unit is an opportunity for water to get into the underside of the roof.

Have the supplier explain in detail how no water will get into your roof (it does happen....recent personal experience!!).

Not to mention not too many of us can expect to be around in 20-25 years and suspect that when you sell your home they void warranty.

Also, ask how much it will increase the value of your house, ie. will it increase the market value of your house?

And then ask yourself if you are only doing it to save money, or to decrease your dependence on the grid, or if you want to feel good about helping reduce your carbon foot print. All reasonable considerations. I am NOT saying it will do any of those things, but only that they are also considerations.

One additional comment under NO circumstances should sign a "zero cost" contract, these type of arrangements have the system installed on YOUR house, but you do NOT own the system. You cannot cancel the contract, there is a lien against your home, if you decide to sell the new owner MUST take over the contract, basically you lose big time.

Excellent point, thank you.

The cost of solar panels has plummeted in the last decade

Don't rely on opinions from people who did their calculations based on old figures

However, do listen to the other caveats expressed as they continue to have validity

Sorry if this mention.
What happens when you need a new roof?
Always extra cost to remove the panels.

Absolutely. Besides the above, you will be sharing the solar output with the company that owns the panels and system. It may not cut your bill all that much. Electricity is much cheaper in Florida than in many other states. In addition, the power companies in Florida don't want you to compete with them, so payback is even less than in other states. If you do put in a system, I would strongly suggest adding an inverter and batteries for backup. Much nicer than a gasoline generator if the power grid goes down.