[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]

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?

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

[Arctic Fox]

Originally Posted by PresqueIsle1-52

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]

Originally Posted by 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.

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]

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?

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
ARE FREE SOLAR PANELS A SCAM? The Simple Truth
Free Solar Panels: Are They Really Free in 2020? | EnergySage

[retiredguy123]

Originally Posted by amnmrn1973

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]

Originally Posted by 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.

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]

Originally Posted by 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.

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]

Originally Posted by amnmrn1973

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]

Originally Posted by retiredguy123

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

[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.