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  #1  
Old 02-13-2020, 03:27 PM
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Chatbrat Chatbrat is offline
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Default Solar Panel

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 ?
  #2  
Old 02-13-2020, 03:38 PM
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rjm1cc rjm1cc is offline
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Quote:
Originally Posted by Chatbrat View Post
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 ?
You will have to show us your calculations as a break even is not 30 years.
  #3  
Old 02-13-2020, 03:43 PM
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dewilson58 dewilson58 is offline
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Without tax incentives................difficult to ROI justify.
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Old 02-13-2020, 04:15 PM
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Its not my calculations, its what I read online--knowing the average age of a Villager--its very dumb
  #5  
Old 02-13-2020, 04:37 PM
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villagetinker villagetinker is offline
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I did some calculations a couple of years ago, back up in PA (an unregulated state) the utilities actually BUY solar energy, and the economics are quite a bit different from Florida. I based my calcs, on an outright purchase of the panels (no rentals, lease or other arrangements), I looked at the lost investment opportunity, interest rates, possible changes in taxes, estimated lower electric bill, estimated maintenance costs, expected loss of efficiency, etc.
Bottom line, I did not see a breakeven in my expected lifetime, 20+ years. NOTE: I do not consider the removal cost and re-installation when the roof needs to be replaced about halfway through this period. Please do a careful review of your personal finances and under NO circumstance enter into a LEASE arrangement, there appears to be way too many hidden costs, one of the Orlando TV stations did a report a few months ago on this.
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Old 02-13-2020, 06:02 PM
retiredguy123 retiredguy123 is offline
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I did an online calculation for my house last year, using solar-estimate.org. The results showed that the upfront cost, after the 30 percent tax credit, would be $12,489. This amount is supposed to be an average cost from four local solar contractors. The payback period is 16 years, and the total life cycle energy cost savings over 25 years would be $4,647. But, they did not include any potential investment return that I would forfeit by not being able to invest my $12,489. They also did not include any repair, maintenance, or insurance costs. So, I cannot see how a solar system would make financial sense for my house.
  #7  
Old 02-14-2020, 06:34 AM
cgalloway6 cgalloway6 is offline
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Many “green “ decisions are made with the heart and not the head. Payback may have not been considered
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Old 02-14-2020, 07:44 AM
Fastskiguy Fastskiguy is offline
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Quote:
Originally Posted by villagetinker View Post
Bottom line, I did not see a breakeven in my expected lifetime, 20+ years.
My dad put them on his roof and after a year or two of monitoring the numbers....is looking at ~ 20 years to get his investment back. Quite a bit longer than what the salesman suggested.

It does allow him to put on an air of superiority when it comes to climate change though so there's that.
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Old 02-14-2020, 07:51 AM
GaryKoca GaryKoca is offline
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Default Solar Panels

Try solar tubes from The Solar Guys if you just want to get more light in your home during the daylight hours. That is what we did at a fraction of the cost of solar panels.
  #10  
Old 02-14-2020, 08:21 AM
Don5154 Don5154 is offline
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Quote:
Originally Posted by Chatbrat View Post
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 ?
It’s not for internal source use....it adds power back to the power grid and you than get credit on you electric bill.
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Old 02-14-2020, 08:39 AM
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My sister did this a few years ago and there is no scenario you come out ahead financially. She was replacing her roof so thought it was a good concept to help supply more electricity. With the loan taken out to put it up they calculated it was a break even proposition. Well, they decided to move to The Villages and have a loan to pay off after the sale of their house. Now they say, "what were we thinking"!!
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Old 02-14-2020, 09:46 AM
jimmy D jimmy D is offline
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Nothing you are just nosey.
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Old 02-14-2020, 09:55 AM
sweethomeru sweethomeru is offline
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Default 11 year payback

Quote:
Originally Posted by Chatbrat View Post
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 ?
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.
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Old 02-14-2020, 09:59 AM
leftyf leftyf is offline
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A friend had the solar panels installed on his house and pays the monthly payments of $170. He still gets a small monthly electric bill. My house is about the same size as his and if I went on the budget plan, my electric bill would be $120. I can't see getting them either.
  #15  
Old 02-14-2020, 10:10 AM
retiredguy123 retiredguy123 is offline
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Quote:
Originally Posted by sweethomeru View Post
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.
I don't see how you can ignore the forfeited investment return from $13,188. Even a modest annual return of 4 percent would pay for half of your energy costs, which would double your payback period.
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