Solar Panels: Any advice?

[glocktoberfest]

I made an appointment with SunRun to come out and give me some stats. I don't have utility information since I'm moving to a different house, but right now in a 2br apt, i'm running about 100/month. I'm moving to a bigger house, so i anticipate greater electric costs -- especially in summer. Some friends with solar estimate i'll just 'swap' that $100 amount from paying for electric to paying for solar and after 10 years, i'll be all profit until the panels wear out. They have a 15 year warranty i believe. It sounds like it may be a good idea financially. I'll find out more after the sales pitch later this week.

[UncleDave]

No all panels have a 25 year warranty now. I think that was mandated by the feds for tax credits 10 years ago or so. One of my cousins owns a solar company.

[Great-Kazoo]

I made an appointment with SunRun to come out and give me some stats. I don't have utility information since I'm moving to a different house, but right now in a 2br apt, i'm running about 100/month. I'm moving to a bigger house, so i anticipate greater electric costs -- especially in summer. Some friends with solar estimate i'll just 'swap' that $100 amount from paying for electric to paying for solar and after 10 years, i'll be all profit until the panels wear out. They have a 15 year warranty i believe. It sounds like it may be a good idea financially. I'll find out more after the sales pitch later this week.

You going to lease or buy? Or not sure which, depending on numbers.

[Jer]

Do not, I repeat, do NOT lease solar panels. Always buy. Ideal is to pay cash with second place being a solar finance deal with a low interest rate. Do NOT give all of your savings to the bank. Never ever lease solar panels as all you're doing is making money for someone else.

Colorado has pros and cons for solar power. The primary con is that we are a large coal & natural gas production state which equals dirt cheap electricity. This means it takes longer to recoup your investment. With how efficient panels are today you're looking at about 8-10 years give or take should you pay cash and not do a battery backup. A battery backup will take longer to recoup and lots of muni's in CO don't have a variable rate based on what time you use the electricity so it really doesn't make sense to do that at this time. If where you live they charge you more for peak hours then you can play the game where you store up on your battery during the day, use off of the battery at night and sell the extra back while prioritizing paying for electrical off-peak if need be.

Solar will add about 80% to the value of your home if and only if you pay for it outright either via cash or a loan. Those who say you won't get any value are basing this out-dated info on solar leases which were a huge fad back in the day by scheister outfits trying to make a buck off of ignorant consumers. Owning solar panels outright does indeed increase the value of your home but not leasing. Did I mention to not lease solar panels?

Shop around but what you will most likely find is that Solar City is the lowest cost per kWh and best game in town. Colorado is one of the dozen or so states that Solar City is in so take advantage of that. People will bitch about Tesla for whatever reason but they're pretty much the best game in town wherever they are. Their panels are the most efficient and they've got the process down.

The feds have a 30% instant rebate for all solar and solar related installation labor through the end of 2019. That means you have to have the install done before the end of the calendar year and the .gov will lop 30% off of your bill right up front. No waiting for tax seasons or needing a massive tax liability to take advantage. It's best to get while the getting is good for sure although downsizing how many panels you do isn't a bad idea as they're gaining in efficiency in leaps and bounds making adding later a much more cost effective approach. The delta is the 30% savings now which won't take long to surpass with later additions based on how rapidly the segment is improving.

Lots of sharks in the water right now so do your research. It's a large purchase and it amazes me how many people will research what pair of slippers they want more than something like solar.

Reminder... never ever EVER lease. Ever. Just don't do it.


ETA: it is indeed a tax credit so ignore that portion of misinformation above. I found some info at one point saying that you paid the 70% portion and the installer applied to get credited back that 30% directly but it looks like you'll need to recover it in your taxes over the following couple of years.

[BladesNBarrels]

Do not, I repeat, do NOT lease solar panels. Always buy. Never ever lease solar panels as all you're doing is making money for someone else.
Reminder... never ever EVER lease. Ever. Just don't do it.

Now, what's the advantage of leasing solar panels, again?

[Jer]

Now, what's the advantage of leasing solar panels, again?

I wasn't sure if I made that clear enough or not. Solar + leasing = bad

[Irving]

Is there any product where leasing isn't bad? I've heard the argument for leasing vehicles, but I've also heard it shot down.

[glocktoberfest]

I leased a car...once.....never again. I feel the same about solar panels. I'll buy, or i'll not buy if it doesnt make sense. Those rebates are what's got me interested. I know they're going away. if i can essentially swap a electric bill for a panel payment, i'll do it. If not, then i'll pass.

Do not, I repeat, do NOT lease solar panels. Always buy.
Lots of sharks in the water right now so do your research. It's a large purchase and it amazes me how many people will research what pair of slippers they want more than something like solar.

Reminder... never ever EVER lease. Ever. Just don't do it.

[Irving]

Is the rebate really only for the labor and not the total price? If so that seems more like the gov trying to prop up the industry rather than the idea.

[Great-Kazoo]

Is the rebate really only for the labor and not the total price? If so that seems more like the gov trying to prop up the industry rather than the idea.

Like Amtrack?